Cayman Islands Company Registration Services
Located north-west of Jamaica in the Caribbean Sea, Cayman Islands comprises of three islands in total – Grand Cayman, Cayman Brac and Little Cayman. Investors and entrepreneurs seek to set up and register a company in the Cayman Islands because a company that is registered there is considered a legal corporate structure and it is not required to file annual audits or account reports.
The Advantages of Cayman Island Registration for Companies
Investors seeking to form and register a company in the Cayman Islands would need to ensure that it is properly structured if they want it to be a company that can legally house any international profits made while minimising the international taxation at the same time. Registering a company in the Cayman Islands allows for this benefit, which is one of the main reasons investors are keen to get a foothold in this country.
What makes the Cayman Islands so appealing is its world-renown reputation as the centre for financial services. Many investment funds that are domiciled in the island are thanks to the efficiency of the local tax and regulatory systems which are in place.
The local currency of the Cayman Islands is also easily convertible, as the value of the currency is pegged to the US dollar. Hence, a lot of business in the Cayman Islands are carried out in the USD currency for easier transactions.
Another advantage that the Cayman Islands has to offer is, because the islands are considered part of the British Overseas Territory, the country is subjected to English law. Following the English law system consequently makes running a business in the Caymans a much easier process, especially for investors who are already familiar with the Commonwealth legal systems.
How Cayman Islands Company Registration Takes Place
To register a company in the Cayman Islands requires one shareholder and one director to form the company. The shareholder and the director can either be the same person, a corporate body or it can be 100% foreign owned.
Investors would need to apply for the Tax Exemption Certificate if they want their business to be exempted from corporate taxes, taxes on capital gains, payroll taxes, property taxes and withholding taxes. This certificate is not made available to all companies though, just the ones who are eligible for tax exemption. Companies which are exempted do not need to keep a register of members open for public inspection.
To register a company in the Cayman Islands requires no minimum capital requirements. Investors would be required to just open a bank account for business purposes, and there is no shortage of international banks located in the Caymans for investors to choose from. Registering a company in the Cayman Islands would take approximately one week for the process to be finalised.
Need more information on how the Cayman Islands company registration process works? Contact us for our full list of advisory services on how to get your company registration process started on the right track.