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Located within the Carribean Sea, northwest of Jamaica, Cayman Islands is one of many oversea territories of the United Kingdom; comprising of three islands: Grand Cayman, Little Cayman, and Cayman Brac. Because Caymans are one of the British Oversea Territories, the law system the residents of the islands follow are the English Common Law and English is used as the official language used among the natives.
The Cayman Islands are well-known to the people for its beautiful natural sceneries, local culture, cuisine and its famous diving spots with the natural wildlife which attracted around two million tourists visiting the islands every year. Because of this, the tourism industry is one of the main economies of Cayman. Among all the jurisdictions in the Carribean Sea, Cayman Islands have the highest per capita income.
Besides the tourism industry, Cayman is also known for its financial services and international finance, following by other services; construction trade, agricultural and import of the logistics industry. The financial services have become the major component of the economy as the islands have become one of the financial centers in the world due to hundreds of banks and trust companies, including some of the top 50 banks registered in Cayman. In addition, agriculture in Cayman only contributes a small part to Caymans’ economy, thus, most of the food is imported along with the machinery, fuels, transport equipment, and other manufactured items. Because there are needs of import, the opportunities to enter this market and expand to other jurisdictions of the Carribean Sea are huge.
Furthermore, the government of Cayman offered many attractive tax incentives that are also beneficial to foreign investors and business owners. In addition, the government also make sure the procedures for setting up companies in Caymans are simple and straightforward such as:
There are no annual reports, accounting or auditing requirements for the overseas Cayman companies; unless the company is an investment fund regulated by the Cayman Islands Monetary Authority (CIMA).
It is required to have 1 shareholder and 1 director but the roles can be for the same person or a corporate body and it is not required to include a local.
There are just a few beneficial incentives that the Cayman Islands offer to foreign business owners and investors; many more incentives are waiting for future business owners and investors!!
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