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BACKGROUND:
These islands
are situated approximately 450 miles south of Florida. The Cayman
Islands consists of a group of three islands in the Caribbean; the
main island is Grand Cayman. There is a tropical climate with mild
winters and very warm summers. The population of the three islands
is approximately 26,000; the majority of people reside on Grand
Cayman. The islands are a British colony and therefore the United
Kingdom Parliament has the right to legislate. Its Governor
who is appointed by the Queen, who is the Head of the Cayman Islands
Government and is responsible for Defence, Law and Order and
External Affairs. There is however a Legislative Assembly
who is responsible for Internal Affairs. The official language is
English.
Gibland Secretarial Services Limited can provide a Cayman Islands Company within 24 hours.
Type of Company(s):
Company law in the Cayman Islands provides for a category of companies which will carry out business mainly outside the Islands. These are known as Cayman Islands Exempt Companies.
Features of Exempt companies include the following:
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Companies can be incorporated within 24 hours
- No need for the word "Limited" or "Ltd" to appear in the company name
- A minimum of one director and one shareholder, which do not have to be residents
- Corporate directors and shareholders permitted
- No minimum authorised share capital
- No Annual General Meeting requirement, but a director's meeting must be held in the Cayman Islands once a year. This requirement can be met with the use of alternate directors
- Bearer shares can be issued
- The Register of Members can be kept anywhere in the world. No other details other than "Bearer" are recorded in respect of bearer shares
- Low statutory annual fees - US$500 per annum for an authorised share capital of up to US$50,000
- No requirement for accounts to be audited or filed
- No public access to information regarding directors, officers and shareholders
- Guarantee of exemption from taxes for a 20 year period
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