The minimum number of shareholders is one. There are no maximum limits on the number of shareholders. No restrictions on the nationality or residency of shareholders exists. Shareholders can be natural persons or legal entities.
Nominee shareholders are permitted.
The share capital can be in any currency.
Bearer shares are prohibited. The law permits shares to be issued at par value or at a premium. A capital duty of $50 CI is required when issuing shares.
The minimum number of directors is one. A single shareholder can be the sole director. There are no restrictions on the residency or nationality of directors. In addition, directors may be natural persons or legal entities.
There is no requirement for a minimum authorized capital.
Every company must appoint a local registered agent and have a local registered office address.
Non-Resident Companies are not required to file any financial statements or perform audits with the government.
Accounting records must be maintained, but the government does not require any minimum accounting standards or practices. Accounting records may be kept outside of the islands and in any currency.
There is no requirement to file annual tax returns with the Tax Authorities.
The Cayman Islands do not impose any types of taxes on their companies.
There are no income taxes, no corporate taxes, no capital gains tax, no estate or inheritance taxes in the Cayman Islands. This includes citizens and residents, as well as, foreign owned companies.
In addition, there are no sales taxes or VAT. However, they do levy a stamp duty.
Note: U.S. taxpayers are subject to world income taxation along with those from other countries taxing worldwide income. They are required to disclose all income to their governments.
An annual general meeting of shareholders is required. All meetings must be held in the islands.
The names of beneficial owners, directors, and registered shareholders are not included in any public records.
Normally, an applicant can expect the incorporation process to be completed in 3 to 4 business days.
Shelf companies are not available in the Caymans.
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