{"id":154,"date":"2019-11-21T16:06:29","date_gmt":"2019-11-21T16:06:29","guid":{"rendered":"https:\/\/miserve.com.cy\/?page_id=154"},"modified":"2019-11-21T16:06:31","modified_gmt":"2019-11-21T16:06:31","slug":"cayman-islands-corporations","status":"publish","type":"page","link":"https:\/\/miserve.com.cy\/?page_id=154","title":{"rendered":"CAYMAN ISLANDS CORPORATIONS"},"content":{"rendered":"\n

(a) Location:<\/strong> The \nCayman Islands consist of three small islands (Grand Cayman, Cayman Brae\n and Little Cayman) which are situated in the western Caribbean, \napproximately 550 miles south of Miami and 120 miles northwest of \nJamaica.<\/p>\n\n\n\n

The main island, Grand Cayman, is \napproximately 75 square miles. Cayman Brae and Little Cayman are 14 \nsquare miles and 12 square miles respectively.<\/p>\n\n\n\n

The capital and main commercial centre is George Town on Grand Cayman.<\/p>\n\n\n\n

(b)<\/strong> Political factors:<\/strong>\n The Cayman Islands are a British Overseas Territory. There is no strong\n desire for independence; however the Islands are largely \nself-governing. Laws are enacted by a Legislative Assembly, at present \nconsisting of 15 elected members and three senior civil servants (the \nChief Secretary, the Attorney General and the Financial Secretary) \nappointed by the Governor as official members. The Legislative Assembly \nis presided over by a Speaker appointed by the members of the Assembly; \nthe Speaker need not be a member of the Assembly. Elections are held \nevery four years. All resident British Overseas Territory citizens who \nalso hold Caymanian status, and are aged 18 or over, are eligible to \nvote.<\/p>\n\n\n\n

Day-to-day government is in the hands of\n the Cabinet which is at present made up of two official members and \nfive elected members with the Governor as chairman (non-voting). The \nfive elected members are designated as ministers and hold portfolios. \nThe Governor is appointed by the British Crown on the advice of the \nForeign and Commonwealth Office and is responsible (through the Chief \nSecretary) for internal security (the police), the prison system and the\n administration of justice (the appointment of judges and the senior law\n officers). External security, defence and foreign affairs are under the\n control of the British Government, although the Islands are now \npermitted to undertake limited international initiatives directly. In \naddition, the Governor has reserved powers to act unilaterally in \nemergency situations (subject to oversight from London).<\/p>\n\n\n\n

Constitutional modernisation (not \nextending to independence) was undertaken in May 2009 with the adoption \nof a new constitution for the Cayman Islands.<\/p>\n\n\n\n

The Judiciary consists of five judges \nand two magistrates and a part-time Court of Appeal of five judges, any \nthree of whom comprise the Court. The Chief Justice heads the judiciary \nand administration of the courts. Modernisation of the courts is \nunderway and may include the appointment of specialist commercial \njudges.<\/p>\n\n\n\n

(c)<\/strong> Legal system:<\/strong>\n The law of the Cayman Islands is based on English common law, together \nwith local statutes appropriate for both international and local \nbusiness. The Government has an active agenda to enact legislation to \nenhance Cayman\u2019s position as a leading international financial centre.<\/p>\n\n\n\n

(d)<\/strong> Language:<\/strong>\n The total population of the Islands was estimated to be 52,830 at the \nend of 2009. Approximately 45% of the population is of mixed racial \norigin, the remainder being of European, African or Asian (few but \nincreasing) descent. Over 95% of the population lives in Grand Cayman. \nThere is no significant racial disharmony.<\/p>\n\n\n\n

The official language is English, \nalthough there are an increasing number of people, mainly from nearby \nCaribbean islands and from South and Central America, who also speak \nSpanish.<\/p>\n\n\n\n

(e)<\/strong> Currency:<\/strong>\n The unit of currency is the Cayman Islands dollar (CIS), which is \ndivided into 100 cents. Parity is fixed at CIS 1.00 = US$1.20. The \nCayman Islands dollar therefore floats against all other currencies not \nfixed to the US dollar.<\/p>\n\n\n\n

(f)<\/strong> Foreign investment:<\/strong>\n The Government\u2019s objective is to achieve a steady rate of growth in the\n two major industries, tourism and finance. The Government is receptive \nto ideas for creating employment and expanding the economic base of the \nIslands, and foreign investment is welcomed except in areas already well\n served by locally owned enterprises.<\/p>\n\n\n\n

The Islands generally have full \nemployment and a high cost of living which can be a major limiting \nfactor in the establishment of new businesses, although work permits are\n normally obtainable for projects approved by the Government.<\/p>\n\n\n\n

(g)<\/strong> Business climate:<\/strong>\n The development of the Cayman Islands as an international financial \ncentre has led to a sophisticated business environment with a full range\n of services including banks, trust companies, lawyers, accountants, \ninsurance managers, mutual fund managers and administrators, and all the\n expected support services.<\/p>\n\n\n\n

