Cayman Company Annual Return

Introduction to Cayman Company Annual Returnkaymanovy_ostrova.jpg

One of the reasons why the Cayman Islands is a leading offshore jurisdiction is the flexibility of Cayman Islands companies law.  The main legislation  regulating  the  formation  and  operation  of  companies  in  the  Cayman Islands is the Companies Law. English common law and equitable principles and precedents are also followed in the Cayman Islands where applicable.


Under the Companies Law a limited liability company may be incorporated as either:

· an exempted company – a company which has been registered as an exempted company on the basis of a declaration by the incorporating subscriber to the effect that the operations of the company are to be carried on mainly outside the Cayman Islands; or

· an ordinary  company  -  a  term  not  directly  defined  by  the  Companies  Law  but  being  the  commonly used term for companies incorporated within the Cayman Islands and not registered as an "exempted company".


Registered office

Every exempted company must maintain a registered office within the Cayman Islands to which communications  and  notices  may  be  sent.  The  location  of  the  registered  office  is  a  matter  of  public  record, notified to and published by the Registrar.


Registers

Every exempted company must maintain:

· a register of its shareholders with the names and addresses of the shareholders and particulars of the number  of  shares  held  by  each,  the  share  certificate  number  (if  any)  and  the date  upon  which  the shareholder became or ceased to be a shareholder;

· a register of officers and directors containing the names and addresses of the company's officers and directors, including alternate directors; and

· a register of mortgages  and  charges  recording  the  details  of  all  security  interests  granted  by  the Company over its property.

Theses registers must be kept at the company's registered office within the Cayman Islands, except the register of shareholders which may be kept at any place either within or outside the Cayman Islands but the address at which it is kept must be held by the registered office.


cayman-island-exempted-company-incorporation.jpgAccounts and auditors

The Companies Law requires that every company keep proper books of account, showing details of all receipts, expenditures, purchases, sales and assets and liabilities of the company, reflecting a true and fair view of the state of the company's affairs and explaining its transactions. A Cayman Islands company may specify any date for its financial year end.

There  is  no  statutory  requirement  under  the  Companies  Law  for  the  filing  or  auditing  of  company  accounts, and how and to what extent  the books of account are made available to the shareholders of the company is generally  a  matter  addressed  in  the  articles  of  association  or  by  the  directors.  Audited  accounts  may  be required  for  companies  which  are  regulated  in  the  Cayman  Islands  under  other  laws,  such  as  mutual  funds. Please contact us for further details.



Annual filing requirements

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:

· details of changes, if any, to the company's memorandum of association since the last return;

· that the operations of the company since the last annual return have been mainly outside the Cayman Islands;

· that  in  compliance  with  the  Companies  Law,  the  company  is  not  trading  within  the  Cayman  Islands except in furtherance of its offshore business; and

· that any bearer shares issued are kept by a licensed custodian.

 

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