GENERAL INFORMATION
The Cayman Islands, a self-governing British Overseas Territory consists of a group of three islands in the Caribbean: Grand Cayman, Little Cayman and Cayman Brac. The main Island, Grand Cayman, is situated approximately 480 miles southeast of Miami. George Town, the capital is on the western shore of Grand Cayman.
It is a leading international banking centre, the world’s leading domicile for offshore hedge funds, the second largest captive insurance centre and a world leader in structured finance. Cayman has its own stock exchange, The Cayman Islands Stock Exchange (CSX). Matters pertaining to the conduct of offshore businesses and regulation related thereto including issuing of licenses are governed and supervised by the Cayman Islands Monetary Authority (CIMA).
Other basic facts: | Time zone | Greenwich Mean Time -5 |
Official language | English | |
National currency | Cayman Islands Dollar (KYD) |
KEY CORPORATE FEATURES OF CAYMAN ISLANDS EXEMPT COMPANIES
| TYPE OF COMPANY | |
| Exempt Company | This type of company will carry on business outside the Islands and is not permitted to own real estate in the Cayman Islands unless special application made to the Financial Secretary is granted or unless the articles specifically preclude the issue of bearer shares |
| Shelf company availability | None |
| SHARE CAPITAL | |
| Permitted currencies | Any foreign currency |
| Standard currency | US$ |
| Minimum issued capital | None, but our standard company comes with standard paid-up capital of US$1 |
| Authorised capital | Minimum US$1 but the normal capital is US$50,000 |
| Par / nominal value | Optional |
| DIRECTORS | |
| Minimum | One (1) |
| Corporate director | Permitted |
| Local director requirements | No |
| Location of meeting | Anywhere |
| Minimum number of meetings | Per Articles of Association |
| Publicly accessible records | No |
| SHAREHOLDERS | |
| Minimum | One (1) |
| Bearer shares | Yes, bearer shares must be kept in the custody of an “authorised custodian”, which is defined as a bank or trust company or company manager licensed to do business in the Cayman Islands |
| Corporate shareholders | Permitted |
| Local shareholders requirements | No |
| Location of meeting | Anywhere |
| Minimum number of meetings | Per Articles of Association |
| Publicly accessible records | No |
| COMPANY SECRETARY | |
| Local secretary | Not mandatory |
| REGISTERED OFFICE | |
| Requirements | Cayman licenced registered office address within the islands |
| ACCOUNTS | |
| Preparation of accounts | Yes |
| Audit requirements and filing | No, unless company conducts an activity required it to be regulated by the Cayman Islands Monetary Authority |
| Publicly accessible records | No |
| ANNUAL REQUIREMENTS | |
| Annual return | Yes but minimal. It consist only of a statement that the company has conducted its operations mainly outside the Cayman Islands and has complied with the provisions of the Companies Law |
| Annual government fee | Depends on the company's share capital |
| GENERAL | |
| Legal system | Common Law |
| Corporate re-domiciliation | Yes |
| Double taxation treaty access | No |
| Exchange control | No |
| Taxation | Tax neutral jurisdiction. There is no form of taxation in the Cayman Islands. An exempted company is entitled to receive a tax-free guarantee from the Government of the Cayman Islands for up to 30 years. The Government in the first instance normally grants a guarantee for 20 years, but it is normally renewable for a further ten years on expiry |
The information in this document is not advice of any kind but general information only and should not be relied on as legal advice. Kensington Trust Group recommends seeking professional advice on legal or tax issues affecting you before relying on it. While Kensington Trust Group tries to ensure that the content of this document is accurate, adequate or complete, it does not represent or warrant, express or implied, its accuracy, correctness, completeness or use of any of the information. Kensington Trust Group does not assume legal liability for any loss suffered as a result of or in relation to the use of this document. To the extent permitted by law, Kensington Trust Group excludes any liability for negligence, for any loss, including indirect or consequential damages arising from or in relation to the use of this document.