Capital: George Town
Population: 42,000 (est. 2003)
Area: 262 sq. km (land area)
Currency: Caymanian dollar (KYD)
year: 1 April
- 31 March
territory of the UK
THE CAYMAN ISLANDS are three small islands (Grand Cayman, Cayman
Brac and Little Cayman) about 480 miles south of Miami, and just
north of Jamaica in the Caribbean Sea. The population is made
up of about 20% Caucasian, 25% black and 55% mixed race. The Cayman
Islands are an English speaking British Crown colony especially
suitable for U.S. businessmen and Canadian businessmen owing to
their close proximity to the U.S. and North America. The main
industries are tourism, financial services, boat building and
fishing. There are more than 500 bank and trust companies, and
over 300 insurance companies registered in this world famous tax
haven. The Caymans receive over 500,000 tourists every year, most
of them from the U.S.A.
The Islands are a common law jurisdiction, and, aside from the
addition of a number of statutes to reflect the particular needs
of the business community, have adopted a system similar to that
of the UK. The court system comprises four tiers: the Summary
Court; the Grand Court; the Court of Appeal; and the Privy Council,
which is the court of final appeal and is seated in London.
The Cayman dollar floats against the pound sterling, and is roughly
equivalent to USD1.20 There are no exchange controls in Cayman
limiting what currency you can use.
Any proposed company, the objects of which are to be carried out
mainly outside the Cayman Islands, may apply to be registered
as an exempted company. The register of shareholders of an Exempted
company is NOT open to public inspection to preserve the confidentiality.
Bearer shares may be issued for exempted companies in which case
no disclosure of shareholders is called for, but most investors
or company owners prefer to use nominee shareholders instead.
Severe penalties ensure confidentiality between client and professionals
under Confidentiality Relationship (Preservation) Law.
Guarantees against future taxes are available to exempted companies
and trusts. Exempted companies can receive a guarantee from the
government for a period not exceeding 30 years. Exempted trusts
can receive a guarantee for 100 years. The Caymans have no tax
treaties with any nation. Tax lawyers refer to the Caymans as
a no-tax or zero tax haven. Taxes or all types simply do not exist
in this country. Like the other no-tax havens of the Bahamas,
Bermuda, Anguilla, Vanuatu and Nauru (in the South Pacific), the
Caymans have traditionally enjoyed a complete absence of direct
There are principally two types of companies you can register
in the Caymans; the exempted and the ordinary company. Foreign
investors almost always choose the exempted company because its
register of shareholders is not open to public inspection, and
it may be kept inside or outside the Cayman Islands. The register
of shareholders for ordinary companies are open to public inspection.
Exempted companies do not have to file annual returns with the
Registrar, although an annual declaration must be filed. Exempted
companies must hold a directors meeting in Cayman once a year.
Typically, alternate directors or an assistant secretary are provided
by the lawyer, trust company, bank or accountants that formed
the company to comply this requirement.
Order your company
! or contact us
for any queries. If you have other requirements for the incorporation,
please let us know and our staff will try to solve it or find alternatives
You tell... we tailor