Cayman Islands

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Cayman Islands

Cayman Islands

Cayman Islands, consisting of Big Cayman, Cayman Brac and Little Cayman, are located in Caribbean sea and are famous not only because of their great nature, but because of the status of prospering offshore center. The state structure is based on the principals of parliamentary democracy of Westminster system.

  1. Legislation: the company's activity is regulated  by Companies Law, 1961 with amendments.
  2. The form of the company: Ordinary Resident Company, Ordinary Non-Resident Company, Exempted Company, Exempted Limited Duration Company. The most popular form of organizing business is exempted company.
  3. Registration of company.

The name of the company: the name of the company must differ from the names of other companies, end with abbreviation Limited or Ltd.; Corporation or Corp.; Incorporated or Inc. It is forbidden to use words Bank, Insurance, Assurance, Re-Insurance, Trust without having special permissions for these types of activity.

Director's information: minimum quantity – one. Natural persons or legal entities can be directors. There are no residence requirements. Annual meetings of directors must be held.

Shareholder's information: minimum quantity – one. Natural persons or legal entities can be shareholders. There are no residence requirements.

Information about registered office and agent: registered office and agent are required, natural person or legal entity can be a secretary.

Minimum size of share capital: there are no requirements. The standard amount of share capital is 50,000$, divided to 50,000 shares. Shares can be with or without nominal value.

Accounting: there are no requirements of submission audit statements to the state bodies, but the companies are obliged to save financial statements, that show their financial condition.

Taxation: one of the greatest advantages of the exempt companies is a full exemption from taxes and having the certificate of tax exemption for 20 years.

 

Peculiarities: Cayman Islands attract us by the easiness of the registration process, supportive business environment, high level of living, ability of quick building of your capital ect.