Cayman Islands

It is worth noting that the Cayman Islands offshore zone does not limit the amount of the company's share capital, but it is recommended to form it within $50,000. To register a company, one individual is sufficient, and a nominee shareholder and a director are provided. On the territory of the jurisdiction, "exempt companies" are created, which can carry out activities outside of it with a zero-tax rate.

Companies are allowed to issue bearer shares and choose a name in any language. It is important that there is no direct or indirect connection to the government. When data is entered into the register, the name is translated into English.
The best form of offshore in the Cayman Islands is an Exempted Company.

Important information

  • Corporate information
    • Possibility to purchase ready-made companiesNo
    • Legal system — Based on Anglo-Saxon Common Law
    • Use of the Cyrillic alphabet in the nameNo
    • Local registered officeNo
    • Reference to the form of incorporation in the name — An Exempted Company does not have to have an ending indicating limited liability.
    • Local registered agentYes
  • Shares and share capital
    • Standard currency — Cayman Islands dollar
    • Minimum amount of declared capital1
    • Minimum amount of issued capital1
    • Bearer shares are permittedNo
    • Normal amount of share capital50000
    • The possibility of issuing shares without par valueNo
  • Taxation
    • VATNo
    • The basic tax rate on the profit of legal entities0.00%
    • Stamp dutyNo
    • Capital gains taxNo
  • Director and Secretary
    • Minimum number of directors1
    • Residency requirement for directorsNo
    • Directors of legal entities are permittedYes
    • Data is disclosed to the local agentNo
    • Data is entered into a public registerYes
    • Requirement for a secretaryNo
    • Residency requirement for a secretaryNo
    • Secretary qualificationsNo
    • The secretary of a legal entity is allowedNo
  • Reporting
    • Reporting requirement No
    • Open access to reportingNo
    • Mandatory auditNo
    • Annual Return Submission RequirementNo
    • Open access to Annual ReturnNo
    • Reporting requirementNo
    • How many countries have signed an Agreement on the avoidance of double Taxation12
    • OECD MembershipNo
    • Is it considered offshore under Russian lawYes

6 simple steps to purchase a company

  1. choosing a country

  2. choosing a bank

  3. payment (by any method)

  4. sending documents

  5. company registration

  6. bank account opening

Organisational and legal forms

  1. Ordinary Resident Company,
  2. Ordinary Non-Resident Company,
  3. Exempted Company,
  4. Limited partnership,
  5. Exempted limited partnership

Legal framework

The Cayman Islands Companies Law (1961) and its amendments.

Features of an offshore company in the Cayman Islands:

  1. All legal activities are allowed. Banking, insurance, reinsurance or trusts are subject to special licensing;
  2. Prohibited:
    1. ownership of real estate on jurisdictional land,
    2. doing business with residents,
    3. involvement of resident companies in the management of an offshore company in the Cayman Islands.
  3. Company registration takes place within 48 hours of submitting all the required documents;
  4. The company name must be unique and cannot be identical or similar to existing names. Registration of the name can be carried out in any language, but translation into English is mandatory;
  5. Registration of an offshore company in the Cayman Islands is subject to the following documents:
    1. Articles of Association;
    2. Memorandum of Establishment.
  6. The address of the registered company must be located in the territory of the Cayman Islands. It will receive correspondence from government agencies;
  7. CI$50000 is the minimum share capital. It is divided into any number of shares. There are no requirements for mandatory payment of the share capital;
  8. The issue of bearer shares is prohibited;
  9. Residents of any country in the world, legal entities and individuals can become shareholders in an offshore company in the Cayman Islands. The minimum number of shareholders is one;
  10. Residents of any country in the world, legal entities and individuals can become company directors. An offshore company can be managed by a single director with all rights except those held by the shareholders;
  11. Shareholders' meetings can be held anywhere in the world, including by telephone. The minutes of meetings may be stored in any location specified in the institution's documents;
  12. A meeting of the company's directors must be held at least once a year;
  13. Constituent, financial documents can be kept in any state in the world;
  14. The confidentiality of the Cayman shareholders' and directors' details in the company's incorporation documents is guaranteed. Access to information may only be allowed following a judicial decision if the company has been proven to be involved in supporting terrorist organisations, selling drugs, illegal arms sales and money laundering;
  15. The choice of banks and the number of accounts is not limited. Banking transactions are confidential.

Taxation

For Exempted companies, there is no tax on profits, capital gains or distributed dividends for 20 years from the date of incorporation.

Annual fees are paid

  1. CI$510 if the capital is up to CI$50,000;
  2. CI$574 if the capital amount is CI$40,000 to 1,700,000;
  3. CI$1,435 for amounts exceeding CI$1,700.

Accounting

  1. There are no requirements for submitting accounting statements;
  2. There is no need to submit an annual report.

Set of documents

  1. Certificate of incorporation
  2. Minutes of the first Meeting of the Subscribers
  3. Memorandum of Association
  4. Articles of Association
  5. Apostille of the bound set of copies of constitutive documents
  6. Minutes of the first Meeting of Directors
  7. Appointment of First Directors
  8. Register of Directors and Officers
  9. Register of member
  10. Notification of change of Directors or Officers
  11. Share Certificates
  12. First sole director's resolutions
  13. Unanimous Written Resolutions

Nominee director and shareholder

  1. Resolution effecting the issuing the Power of Attorney
  2. Apostilled Power of Attorney
  3. Consent Letter (Letter of consent from the Nominee Director on the assumption of office)
  4. Director Resignation Letter
  5. Nominee Director’s Declaration
  6. Resolution effecting the change Director
  7. Directors Resignation
  8. Deed of Trust
  9. Instrument of Transfer

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