Exempt Companies - Cayman Islands
Cayman Island has been increasingly popular in recent years based on the statistic of holding companies incorporated in the jurisdiction. Cayman Islands is a British Overseas Territories which offers all the security and stability that are traditionally associated with the British flag and is one of the most respected tax neutral jurisdictions.
Tax exempted companies are offshore companies which are to carry out their business activities outside the Cayman Islands.
Some of the key features are listed below:
Advantages and Benefits
- Zero tax
- 100 % foreign ownership
- One of the most well established jurisdiction in the Caribbean Islands
- Documents and legislation are in the official language of English
- Exempted from corporate, property, capital gains and withholding taxes.
- No minimum capital requirement
- Flexible business operation; can be administered outside Cayman Islands
- Can open and maintain bank accounts
- No registration or filing of any details with the regulatory authorities
- No prior regulatory or governmental permission or approval requirements for the issuance or transfer of shares
- Minimum annual reporting requirements
- No statutory provision prohibiting financial assistance.
| Jurisdiction | Cayman Islands |
| Type of Entity | Exempt |
| Type of Law | Common Law |
| Shelf Company availability | Yes |
| Our Time to establish a new company | 5 Working Days |
| Taxation on foreign income | Nil |
| Double Taxation treaty access | No |
| Standard currency of share capital | US$ |
| Other permitted currencies of capital | Any |
| Minimum paid up share capital | US$1 |
| Usual authorized share capital | US$50,000 |
| Minimum number of Directors/Managers | 1 |
| Local Directors/Managers required | No |
| Publicly accessible record of directors/Managers | No |
| Locations of directors/managers meeting | Anywhere |
| Company Secretary required | No |
| Local or Qualified company secretary required | No |
| Requirement for Audited accounts | No |
| Requirement to file accounts | No |
| Publicly accessible accounts | No |
| Requirement to file annual return | Yes |
| Change in Domicile permitted | Yes |
| Requirement to prepare accounts | Yes |
| Bearer shares | Yes, must be held by custodian |