Business entities in Cayman Islands in 2023
Since 2003, Healy Consultants Group assists multi-national Clients’ with Caymans Islands business set up. This web page outlines the different entities available:
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Cayman Islands Exempt company
Refer to this web page for detailed information
Cayman Islands Limited Liability Partnership
- ELP requires a minimum of one resident general partner and one limited partner; and
- The general partner must agree to all contracts concluded by the partnership and has unlimited liability while the limited partner benefits from limited liability; and
- Partnership law requires all ELPs have a registered Cayman office and that at least one of the general partners be a resident in Cayman Islands; and
- Neither the ELP nor the partners are subjected to taxation in the Cayman Islands; and
- ELP are not permitted to conduct business inside of Cayman;
Caymans Islands LLC
- In 2016 the Cayman Islands Limited Liability Company was introduced at the request of US clients. Where the proposed activities of a company are to be carried out mainly outside of the Cayman Islands; and
- The LLC Law makes provision for an existing Cayman Islands exempted company to merge with, consolidate with or convert to an LLC and permits non-Cayman Islands entities to re-register and continue into the Cayman Islands as a LLC; and
- In January of each year, the company must file with the Registrar a return certifying that during the previous calendar year it has complied with the provisions of the LLC Law and pay to the Registrar a prescribed annual fee.
Excluded Person Financial Company
- Same requirements as exempt companies; and
- Securities Investment Business Law can exempt certain persons (excluded persons) who are engaged in securities investment from full licensing requirement conditional on filing an annual declaration with CIMA and an annual fee; and
- Excluded persons include i) a company managing securities investment for one or more members of its group, ii) a person carrying on investment exclusively for a listed or regulated entity or iii) a person regulated in respect of securities investment by a recognized overseas regulatory authority.
