INTRODUCTION
The Cayman Islands are a British colony situated in the Caribbean Sea approximately 800 kilometers South of Miami, Florida. The Islands enjoy sophisticated legal, accounting and banking services and political stability. The economy of the Islands is very strong, with most of the revenue being derived from the financial services sector and tourism. It is a favored location for companies wishing to list in the stock market.
LANGUAGE
The official and spoken language is English.
TYPE OF LAW
Common Law, based on English Common Law.
COMPANY INFORMATION
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
Exempt Company.
TIME TO INCORPORATE
One Day, but allow ten working days for receipt of documentation.
RESTRICTIONS ON NAME AND ACTIVITY
Names must end with one of the following words, or their relevant abbreviations - Limited, Corporation, Incorporated, Societe Anonyme, Sociedad Anonima.
The following names and their associated activities, cannot be used: Assurance, Bank, Building Society, Savings, Loans, Insurance, Reinsurance, Fund, Royal, Trust, Chamber of Commerce, University, Co-operative and Municipal.
CLASSES OF SHARES PERMITTED
Registered shares of par or no par value, bearer shares, preference shares, redeemable shares and voting or non-voting shares.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No.
LICENCE FEES
For exempt companies with a share capital not exceeding US$ 50,000 -- US$ 575
For exempt companies with a share capital greater than US$ 50,000 but not exceeding US$ 1 million -- US$ 805
For exempt companies with a share capital greater than US$ 1 million but not exceeding US$ 2 million -- US$ 1,690
For exempt companies with a share capital exceeding US$ 2 million -- US$ 2,400
FINANCIAL STATEMENT REQUIREMENTS
Whilst there is no requirement to file annual audited accounts with the authorities, a company is required to keep financial records, which reflect the financial position of a company.
