Cayman Islands Company Formation: The formation of a Cayman Islands Offshore Company is simple and fast. We can assist you to get your company. We have offshore company formation expertise since 1979! Your company can be incorporated by our firm without you having to travel there. Everything is done by fax, email and courier. There is no tax for the Cayman Islands Offshore Company so you can have a strong advantage over your competitors many of whom can be paying anything from 45% to 75% tax! Get in touch with us now and we will be reverting to you with the next hours with full details and prices for all the services you may need for your offshore Cayman Islands company.
Cayman Islands Company Formation: Requirements
The formation of a Cayman Islands Offshore Company is uncomplicated, fast and simple. Any physical person of age, i.e. over 18 years old and any legal entity such as another company, can be the owners of such a company. All we need for you for the formation of your company is your passport and your residential address. A KYC form will also be filled in according for compliance reasons. The procedure for the formation of your Cayman Islands Offshore Company can be done without your presence by fax, email and courier.The time required for the formation of your company is only a few days.
After the completion of the procedure our firm will prepare for you the company kit. In the kit we will insert all the company formation documents such as the incorporation certificate, the first resolution, the share certificate, any trust deed by the Nominee Director if any, the memorandum and articles of association, the register of member, directors, shareholders, secretary etc. The company kit will be sent to your office by courier.
The fees you can expect to pay for the formation of your company are the incorporation fees for the setting up of the company which usually include the Government Fee, the fee for the incorporation certificates, the appostil of the certificates, the company seal, the registered office address, the registered agent, the legal fees, the courier etc. These fees are only paid once on the formation of the company.
From the second year on, you must expect to pay the fees for the maintenance of the company. Such fees can include a power of attorney if and when needed, a good standing certificate, an incumbency certificate, any new incorporation certificates, opening of a new bank account, changes to be made to the company structure, contracts and so on.
The Cayman Islands are located west of the Caribbean Sea. The are a British overseas region and it is one of the last non self-governing regions. The area is consisted of three islands, the Grand Cayman, the Cayman Brac and Little Cayman. The Cayman Islands are one of the biggest business centers worldwide.
They were always considered to be a tax-exempt haven. The registered companies there are exceeding the number of residents of the Islands, which three years ago were estimated around 56,000. The basic religion of the residents, which represent a mix of over 100 nationalities, is Christianity, followed by Presbyterians and Catholics. The bigger part of the population is concentrated on Grand Cayman.
They have the best life quality in the Caribbean. They have their own currency, which is the KYD (Cayman Islands Dollar), whilst the Government’s main earnings come from indirect taxation (there is no capital gains tax, no corporation tax or income tax).
The Cayman Islands are considered to be a very important financial center. Some of their basic areas are banking and corporate activities in general.
They come in fifth as a banking center, worldwide.
A Cayman Islands Company is quite similar to companies incorporated worldwide.
Here are some of the benefits of incorporating a company in this country:
- There is no Tax on capital gains or sales, capital, income, profits, dividends, corporation tax, no withholding taxes and no tax on inheritance.
- It is (exempted) has the privilege upon request to obtain a written undertaking that if in the future taxes are introduced in these islands, the company will reserve the privilege of its tax-free status for up to 30 years from the date of the undertaking, which is usually given for a period of up to 20 years.
- There is no control over currency exchange.
- A company is incorporated within a few days, a week at the most.
Few Facts About The Company
There are two types of offshore companies in the Cayman Islands that one can choose from to incorporate, but the most common and preferable is the Exempted Company, which is used for international business transactions.
|TYPE OF COMPANY||Private Exempt Limited Liability Company|
|CAPITAL||The usual authorized capital is US$50,000, which is the maximum authorized capital allowed to pay of the minimum government fee.|
|CAPITAL PAID UP||At least one share must be issued and paid up.|
|TYPE OF SHARES||Sale of shares to the public is not allowed in private companies. Bearer shares are prohibited.|
|HOW MANY SHAREHOLDERS||Only one is needed. A local Shareholder is not required.|
|SHAREHOLDERS REGISTER||The first shareholders are declared with incorporation to the Registrar of Companies. After that the Secretary of the Company keeps updating information related to the transfer of shares.|
|HOW MANY DIRECTORS||At least one – maximum ten. A local director is required.|
|DIRECTORS REGISTER||The first Directors of the Company are declared on incorporation to the Registrar of Companies. The Secretary must keep a Register with the changes of the Directors. Such changes must be notified to the Registrar of Companies within 14 days.|
|IS A SECRETARY NEEDED||Recommended and usual to appoint a Secretary. A local Secretary is required.|
|REGISTERED OFFICE||It is the place where notices, letters, communications, legal proceedings are sent or served. It is mandatory by law that it should be in the Cayman Islands.|
|ANNUAL GOVERNMENT FEE||It is mandatory by law that any Cayman Islands Company (exempted) is to pay an annual government fee, which is estimated based on the company’s registered capital. The annual government fee is paid for the first time with the incorporation of the company and from then on in January of each year. Fail to submit its annual return or the annual government fee, the company will be imposed with a fine and if also is not paid, the Registrar within a month’s notice to company will strike it off the register.|