CAYMAN LSLANDS COMPANY
Cayman Islands Company Incorporation
Many people from many countries have found the advantages of basing their business operations in the Cayman Islands - a fact shown by the approximately 40,000 companies listed on the Cayman Registry of Companies in 1998. This flow of interest and investment, starting in the 1960s, has played an integral part in the development of the Cayman Islands as an offshore centre highly ranked in the international business community. The growth continues at a steady pace, with over 4,000 new companies registered in a typical year.
Company Registration: Banks, Trusts, Funds, Exempted, Ordinary, Captive Insurance & Partnerships
The cornerstone of Cayman's financial industry, company registration, continues to experience steady growth with over 8,000 companies registered in a typical year. The Company Registry is responsible for the licensing of corporations under the Companies Law (1998). All corporations required to be licensed under any law - Banks and Trust Companies Law (2001 Revision), the Insurance Law (2001 Revision), the Mutual Funds Law (2001 Revision), and the Companies Management Law (2001 Revision) - must also be registered with the Registry of Companies. A company wishing to trade within the Cayman Islands, e.g., in retail trading, real estate, hotel operation, restaurants, maintenance services or local shipping, must obtain a licence under the Local Companies (Control) Law, and, if less than 60 percent of the equity is Caymanian-owned, the Trade and Business Licensing Board will have to be convinced of the need for the company's services.
ADVANTAGES & BENEFITS OF A CAYMAN COMPANY
In addition to the speed of processing, other advantages of registering a company in the Cayman Islands include the following:
• Complete absence of direct taxation - no corporation, capital gains, payroll, property or withholding taxes - and this can be backed by a 30-year Government guarantee.
• Anonymity - there are well-established mechanisms for cooperation with law enforcement agencies, both locally and overseas, to assure the highest standards of probity throughout the Islands' financial industry. Within this framework, protection of the legitimate interests of clients is safeguarded. Except where assistance to law enforcement agencies is mandated or authorized, disclosure of information by government officials, professional agents, attorneys and accountants and their staffs is forbidden by law under severe penalties.
• Minimal reporting requirements.
• Ready availability of investment, legal and other advice and good management services at prices competitive with those in other offshore centres.
• Ability to form a company with only one shareholder, with no minimum capitalization requirements.
The Registrar is allowed to release only the name and type of company, the date of registration, and the address of its registered office. This assures a rigorously upheld standard of privacy for companies transacting a wide range of legitimate business. This level of privacy is subject only to specified legal channels in the context of illicit activities. The range of purposes includes investment, sales processing, trading, shipping operations, stock dealing, real estate holding, the ownership and licensing of patents, and international financing. A prospective promoter of a Cayman Islands company will be well advised to obtain sound professional advice so that the way it is structured does not adversely affect his tax status in his home jurisdiction. He is likely to find that to take full advantage of the benefits of a Cayman operation the business decisions should be seen to be taken in the Islands. To allow this to happen without the owner's continual residence here it is convenient to make arrangements with one of the company management firms, law and accountancy practices or trust companies which have much experience of this type of work.
COMPANY REGISTRATION AND ANNUAL FEES
Fees currently payable to the Registrar of Companies are given below (all figures in Cayman Islands dollars [CI$1=US$1.22]). Resident (ordinary) Companies
Upon registration and annually thereafter, there is a fee of $150 for companies with capital of $42,000 or less; companies with capital in excess of $42,000 pay $350. Non-resident Companies
Upon filing Memorandum and Articles of Association and on delivery of the annual return each January thereafter, companies with capital of $42,000 or less pay $400; companies with capital in excess of $42,000 pay $565. Exempted Companies
Upon registration and delivery of the annual return each January thereafter, there is a fee of $470 for companies with capital of $42,000 or less; companies with capital in excess of $42,000 but not exceeding $820,000 pay $660; companies with capital in excess of 820,000 but not exceeding $1.64 million pay $1,384 and companies in excess of $1.64 million pay $1,968.
Segregated Portfolio Companies
The registration and annual fee for the Segregated Portfolio Company is the normal exempt registration fee plus $2,000. In addition, there is a fee of $1,000 for each segregated portfolio therein. Foreign Companies
On delivery of the prescribed documents for registration of a foreign corporation and each January thereafter, there is a fee of $850.
Exempted Corporation
Exempted companies are identitites where the proposed activities of a company are to be carried out mainly outside the Islands. The most appropriate use of offshore transactions is the exempt company which is prohibited from doing business in the Cayman Islands except in pursuance of its offshore business.
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