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
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What are the steps to start a business in the Cayman Islands?
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