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Cayman Islands Incorporation
1. Introduction to Cayman Islands Corporation
A. Cayman Islands is a well-known tax haven with a jurisdiction that compromises of three different islands.
B. These islands are: Little Cayman, Cayman Brac, and Grand Cayman.
C. It lies on the geographic Western Caribbean Zone and is located south of Cuba and northwest of Jamaica.
D. With a population of less than 50,000 people, the island has one of the largest GDP per capita ranking.
E. The Cayman Exempted Company has become a very popular choice for foreign business man to hold offshore bank accounts because of the privacy and Cayman tax-free benefits.
F. Cayman Islands corporations operate under the Companies Law of 1961. Their corporate laws attract international business and offshore investor to incorporate in their jurisdiction.
2. Benefits of a Cayman Islands Company
Stability: The government has always been stable, and the economy has remained strong due to its popular banking system, offshore corporations, and tourism.
White Listed: Unlike many other so-called “tax havens”, the Cayman Islands follows international tax regulations, which has kept them from being under suspicion or black-listed by the international Financial Action Task Force, and by the international Organization for Economic Co-operation and Development (OECD).
Fast Incorporation: The Incorporation process can only take one day. That’s because there is no requirement for government regulatory authority approval. In addition, their initial corporate registration and annual renewal fees are low when compared to other jurisdictions.
Flexibility: Forming a Cayman Islands corporation provides options for flexibility. For instance, corporate directors and officers do not have to be legal residents.
Privacy: Corporate documents related to conducting business such as the register of shareholders or meeting minutes do not have to be registered with the Cayman Islands government and can be stored anywhere in the world. In addition, there is no requirement to have an annual shareholder meeting or an annual audit. The public is not allowed to view The Register of Directors and Officers or the Register of Shareholders. Furthermore, company accounts remain private in this jurisdiction.
3. Documents required for Cayman Islands Incorporation
a. Photocopy of passport or NRIC of directors/shareholders/the ultimate beneficiary
b. Proof of residential address of directors/shareholders/the ultimate beneficiaries
c. Registration Certificate and Constitution of Company
d. Statutory Book of Directors and Shareholders
4. Cayman Islands incorporation procedures and timeline (15 working days upon receiving documents, 48 hours for express service)
a. Cayman Islands company name search (2 working days, only available for English names, Chinese names are required to submit for approval)
b. Sign service agreement →Proceed to Payment
d. Incorporation documents submission → Signing→Document submission
5. Certification upon successful incorporation
6. Annual Return of Cayman Islands Company
Every exempted company is required to file an annual return and annual Company Registry fees with the Registrar in January of each year. This will be dealt with by the registered office provider. The annual return contains a declaration setting out:
a. details of changes, if any, to the company's memorandum of association since the last return;
b. that the operations of the company since the last annual return have been mainly outside the Cayman Islands;
c. that in compliance with the Companies Law, the company is not trading within the Cayman Islands except in furtherance of its offshore business; and
d. that any bearer shares issued are kept by a licensed custodian.
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