Cayman Islands

The Cayman Islands consists of a group of three islands in the Caribbean: Little Cayman, Cayman Brac and Grand Cayman. The main island, Grand Cayman, is situated approximately 480 miles southeast of Miami.

The Cayman Islands were colonized from Jamaica by the British during the 18th and 19th centuries and were administered by Jamaica after 1863. In 1959, the islands became a territory within the Federation of the West Indies. When the Federation dissolved in 1962, the Cayman Islands chose to remain a British dependency. The territory has transformed itself into a significant offshore financial center.

Political Structure

The Cayman Islands are a British overseas territory listed by the UN Special Committee of 24 as one of the 16 non self-governing territories. A “Governor” who is appointed by Queen Elizabeth II heads the Cayman Islands Government.

Economy

With no direct taxation, the islands are a thriving offshore financial hub. More than 100,000 companies were registered in the Cayman Islands as of 2016. The Caymanians enjoy a standard of living comparable to that of Switzerland.

Cayman Islands economy is mainly based on tourism, accounting for about 70% of GDP and 75% of foreign currency earnings. The tourist industry is aimed at the luxury market and caters mainly to visitors from North America.

Population

The population is approximately 63,000.

Language

The official and spoken language is English.

Standard Currency

Caymanian Dollar

Time Zone

GMT-5

Exchange Control

None.

Type of Law

Common Law based on English Common Law

Confidentiality

The Cayman Islands offers a high level of anonymity and privacy.

Type of Company for International Trade and Investment

Exempted Company

Cayman Islands Corporate Features

General
  • Type of Company
    Exempted
  • Type of Law
    Common
  • Shelf Company Availability
    Yes
  • Time to Form
    7 days
  • Corporate Taxation
    Nil
  • Double Taxation Treaty Access
    No
Share Capital or Equivalent
  • Standard currency
    US$
  • Permitted currencies
    Any
  • Standard Authorized Capital / Shares
    US$50,000
Directors
  • Minimum number
    One
  • Local required
    No
  • Corporate Directors permitted
    Yes
  • Publicly accessible records
    No
  • Location of meetings
    Anywhere
Shareholders
  • Minimum number
    One
  • Publicly accessible records
    No
  • Requirement to file register of Directors for registration by registrar
    Yes
Company Secretary
  • Required
    No
  • Local or qualified
    No
Accounts
  • Requirements to prepare
    Yes
  • Audit requirements
    No
  • Requirements to file accounts
    No
  • Publicly accessible accounts
    No
Required Documents in English Language
  • Notarised/certified copy of valid passport
    Yes
  • Notarised/certified or original proof of address (issued within the last 3 months) in English or translated into English
    Yes
  • Original bank statements from the last three months
    Yes
  • Original bank reference letter (dated within 3 months)
    Yes
  • If Shareholders and/or Directors are corporate bodies, attested set of corporate documents and Certificate of Good Standing
    Yes
Other
  • Requirement to file annual return
    Yes
  • Change in domicile permitted
    Yes

Trading Restrictions
An Exempted Company cannot trade within the Cayman Islands, own real estate in the Cayman Islands. It cannot exercise any banking, insurance business or mutual fund business activities.