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2022-06-24 |
【4 mins Read】OneStart Weekly - Cayman Island Company Formation

Company formation (Global) – Cayman Islands

More to the golden sandy beach and salty ocean breezes, Cayman Islands is the fifth largest banking sector in the world. Cayman Islands, situated in the West Caribbean Sea, 640 km south to Miami and 268 km northwest to Jamaica, belongs to British Overseas Territory. With the presence of major banks, leading global financial institutions, accountancy practices and offshore law firms, international companies are attracted to Cayman Islands. According to the Cayman Islands Registry, there were more than 100.,000 registered companies in the Cayman Islands. The majority of the registered Cayman Islands companies are exempted companies with limited liability. These limited companies in Cayman Islands, are owned by foreign investors who are living and conducting business overseas. Company formation in Cayman Islands can offer you a range of advantages that could be found nowhere else. This is why Cayman Islands can become one of the global financial centre.

 

The favorable tax climate in the Caymans attracted thousands and millions of foreign investors, to startup their international business there. There is no corporation, capital gains, income, payroll, property withholding or any other tax on money earned outside the territory. Cayman Islands is economically, legally and politically stable, that favors banks and international institutions. It is one of the two offshore jurisdictions and tax haven accepted by Hong Kong Stock Exchange for listing in Hong Kong. Cayman Islands is a British Overseas Territory; therefore, the law and court system are both based on English common law. Documents and legislation in the Caymans are all in English. Sharing the same development over the legal system, HongKong investors might find it easier to understand the regulations required for them to follow in the Cayman Islands.

There might be worries over the reputation of tax haven, but the Cayman Islands follows international regulations, and has been absent from the blacklisted tax haven lists of global unions. Despite being strict with regulations, incorporation in this seemingly distanced island is absolutely easy and confidential. There is no minimum capital requirement, and your Cayman Islands exempted company can be incorporated with one shareholder and one director. There are no mandatory requirements to submit financial records, to disclose the names of the directors, or annual reporting to the registrar for accounting and auditing affairs. The only and major requirement is that you will need to have a registered office and a registered agent in the Caymans. But worry you not, OneStart Business Centre or other registered service providers can offer you an address and be your dedicated agent in your Cayman Islands exempted company.

 

To incorporate a limited company as a foreign investor in Cayman Islands, you will have to make sure your company follows the below requirements:

l   Company Name Requirements: English name (Chinese name can be freely selected for additional registration fee)

l   1 director

l   1 shareholder (any nationality; directors and shareholders can be same person)

l   Standard Registered Capital USD 50,000

l   An additional registration fee increases with the number of registered shares.

 

Although your company name could be in Chinese, but it must not include BANK、TRUST、MUTUAL FUND、INSURANCE、 Royal、Imperial、Empire、Insurance、 Building Society 、or REINSURANCE.

Starting your own business and incorporating a new company is a brave move, OneStart Business Centre wish to support ambitious risk-takers like you. What we can do for you upon request and maybe sometimes extra payment is as follows:

l   Certificate of Incorporation

l   Local registered address Cayman Islands

l   Agent fees

l   Company policy

l   Company seal

l   Stock book

 

Therefore, upon receival of the requested documents, we will start the incorporation process right away. If there are any other documents or service you need from us, feel free to find our helpful consultants for a deep chat and get to know more. With usually around 30 working days, OneStart Business Centre can help you to finish the process of company incorporation in the Cayman Islands! Although Cayman Islands sounds distant, but a setting up a company and registering for it is much easier than you think. With a bit of professional help, the process can be even faster!

Are you ready for taking the next step in your business planning? Interested in OneStart Business Centre’s Company Formation Services? Phone in to our hotline 3575 6888 or WhatsApp our helpful consultants!