Cayman Islands Company Incorporation

Many people from many countries have found the advantages of basing their business operations in the Cayman Islands - a fact shown by the approximately 40,000 companies listed on the Cayman Registry of Companies in 1998. This flow of interest and investment, starting in the 1960s, has played an integral part in the development of the Cayman Islands as an offshore centre highly ranked in the international business community. The growth continues at a steady pace, with over 4,000 new companies registered in a typical year.

Company Registration: Banks, Trusts, Funds, Exempted, Ordinary, Captive Insurance & Partnerships

The cornerstone of Cayman's financial industry, company registration, continues to experience steady growth with over 8,000 companies registered in a typical year. The Company Registry is responsible for the licensing of corporations under the Companies Law (1998). All corporations required to be licensed under any law - Banks and Trust Companies Law (2001 Revision), the Insurance Law (2001 Revision), the Mutual Funds Law (2001 Revision), and the Companies Management Law (2001 Revision) - must also be registered with the Registry of Companies. A company wishing to trade within the Cayman Islands, e.g., in retail trading, real estate, hotel operation, restaurants, maintenance services or local shipping, must obtain a licence under the Local Companies (Control) Law, and, if less than 60 percent of the equity is Caymanian-owned, the Trade and Business Licensing Board will have to be convinced of the need for the company's services.

ADVANTAGES & BENEFITS OF A CAYMAN COMPANY

In addition to the speed of processing, other advantages of registering a company in the Cayman Islands include the following:

• Complete absence of direct taxation - no corporation, capital gains, payroll, property or withholding taxes - and this can be backed by a 30-year Government guarantee.
• Anonymity - there are well-established mechanisms for cooperation with law enforcement agencies, both locally and overseas, to assure the highest standards of probity throughout the Islands' financial industry. Within this framework, protection of the legitimate interests of clients is safeguarded. Except where assistance to law enforcement agencies is mandated or authorized, disclosure of information by government officials, professional agents, attorneys and accountants and their staffs is forbidden by law under severe penalties.
• Minimal reporting requirements.
• Ready availability of investment, legal and other advice and good management services at prices competitive with those in other offshore centres.
• Ability to form a company with only one shareholder, with no minimum capitalization requirements.

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