Cayman Islands Company Formation

Cayman Islands company formation is a tax-efficient corporate solution for international entrepreneurs. The following information will help you determine whether Cayman Islands company formation is the optimum solution to meet your business and personal objectives.

Advantages of Cayman Islands Company Registration

If properly structured, Cayman Islands company formation can legally house international profits while minimising international taxation.

A Cayman Islands company is a legal corporate structure with no annual reporting, accounting or auditing requirements.

Only one shareholder and director is required to complete Cayman Islands company formation. The shareholder and director can be the same person; can be a corporate body; and can be 100% foreign-owned.

Complete absence of direct taxation can be backed by a 30-year government guarantee - no corporate taxes, no capital gains taxes, no payroll taxes, no property taxes, no withholding taxes.

There are no minimum capital requirements with Cayman Islands company registration.

An exempted Cayman Islands company need not keep a register of members open for public inspection.

After Cayman Islands company formation, the entity can be run from anywhere in the world.

It is easy to open global corporate bank accounts to support Cayman Islands company incorporation. Healy Consultants works with internationally recognised banks such as HSBC, Standard Chartered and Citibank to provide corporate bank account services.

After the Cayman Islands government passed an amended bill, foreign individuals who have a net worth of US$7.3m (6m KYD) can apply for a Residential Certificate for Investment. This Certificate gives the individual the right to reside in the Cayman Islands for up to 25 years, but the individual is expected to abide by a number of laws, including:

i) Investing $2.9m USD (2.4m KYD) in businesses whose workforce consists of at least 50% local Caymanians;

ii) Passing regular tests to confirm the financial stability of their businesses and their managerial role in their business.

The Residential Certificate for Investment costs US$24,000 (20,000 KYD) and also allows the individual’s spouse and dependents to reside on the islands.

Disadvantages of Cayman Islands Company Registration

The Cayman Islands is internationally perceived as an offshore tax haven.

A Cayman Islands exempt company cannot trade in the Cayman Islands. The board of directors of a Cayman Islands exempt company are required to hold annual meetings once a year in the islands.

Following pressure from the United Kingdom after receiving funding for its economic contraction and capital deficit, the Cayman Islands are in the process of increasing fees and taxes. Annual company fees (for both resident and foreign companies), general registry fees, business premises fees, import duties and work permit fees, among others, are expected to rise.

In June 2000, the Cayman Islands were deemed a 'cooperative jurisdiction' on tax matters by the Organisation for Economic Cooperation and Development (OECD) in the exchange of information. Cayman Islands have signed a total of 12 Tax Information Exchange Agreements (TIEAs) with countries including Denmark, Faroe Islands, Finland, France, Greenland, Iceland, Ireland, Netherlands, New Zealand, Norway, Sweden and the United States.

Banks and Trust companies pay annual fees when registered under the Banks and Trust Companies Law 1995.

Did you know about Cayment Islands?


1.	The islands jut above the Caribbean Sea, formed from the highest portions of a huge oceanic ridge along what is known as the Cayman Trench.

2.	The Cayman Islands has its own currency, the Cayman Islands dollar.

3.	There is no Income, Company, Corporation, Inheritance, Capital Gains or Gift Tax, Property Taxes or Rates.

4.	The cost of living is generally higher than in the United States or the United Kingdom as most commodities are imported and the cost of freight and insurance plus customs duty where applicable.

5.	Departure Tax $20 (US$25.00) must be paid by all persons leaving the Islands (unless already charged on ticket).

6.	The Cayman Islands were discovered in 1503 by Christopher Columbus.

7.	The Cayman Islands is regarded as the birthplace of modern scuba diving.

8.	The island of “Tortuga” referenced in the Disney film “Pirates of the Caribbean” is based upon the Cayman Islands.

9.	The largest animal which is indigenous to the islands is Blue Iguana. It is a lizard, colored a characteristic blue and which was on the verge of extinction in 2003 with only 15 iguanas roaming free in the wild.

For additional information on Cayman Islands company formation, contact email@healyconsultants.com or telephone us in Singapore at (+65) 6735 0120.

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Location shot for Cayman Islands company formation

Image by walkn

ENGAGEMENT COSTS

Year 1 incorporation US$7,900 *

Annual fees from Year 2 US$3,600 *

Nominee director fee
US$1,800 **

Company de-registration
US$1,450

* Includes government licence fees, registered office for 12 months, Company secretary fees for 12 months

**Excludes US$1,100 refundable deposit.

Click on the logo above to review sample PDF invoice

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Cayman Islands Company Formation

Advantages of Cayman Islands Company Registration

Disadvantages of Cayman Islands Company Registration

Did you know about Cayment Islands?

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