Cayman Islands Company Formation


Cayman Company Formation

Cayman Islands lies in between Cuba and Central America and comprises of three islands. With over 600 banks, Cayman Islands are known as the one of the world largest centers of offshore banking. They are peaceful in regards of political atmosphere and their infrastructure has been designed commercially. As there is no exchange control, it leads to a free transfer of funds to or from the islands.

An exempt corporation can be termed free of tax and can enjoy this status for almost twenty years. To get benefit from this, there is no such need of registering or reviewing the accounts, as well as, there is a minimal need for reporting for this corporate body. If the holding of the shares lies with a person having custody under the consent of Monetary Authority of the region, then the bearer shares are allowed to be distributed. Under the name of any person or any incorporated company, the shares can be filed. It is a wrongful act to disclose information that is secretive in nature under the Confidential Relationship (Preservation) Law. Also, any act of intentionally retrieving the secretive information or endeavouring to retrieve the secretive information about any type of companies in the region, is termed unlawful by it.

Incorporation Requirements

Following are the requirements for company incorporation in Cayman Islands:

Directors

  • There is a requirement of minimum one director and it’s not necessary for the directors to be resident or nationals of Cayman Islands.
  • It is allowed to appoint corporate directors.
  • No need for director’s meeting.
  • It is required to have annual meeting with location inside Cayman Islands. Alternate or proxy directors are allowed to attend the meeting.
  • No need for maintaining public director’s register.

Secretaries

  • There is a requirement of minimum one secretary and it’s not necessary for the secretaries to be resident or nationals of Cayman Islands.
  • It is allowed to appoint corporate secretaries.
  • No professional qualification requirement for the secretary.
  • No mandatory requirement to appoint secretary, as it is required of have representative for the company to act in secretary capacity.

Shareholders

  • There is a requirement of minimum one shareholder.
  • It is allowed to appoint corporate shareholders.
  • No need for maintaining public shares register.
  • Par values of shares are not permitted.
  • Share capital is authorised to be of 50,000 shares with the value of each share of USD 1.
  • Shareholders are allowed to retain or possess bearer shares.

Incorporation Fee

Kindly have a look at the section of fee schedule for description of incorporation fee. However here is the summary of the fees structure:

  • Fees of government.
  • Fees of local secretary.
  • Fees of local agency.
  • Fees of registered office.
  • Fees of our service.

Once your company incorporates, you will get; certificate of incorporation along with M & A five copies, and original formation documents and minutes.

Incorporation Time                                          

It takes 1 to 2 weeks for company incorporation in Cayman Islands.

Offshore Bank Account

For the updated details on the facility of offshore bank account, please refer to the section of fee schedule.

Miscellaneous

  • Company should have registered agent.
  • If all shareholders or some are nominee, then there is no need to declare shares ultimate beneficial ownership to authorities.
  • Annual returns of the company must be demonstrated.