A virtual office is a location in which companies can choose to set up their registered office, without having to rent and keep a traditional office space, as in most cases. This is a suitable option for a Cayman Islands exempted company because it entails important cost reductions for the overall company management.
|Best used for|| |
– start-ups; – small and medium-sized businesses; – offshore companies
– business address; – flexibility; – lower costs; – access to a variety of services, if needed;- saved time and/or increased productivity
Registered address option
|Location||Modern office buildings|
|Meeting rooms||Yes, upon request|
|Connectivity||Shared office space Wi-Fi|
– business and postal address;
– shared spaces;
– various office facilities, such as access to scanners and printers
|Secretary services||Upon request|
|Local business telephone|| |
|Rent duration|| |
As per the chosen plan, monthly, quarterly, annually, etc.
|Special packages/plans||Premium plans can include an exclusive telephone number, meeting room usage included, and others.|
|Approximate costs||Approx. $ 180 per month, depending on the chosen package|
|When to request the service||Upon incorporation or as needed when the company changes its registered address|
Our Cayman Islands incorporation consultants provide our clients the opportunity to take advantage of various virtual office services in Cayman Islands offered by our firm, such as a dedicated file storage, a local telephone number answered by a professional receptionist or which is forwarded directly to the client’s phone number or fax, as well as mail forwarding services.
The advantages of the virtual office are listed below by our team of agents who specialize in Cayman Islands incorporation:
- Cost reduction: the costs associated with operating via a virtual office space are significantly lower compared to renting and equipping a new company headquarters.
- Available staff: apart from the company employees, the other personnel is available on location. This is a feature that contributes to reducing costs and management issues.
- Complete services: virtual office packages come with complete services for call redirecting, mail forwarding and many others.
- Company image: working via a virtual office helps maintain a professional business image because these offices are usually located in prestigious areas.
Some of these features may be suitable for your business needs. If your offshore company in the Cayman Islands can benefit from operating via a virtual office, please get in touch with one of our experts for more detailed information about our packages. We also detail the main features of our virtual office package in this article.
If you need more details about teh laws for openign a company in the Islands, our Cayman Islands lawyers can help you.
Table of Contents
Why opt for a virtual office in the Cayman Islands?
A virtual office represents the least expensive solution for small and mid-sized businesses which play an important role in the domestic economy.
Virtual offices come equipped with different office equipment, from basic phones, computers, and faxes, to high-tech solutions, like an ultra-modern projector and robot answering services.
Another reason why our clients choose a virtual office in the Cayman Islands is that it is located in a high-profile business center of the main city in this jurisdiction, which is appropriate especially for large corporations looking to have a contact point with partners and clients.
Virtual offices in the Cayman Islands are extremely cost-effective since they can positively impact the budget of a company.
For instance, our Cayman Islands company formation consultants always provide customized virtual office services which allow our clients to take advantage of the solutions they need to integrate at very convenient rates.
Once they set up a company with a virtual office, investors will also need to open a bank account.
What are the services offered in virtual office packages in the Cayman Islands?
Acquiring a virtual office in the Cayman Islands is quite simple and it usually comes as a personalized service provided by specialized firms.
Our Cayman Islands incorporation advisors offer various virtual office services, such as:
- a local phone number provided with an answering machine: this allows the business to maintain a professional business image.
- a secretary who can receive and send messages: secretarial services are of key importance in many such cases and also contribute to the overall business image.
- forwarding services: these include the forwarding of mail or packages that arrive at the said address.
- a mailing address: useful for clients and mandatory for receiving official notices or communications from the authorities, such as the Cayman Islands Department of International Tax Cooperation or others.
- conference rooms, upon request: a convenient feature for when business owners need to arrange meetings with clients or partners.
- others: included here are videoconferencing services that can be used as scheduled.
Outsourcing the accounting services when working through a virtual office is preferred by many investors.
Is the virtual office right for a Cayman Islands business?
Companies in the Cayman Islands are mainly engaged in international activities such as international trade and services, import/exports or holding purposes. A virtual office can prove to be a successful strategy for this type of business as it does not rely on a team that needs to be present in the office at all times or an additional headquarters where company equipment needs to be used and stored. The activities undertaken by most of the offshore companies in the Cayman Islands make using a virtual office an optimal solution.
Investors who are interested in Cayman Islands company formation will also be pleased by the fact that the costs related to working via a virtual office are much lower compared to renting or purchasing an office space. While it is true that they may vary according to the chosen package (for example, the number of services or extra meeting room space purchased), they will remain lower compared to a traditional office where the operating costs will involve monthly expenses.
The key to running a business via a virtual office is setting up an efficient communications system. Part of this includes using forwarding services and making sure that the telephone number or e-mail are accessible to the targeted clients (even when this may mean synchronizing with different time zones than that of the Cayman Islands as international clients may be based around the world).
It is important to determine the minimum services needed to run the business and then expand on these or pre-plan their usage. Packages can come with limited videoconferencing room or meeting room usage, however, these can be booked in advanced as needed.
Overall, the high degree of flexibility and the reduced costs are key advantages of the virtual office in the Cayman Islands. We recommend that investors explore this option, and how it can be tailored to their needs, when deciding to open a company in the Cayman Islands.
Cayman Islands company formation
The Cayman Islands are a British Overseas Territory in the western Caribbean Sea. They include three islands, out of which the Great Cayman is the largest. The Islands are also known for their beautiful scenery, beach resorts, snorkeling opportunities and many other tourist attractions. The capital city, George Town, is located in the Grand Cayman and in 2019 it was one of the largest cities in the British Overseas Territories by population. The financial services are well developed in this city and it is one of the two main economic pillars, along with tourism. George Town and the rest of the Grand Cayman is well connected by means of an international airport (one of the two available here).
Foreign investors have a number of advantages when they choose to open a company in the Cayman Islands. The main one include tax neutrality and very low reporting requirements. There are no taxes on corporate profits, capital gains, property or withholding taxes. Moreover, investors also benefit from a high level of privacy when setting up an offshore company here. This does not mean that the financial industry is not subject to certain requirements and control, however, while these are in live with local and international standards, they do offer the protection of the client’s interests.
Companies in the Cayman Islands can be used for multiple purposes, among which investment, trading, international financing, insurance, shipping, imports and exports or for real estate holding as well as other holding purposes.
The following statistics are relevant when talking about new companies registered in the jurisdiction:
- 12,817: number of companies registered in 2018.
- 109.556: active companies as of Q4 2019.
- 943: companies registered in January 2020.
The figures were provided by the Cayman Islands General Registry.
Investors who wish to know more about company formation in the Islands as well as the advantages of using a virtual office can contact our Cayman Islands company formation staff today to learn more.