Cayman Islands are comprised by 3 islands, which are Grand Cayman, Cayman Brac and Little Cayman, located at south of Cuba and northwest of Jamaica. Cayman Islands have a tropical marine climate, with hot humid summer (May to October) and warm dry winter (November to April). Population is concentrated in Grand Cayman, and most people are Christian. The major economic activities are financial service sector and tourism, its GDP per capita is the 12th highest in the world.
Cayman Islands are a British overseas territory with high degree of autonomy and political stability. It is one of the largest Offshore Financial Centre. Cayman company can be listed in Hong Kong Stock Exchange. Numerous well known MNCs set up Cayman company as the starting point in the development planning to be listed due to its popularity and local company law and taxation.
Since 1 January 2019, the Cayman Islands adopted the Economic Substance Law (ES Law). The ES Law introduces new reporting and economic substance requirements for any entity conducting a relevant activity. The relevant activities include: Banking, Insurance, Shipping, Headquarter, Holding, Intellectual property…etc.
Key Features
Cayman offshore company is based on the Companies Act (Revision 2023), with the following characteristics:
| 1. |
Company name can be in English or Arabic Numerals. |
| 2. |
Minimum 1 director and shareholder, can be individual or corporation. |
| 3. |
Bearer shares are permitted but should be held by recognized custodian. |
| 4. |
Copy of the Register of Director and Beneficiary Owner must be filed at Registrar of Companies. |
| 5. |
All IBC should meet the requirements of Economic Substance Law. |
| 6. |
Able to be listed in Hong Kong and Singapore Stock Exchange. |
| 7. |
No requirement for Annual General Meetings. Director and shareholder meeting can be held at any place. |
| 8. |
Able to own shares in other company, real estate and other assets. |
| 9. |
No paid up capital restriction, the standard registered capital is US$50,000.
|