cayman.gif (1094 bytes)Cayman Islands
General:

The Cayman Islands is a British colony, and retains its English common law background. Its legal system remains firmly British based. Local legislation is made subject to British acceptance. It has long been stable. It is the major offshore banking location in the Caribbean with around 600 banks located there. Its financial services industry is one of its major economic sectors, and it enjoys strong continued development support. It is in the same time zone as the East Coast of the USA. The national language is English, and company documentation is and must be in English. The Cayman Islands is one of the only two sources of offshore companies that can list on the Hong Kong stock exchange. They have their own Cayman dollar.

Offshore Companies:

The Cayman Islands has existing and well proven legislation permitting companies to be rapidly and simply incorporated for the purposes of conducting offshore business operations in the form of the "Exempt Company".

Setting up an Exempt Company:

Such a company can be incorporated within 2 days.

Buying an IBC:

NACS can offer off the shelf companies upon request. Name changes can be accomplished rapidly.

Company name guidelines and restrictions:

The name must be in the Latin alphabet, any name can be chosen provided it is not already in use, it is not obscene, and it does not imply insurance, banking, royal, or governmental related operations or sponsorship. There is no requirement concerning the ending of a company name. Names implying or conveying an involvement in banking or insurance operations require consent.

Capital Requirements:

No minimum level required.

Local Registered Office Requirements:

An Exempt Company must always maintain a registered office in the Bahamas, and must appoint and retain a Cayman Islands resident as the company’s registered agent. NACS can provide these services for a fee via its international associates.

Annual Company License:

This is acquired at the beginning and must be maintained annually thereafter. The annual license fees vary with the share capital of the company. Annual license fees not paid on time incur penalties.

Director Requirements:

At least one director must be appointed and maintained (who can be a corporate director – which can be supplied by NACS). There is no residence or nationality requirement.

Shareholder Requirements:

A minimum on one shareholder is required. No register of the IBC’s shareholders must be maintained at its registered Cayman Islands office.

Company Secretary Requirements:

A Company secretary is not required to be appointed, although this remains a normal function which must be performed. NACS normally will perform this function, for a fee.

Share Types Allowed:

Registered or bearer shares are permissible.

Taxation Requirements:

There is no taxation for an Exempt Company’s operations, assets, or profits (which is guaranteed for 20 years for an Exempt Company). No double tax treaties.

Exchange Controls:

There are no exchange controls.

Reporting Requirements:

No accounts or annual report are required to be filed.

Secrecy:

There is explicit local criminal legislation enforcing secrecy for Cayman Islands Companies’ confidential information, which also penalizes attempts to obtain, or obtaining, such confidential information.

Annual Tax/Filing Fee:

There is an annual government tax for exempt companies of US$580.00

 

Summary Corporate Requirements:
Capital No minimum. Standard authorized capital: US$50,000.00 Registered Office/Agent Yes
Min. Number of Shareholders One Company Secretary Required No
Min. Number of Directors One Local Meetings Required No
Corporate Director Permitted Yes Gov’t Register of Directors Yes
Bearer Shares Permitted Yes:exempt co. Gov’t Register of Shareholders No

 

Annual Reporting Requirements:
Annual Company Return No Annual Audited Accounts Reported No

 

NACS Services Available:

Director/Company Secretary

Banking services

Office facilities and services available (address, telephone number, fax, mail handling, etc.)