Here are 10 of the most frequently asked questions our Cayman Islands incorporation consultants get from our clients.
1.What are the benefits of registering a company in Cayman compared to other countries?
The Cayman Islands is famous for registering offshore companies and it confers and extremely advantageous tax system which does not impose taxes on income, corporate gains, inheritance, capital gains or gifts.
2.How much time does it take to incorporate an exempted company in Cayman Islands?
A Cayman Islands exempted company is incorporated when the registration documentation is filed with the Registrar of Companies.
The certificate of incorporation is issued by the Registrar of Companies in maximum two to three business days after filing.
3.How many directors must an exempted company have?
Such a legal entity in the Cayman Islands should have at least one director.
4.Does such a company need to have local directors or shareholders?
It is a frequently asked question we often receive. The answer is no, it is not necessary to have local directors and shareholders for setting up a Cayman Islands exempted company.
5.Is Cayman Islands a tax free country?
The Cayman Islands has an alternative tax system. There are no company or corporation taxes, no income taxation, inheritance, capital gains or gift taxes here.
6.How many shareholders should an exempted company in the Cayman Islands have?
An exempted company in the Cayman Islands should have at least one voting shareholder.
7.What addresses have to be provided for every shareholder or director?
For private persons, a residential address is needed. For legal entities, a registered office address or a business address is required.
8.Do I have to be physically present in the country to set up the legal entity?
It is not mandatory.
9.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.
10.How rapidly can I receive the certificate of incorporation?
Our Cayman Islands company formation consultants appreciate that the time needed for receiving the certificate of incorporation is around two to three business days, unless it is filed on an express basis, when the certificate is returned in a few hours.
If you have more questions about the Cayman Islands incorporation procedures, please do not hesitate to contact us.