Review of Cayman Islands

Service packages Review Legislation Tax System

Corporate info

Legal system
based on English Common Law
Types of entity
ordinary resident company; ordinary non-resident company; exempted company; limited partnership; exempted limited partnership
Shelf companies permitted
Yes
Incorporation timescale for a new company
1 business day
Company suffix
Ltd or Limited or no suffix
Sensitive words
“Chamber of Commerce”, “building society”, “royal”, “imperial”, “empire”, “municipal”, “chartered”, “co-operative”, “assurance”, “bank”, “insurance”, “trust”, “gaming” or “lottery”
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
Yes
Information to be kept at the registered office
register of Directors, Shareholders, Mortgages, Partnership Interests
Seal required, type of seal
not required
Redomiciliation (to, from) permitted
permitted
Your Consultant
Aleksandra Goguzeva

Head of the UAE office of GSL Law & Consulting

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
Yes
Directors’ meetings/frequency/location
No requirements
Disclosure to local agent
Yes
Disclosure to public
No
Company secretary required
No
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
1
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
No requirements
Disclosure to local agent
Yes
Disclosure to public
No
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
No requirements
Minimum issued share capital
1 share
Minimum paid share capital
No requirements
Authorized capital payment deadlines
No requirements
Issued capital payment deadlines
No requirements
Standard currency
US dollar
Standard authorized share capital
5000
Standard par value of shares
1
Shares with no par value permitted
Yes
Bearer shares permitted
Yes

Taxes

Personal tax
No
Min. rate for corporate tax
No
Corporate tax (in detail)
There is no corporation tax in Cayman.
Capital gains tax
No
Capital gains tax. Details
There is no capital gains tax in Cayman.
VAT
No
VAT. Details
There is no VAT in Cayman.
Withholding tax
No
Other taxes
No
Exchange control
No
Government fee
Stamp duty
7.5% (transfer of real property)

Accounts

Requirement to prepare accounts
No
Requirement to file accounts
No
Publicly accessible accounts
No
Requirement to file Annual Return
Yes
Publicly accessible Annual Return
No
Audit required
No

General information shortly

Location
Western Caribbean Sea
Total area
264 sq. km
Population
60.764 (2019)
Capital
George Town
National currency
Caymanian dollar
Conditional reduction of currency
KYD
Against USD
0.82
Climate, average max and min t°
Tropical marine; warm, rainy summers (May to October) and cool, relatively dry winters (November to April)
Time difference from Moscow
- 9 hours
Dialing code
+1-345
State language
English
Ethnic groups
Mixed 40%, white 20%, black 20%, expatriates of various ethnic groups 20%
Literacy rate
99%
History
Islands Cayman Brac and Little Cayman were discovered by Christopher Columbus on May 10, 1503 during his fourth expedition to the New World. England took formal control of the Cayman Islands, along with Jamaica, as a result of the Treaty of Madrid of 1670. Following several unsuccessful attempts at settlement, a permanent English-speaking population in the islands dates from the 1730s. The islands continued to be governed as part of the Colony of Jamaica until 1962, when they became a separate Crown colony while Jamaica became an independent Commonwealth realm. The Cayman Islands historically have been a tax-exempt destination. The islands have never levied income tax, capital gains tax, or any wealth tax, making them a popular tax haven.
Credit rating
Government type
British overseas territory; parliamentary democracy
Executive branch
the Queen and the Government, consisting of the Governor and the Cabinet
Legislative branch
Legislative Assembly (20 seats)
Judicial branch
Disciplinary Court, Supreme Court, Court of Appeal and Privy Council in London
Unemployment
5.2% (2020)
GDP per capita rank
4 (2018)
Corruption perceptions index rank

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