We are specialized in the formation of Cayman companies and we have incorporated hundreds of entities, both exempt and non-exempt, for worldwide clients.
| Quick Facts | |
|---|---|
| Types of companies | – Tax Exempt Company, – Non-Exempt Company |
Minimum share capital for Exempted Company | No minimum capital, however, registration & annual fees apply |
Minimum number of shareholders for Exempted Company | 1 |
| Time frame for the incorporation (approx.) | 4 working days |
| Corporate tax rate | None |
| Dividend tax rate | None |
| VAT rate | None |
| Price for formation | 750 USD – 1,000 USD |
| Do you supply a registered address? | Yes |
| Local director required | No, but recommended. |
| 2nd Year Fees | Approx. 3,000 USD |
| Express incorporation fee | Approx. 650 USD |
| Corporate Seal (original and duplicate) | 100 USD |
| Is accounting/annual return required? | Yes, a simple annual return for the Exempt Company |
| Foreign-ownership allowed | Yes |
Which type of company should I incorporate?
Most foreigners are attracted to the Caymans because of the benefits of the Cayman Islands Exempted Companyas it is tax-exempt.
Below we present you a list of the most important advantages of the exempted company:
- 0 taxes.
- Full foreign ownership: this company can be 100% foreign owned and it can be incorporated with just one director, with no residency requirements.
- Limited liability: the founders are liable up to the amount they invest in the company. We can offer more details about how to open a company in Cayman Islands.
- No paid-in capital: there are no requirements for the mandatory subscription of a share capital upon incorporation.
- Minimal accounting: for this type of company, the annual reporting requirements are reduced to a minimum.
- No public information: the details about the company shareholders are not disclosed publicly, like in other countries.
The Cayman Islands exempted company derives its name from a 20-year guarantee that will not be subject to taxes (although there are no taxes for companies in the Cayman Islands at present).
What are the steps for opening a company in the Caymans?
- Send us the information required for the incorporation:
- Company Name,
- Details and Passport Copies of Shareholders and Directors,
- Details on Company’s Activity,
- Information and documentation required to satisfy our client acceptance procedures, including those required tocomply with applicable KYC/AML regulations.
Important: Certain activities or structure of your Cayman Islands Company will require specific requirements which will be requested from you separately.
2. Registering your Cayman company with the ROC (Cayman General Registry)
Once we receive required documents from you, we will be able to commence the actual incorporation andregistration of the company. The standard service for the company formation would take approximately 3-6 workingdays.
If you need an express registration service, an additional government fee ofUS$488 will be payable and an additional express fee of US$150 will be payable to us. Using the expressservice, the Certificate of Incorporation should be received back within 1-2 working days.
3. Obtaining the Official Incorporation Documents from the General Registry
Upon a receipt of documentation back from ROC, we will email the following to you within 24 hours:
- Company registration number and the date of incorporation;
- Copy of the Certificate of Incorporation;
- Copy of the Memorandum of Association Stamped by ROC;
- Copy of the Articles of Association Stamped by ROC;
- Initial registers of – members, directors and officers, charges;
- Signed subscribed resolution appointing first director(s);
- Registered Office Agreement;
- The Company set-up resolutions.
Important: All original documents will be kept in the Company’s minute book and held at our offices, as theCompany’s registered office provider. We of course can arrange for copies of these documents to be certified, notarizedor apostilled.
What are the costs to set up my company in the Caymans?
Our fee for acting as a formation agent to incorporate the Company will be fixed between 750 and 1,000 USD, depending on structure and activity. TheCompany must also have a registered office in the Cayman Islands, maintained by an entity licensed andregulated by the Cayman Islands Monetary Authority (“CIMA”) for such purpose. Our annual feesfor the provisions of registered agent/office services will be between 1,200 USD and 1,500 USD per annum depending on your requirements.
Additional government fees and disbursements will also apply and your all-in set-up fees for incorporating andregistering the Company in the Caymans and all-in annual fees for maintaining the Company in good standing are estimated tobe as follows:
- Formation agent fee between 750 USD – 1,000 USD;
- Pro-rata registered office fee in first year inclusive of disbursement charge between 1,200 USD – 1,500 USD per annum;
- Mandatory government fees and disbursements 1,045 (might be subject to change).
Are there annual maintenance fees for Cayman Islands Company?
Yes. The Annual Fees (Second Year Onwards) are the following:
- Registered office annual fees inclusive of disbursement charge (see price above);
- Registrar of Companies annual fees 854.00 USD (might be subject to change);
- Annual statutory license fee 186.00 USD.
Important: We also provide ongoing administration, agency, accounting and independent director/officer services. Due to the economic substance regulations and potential international reporting the Company should consider theseongoing administration services. For example, a suite of ongoing administration services worth of approx. 4,000 USD per annumshould typically be sufficient to provide local economic substance to a simple holding company.