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Reasons to set up a Cayman company

Updated time: 20 Aug, 2019, 14:42 (UTC+08:00)

The Cayman Islands are known to many business firms and investors; from small to global scale; as one of the jurisdictions in the Carribean Sea that offer many appealing tax incentives, developed and stable economy; and the supports from various firms’ sizes in the business field of trust, laws, insurance management, banking, accounting, administrators, and mutual fund management as they set up their businesses on the Grand Cayman Island. The Big 4 companies also have their presence on the Cayman Islands.

Reasons to set up a Cayman company

A major financial center and the fifth largest banking sector in the world, the Cayman Islands have a high concentration of top quality service providers. The reason that many businesses flock to the Cayman Islands is due to its stability in the economy and politics; besides the appealing tax incentives that the government offers to the foreign domiciles who want to set up their businesses or invest their assets overseas.

The offered incentives of Cayman that appeal to its audience is including:

  • There are no requirements for the annual general meeting, reporting, accounting or auditing for Cayman companies.
  • Only 1 shareholder and 1 director are required but the roles not required to be a local resident and can be for the same person or an entity for a Cayman Island corporation.
  • Unlike other jurisdictions, opening a corporate bank account is easier as it can be open without any deposit for a Cayman corporation.
  • In Cayman, there are no direct taxes: No corporation tax, income tax, capital gains tax, wealth tax, property tax, gift tax nor inheritance tax.
  • Transfer of shares is not taxed nor subjected to stamp duty unless the Exempted Company has property within the island.
  • No exchange of control and restrictions on the movement of funds to or from the islands.
  • Caymans are renowned for aircraft and boat registries.
  • Any private information such as the Register of the Directors and Office and the Register of Shareholders are kept from the public and corporate documents relating to the business can be stored anywhere in the world and do not have to be registered with the Cayman government.
  • Cayman Islands are ‘white-listed’ as the jurisdiction follows the international tax regulations of the international Financial Action Task Force (FATF) and the international Organization for Economic Co-operation and Development (OECD).
  • Cayman Exempted companies may request the government to issue a Certificate of tax exemption up to 50 years against any future Cayman Islands’ taxations.

In addition, English is widely spoken and used in all documents and legislation on the islands, therefore, the language barrier is minimized so the flow of communication would not be delayed for all the parties to incorporate their businesses in the Cayman Islands.

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