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Cayman Islands Company Formation Frequently asked questions (FAQs)

1. How long will it take to incorporate an exempted company in Cayman?

After fulfilling the requirements of The Compliance. An exempted company is incorporated upon filing incorporation documents with the Registrar of Companies. A Certificate of Incorporation will be issued by the Registrar of Companies within 4-6 working days after filing.

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2. What is the advantage of registering in Cayman as opposed to another jurisdiction, for example BVI/Belize/Seychelles

The Cayman Islands has an edge in terms of industry perception.

There is a wealth of experience among local professional firms.

The maturity of the jurisdiction is such that you are guaranteed find the skill and know-how for most financial business operations.

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3. What are the requirements for KYC documents in the Cayman Islands?

For entities, certified copies of charter documents and registers (where applicable) are required. For individuals, identity certification, address proof and a reference letter from a recognized professional are required as following:

  • A passport or utility bill can be certified by a lawyer, or notarized by Notary Public.
  • A recent English utility bill issued within the last 3 months or a bank statement are acceptable as address proof. If It's not in English, a certified translation will be required
  • A reference letter can be issued by a professional (such as a lawyer, a CPA, a banker) The referee must have known the person who is the subject of the reference for at least two (2) years.

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4. Will the information of the company will be publicized?
The information of Beneficial Owner of the company must be disclosed to The Registrar but it definitely not be published. There is no person can find your confidential information.
5. Is Cayman Islands a tax free country?
The Cayman Island operate an alternative tax regime. There is no income tax, company or corporation tax, inheritance tax, capital gains or gift tax in the Cayman Islands.
6. Does such a company need to have local directors or shareholders?

It is not necessary to have local directors and shareholders for setting up a Cayman Islands exempted company. The entity should have at least one director in the company

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7. Any requirements about accounting and auditing for Cayman Islands company?

Annual returns should be filed yearly in the Cayman Islands.

However, there is no requirement for corporations to submit financial records when filing annual returns. However, there is no requirement for corporations to submit financial records when filing annual returns.

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8. Do I have to pay the share capital to set up a company?
The usual authorized share capital is US$ 50000 with par value US$ 1. There is no minimum paid up required to set up the company.
9. When I need to pay the annual fee for Cayman Islands company?
The renewal date of Cayman Islands company is 31 December
10. How much time it takes to close an exempted company in the Cayman Islands
A simple company termination can last two to three days to be completed.
11. Cayman Islands Offshore Company Formation - How to open a company?

How to open a company in Cayman Islands?

Step 1 Cayman Offshore Company Formation, initially Our Relationship Managers team will ask You have to provide the detailed information of the Shareholder/Director's names and information. You can select level of services you need, normal with 5 working days or 3 working days in urgent case. Furthermore, give the proposal company names so that we can check the eligibility of company name in Cayman Registrar of Companies system.

Step 2 You settle the payment for Our Service fee and official Cayman Government Fee required. We accept payment by Credit/Debit Card Visa Visa Discover American , Paypal Paypal or Wire Transfer to our HSBC bank account HSBC bank account (Payment Guidelines).

Step 3 After collecting full information from you, Offshore Company Corp will send you a digital version (Certificate of Incorporation, Register of Shareholder/Directors, Share Certificate, Memorandum of Association and Articles etc.) via email. Full Cayman Offshore Company kit will courier to your resident address by express (TNT, DHL or UPS etc.).

You can open bank account for your company in European, Hong Kong, Singapore or other jurisdictions supported offshore bank accounts! You are freedom international money transfer under your offshore company.

Your Cayman Company formation completed, ready to do international business!

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12. What are the costs for company formation in the Cayman Islands?

Incorporate a Cayman Islands company is a process with a few standard requirements, including a government fee for setting up a company which varies based on the type of company when opening.

With an Exempted (Limited by Share) company, a government fee and One IBC’s service charge will be US$ 1,300. For a Limited Liability Company (LLC), the fee is paid for government and our service will be US$ 1,500.

The fee can be changed depending on the policy of the government at that time. For more information as well as these fees of One IBC in support for the company opening in the Cayman Islands, please visit our website at Cayman Islands incorporation cost.

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13. Incorporate in the Cayman Islands with Limited Liability company

What are the characteristics of the Liability Limited Company (LLC) in the Cayman Islands?

The Cayman Islands have many kinds of business entities that can be incorporated. Two of the popular are the exempted company and limited liability company (LLC). LLC is a business entity form that won the attraction of investors and foreigners.

With the advantages of its characteristics that allow it in the Cayman Islands, LLC is the best choice for the clients who want to incorporate the company here.

The LLC in the Cayman Islands does not require a minimum capital investment. Moreover, its members are kept privately. Profits and distribution to shareholders along with stock exchange are not subject to tax for the company and shareholders.

Cayman does not have a tax deduction. However, at least one member for incorporating the Cayman Islands businesses is a mandatory requirement. The other members can be added more to the company during the operation.

Last but not least, the Board of Directors does not to be in this jurisdiction.

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14. Cayman Islands Financial Services Industry

How do the Cayman Islands get its name as an international financial center?

The Cayman Islands are known to most people as a tourist destination but to businessmen and investors, Cayman Islands ranked 6th place as one of the international financial in the world with many law and accountancy firms, along with the Big 4’s offices located on the Cayman Islands which further boost the financial services industry of the Cayman Islands.

To continue being ahead of the market requirements as one of the leading international financial centers, the Cayman Islands government introduced the Cayman Islands Monetary Authority (CIMA) and Mutual Funds Law in regards of money laundering and tech risk, which earn the respects from the international financial community for the emphasis and oversight of compliance of the Cayman Islands financial services industry.

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15. Cayman Islands corporate tax rate for foreign companies

Everything you need to know about Cayman Island tax rates for foreign companies 

Tax is the most important factor that affects the decision to open an offshore company. There are numerous jurisdictions around the globe that imposed incentive tax policies to attract more foreign investors and businessmen such as the British Virgin Islands, Hong Kong, Singapore, and Switzerland.

Cayman Island tax rates and Cayman Islands corporate tax rate

Some simply corporate tax at a lower rate, others have virtually no taxes, and the Cayman Islands are an example.

The Cayman Islands are British Overseas Territories, the famous jurisdiction, and an ideal place for multinational corporations to get benefits and enhance their competitive advantages.

The tax policy is the most attractive point in the Cayman Islands which has no corporate income tax, no property taxes, no capital duty, no payroll taxes, no real property tax, and no withholding tax on dividends interest, royalties, or technical services fees.

Cayman Islands company annual fees

Although foreign companies do not need to pay corporate tax, they must pay an annual renewal fee for the Cayman company to maintain their operation. Paying an annual renewal fee for the company on time is necessary as it is not only to maintain the company and comply with local regulations. Paying renewal fees after the expiration date will cause many problems that can affect your operation.

According to The Cayman Islands regulations, business owners need to pay annual Company Renewal fees before 31st December.

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