DOING BUSINESS IN CAYMAN ISLANDS IN 2023
Since 2003, Healy Consultants Group PLC assists multi-national Clients’ with Caymans Islands business set up including i) company registration and ii) regulatory license approvals and iii) multi-currency corporate bank account opening and iv) legal and accounting and tax considerations.
|Compare different Cayman Islands entities||Offshore company||Crypto-currency company||A Foundation||Resident company|
|Also known as||Exempt Company||VASP company||Caymans Islands Foundation||Local company|
|Best use of company?||Trading with global Clients||Crypto Trading||Holding company||Doing business in the country|
|Regulated by?||General Registry||CIMA||General Registry||The Local Companies Law|
|The business can be conducted through an Exempted company||Yes||Yes||Yes||Yes|
|Company incorporation within||1 week||3 weeks||2 weeks||2 weeks|
|How soon can you hire staff?||Not allowed||2 weeks||Not allowed||3 weeks|
|How long to secure regulatory license?||Not required||Not required||Not required||3 weeks|
|How soon can you invoice Clients/sign sales contracts?||2 weeks||2 weeks||2 weeks||3 weeks|
|How long to supply international corporate bank account numbers?||3 months||3 months||3 months||2 months|
|Corporate tax rate on annual net profits?||0%||0%||0%||0%|
|Local physical office premises required||No||TBC||No||Yes|
|Beneficial owners register maintained||Yes||Yes||Yes||Yes|
|Limited liability entity?||Yes||Yes||Yes||Yes|
|Minimum number of directors||1||TBC||0||2|
|Minimum number of shareholders||1||TBC||0||2|
|Must prepare annual audited financial statements||No||TBC||No||Yes|
|Annual economic substance reporting?||Yes||Yes||Yes||Yes|
|Resident director/partner/manager/ legal representative required?||No||No||No||Yes|
|Minimum paid up share capital?||US$ 1||US$ 1||US$ 1||US$ 1|
|Corporate bank account location?||USA||USA||USA||Caymans Islands bank|
|Average total business set up engagement costs?||US$17,522||US$20,522||US$18,992||US$20,922|
|Average total engagement period?||2 months||3 months||2 months||2 months|
Cayman Islands business setup summary
What are the steps to start a business in the Cayman Islands?
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Useful links for Cayman Islands
Government and public authority websites:
- Cayman Tax Authority
- Cayman Islands Companies Registrar
- The Cayman Islands Monetary Authority – the Cayman financial regulator
- Cayman Stock Exchange
- The Cayman Islands Investment Promotion Authority
- Chamber of Commerce
- Cayman airports
- Visiting Cayman