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The Cayman Islands were once part of the British Empire as a colony and then became a British Overseas Territory. English is the primary language in the Caymans. English common law has always been the standard for its judicial system. The Cayman Islands are well known as a tax haven because it has no income taxes and has an easy process for offshore incorporation. The Cayman Exempted Company has become a very popular choice for foreign businesspeople to hold offshore bank accounts because of the privacy and Cayman tax-free benefits.
Cayman Islands corporations operate under the Companies Law of 1961. Their corporate laws attract international business and numerous offshore investors choose to incorporate in their jurisdiction. Incorporating in the Cayman Islands is attractive to many because it is a very developed and stable economy, including support from trust companies, lawyers, banks, insurance managers, accountants, administrators, and mutual fund managers. Furthermore, companies can find local support services to aid them.
Why do companies incorporate in Cayman Islands? There are many reasons why foreign investors choose the Cayman Islands for incorporation. Some of the benefits which Cayman corporations receive include:
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