The Islands use the imperial system of weights and measures.<\/p>\n\n\n\n

CAYMAN ISLANDS COMPANIES<\/strong><\/p>\n\n\n\n

All companies are governed by the Companies Law (the latest version of which is the 2010 Revision).<\/p>\n\n\n\n

The Cayman Islands Companies Law was \npassed in 1960 and is based on the 1929 and 1948 English Companies Act, \nand has since been extensively amended. Six types of companies are \nrecognised by the law:<\/p>\n\n\n\n

(1)<\/strong> ordinary resident companies
\n(2)<\/strong> ordinary non-resident companies
\n(3)<\/strong> exempted companies
\n(4)<\/strong> foreign companies
\n(5)<\/strong> exempted limited duration companies
\n(6)<\/strong> segregated portfolio companies<\/p>\n\n\n\n

All companies may be formed with or \nwithout limited liability and, in the former case, may be limited by \nshares or limited by guarantee. In most cases, companies are formed with\n limited liability and are limited by shares.<\/p>\n\n\n\n

Ordinary companies (resident and non-resident)<\/strong><\/p>\n\n\n\n

These companies may either be designated\n \u201cresident\u201d and used for local purposes within the Islands, or \n\u201cnon-resident\u201d and used principally for offshore purposes. The ordinary \nnon-resident company is, therefore, an alternative to the more commonly \nused exempted company \u2014 see below.<\/p>\n\n\n\n

Resident companies are used for local \nbusiness purposes within the Islands, including owning real estate in \nthe Islands and owning ships to be registered on the Cayman Islands \nShipping Register.<\/p>\n\n\n\n

An ordinary company which is non-resident may be re-registered as an exempted company if:<\/strong><\/p>\n\n\n\n

(1)<\/strong> the company passes a special resolution that it be so re-registered, and
\n(2)<\/strong> an application for re-registration is delivered to the Registrar of Companies<\/p>\n\n\n\n

together with the necessary documents \nprescribed by the law and the necessary fees. The documents are the \nmemorandum and articles of association of the company altered to conform\n with the requirements of the law for an exempted company, a fee equal \nto the fee payable on the registration of an exempted company and a \ndeclaration signed by a director that the operation of the company will \nbe conducted outside the Cayman Islands.<\/p>\n\n\n\n

If the Registrar of Companies is \nsatisfied that the ordinary non-resident company has met the \nrequirements of the law, a certificate of re-registration is issued \nstating that the company is an exempted company.<\/p>\n\n\n\n

The re-registration of an ordinary non-resident company as an exempted company does not:<\/strong><\/p>\n\n\n\n

(1)<\/strong> create a new legal entity
\n(2)<\/strong> prejudice or affect the identity or continuity of the company
\n(3)<\/strong> affect the property of the company
\n(4)<\/strong> affect any appointment made, resolution passed or \nany other act or thing done in relation to the company pursuant to a \npower conferred by the memorandum and the articles of association of the\n company or the laws of the Cayman Islands
\n(5)<\/strong> affect the rights, powers, authorities, functions and liabilities or obligations of the company or any other person, or
\n(6)<\/strong> render defective any legal proceedings by or \nagainst the company. Any legal proceedings that could have been \ncontinued or commenced by or against the company before its \nre-registration may, notwithstanding the re-registration, be continued \nor commenced by or against the company after re-registration.<\/p>\n\n\n\n

Exempted companies<\/strong><\/p>\n\n\n\n

The Companies Law makes specific \nprovisions for companies whose business is to be carried out mainly \noutside the Islands. Such companies, called exempted companies, are the \nnormal preferred corporate body used for offshore businesses (including \nfor investment fund purposes and efficient tax planning purposes).<\/p>\n\n\n\n

The advantages afforded to exempted companies by the law include:<\/strong><\/p>\n\n\n\n

(1)<\/strong> a tax-free \nguarantee may be granted for a period of up to 30 years \u2014 a 20-year \nguarantee is normally granted, which may be extended to 30 years
\n(2)<\/strong> names and addresses of shareholders (except for the\n first subscribers to the memorandum and articles of association) are \nnot made public or filed with the Registrar of Companies. However, full \ndisclosure must be made to the registered office service provider and \nthe board of directors, with due diligence being carried out on each \nshareholder
\n(3)<\/strong> the annual reporting requirements consist of a statement \nsigned by a director or the company secretary that the operations of the\n company have been carried on mainly outside the Cayman Islands and that\n no changes to the memorandum and articles have been made unless already\n notified to the Registrar of Companies
\n(4)<\/strong> bearer shares may be issued if authorised by the \nmemorandum and articles of association, but they must normally be \nimmobilised and held by an authorised custodian such as a licensed trust\n company
\n(5)<\/strong> the name of an exempted company may be in a foreign\n language and need not include the word \u201cLimited\u201d or the abbreviation \n\u201cLtd\u201d, which is mandatory for ordinary companies
\n(6)<\/strong> no annual meeting of the shareholders or directors is required.<\/p>\n\n\n\n

INCORPORATION<\/strong><\/p>\n\n\n\n

Before the incorporation of any Cayman \nIslands company for a client is completed, it is necessary for the \norganisation incorporating the company to conduct thorough due diligence\n in respect of the client. This includes obtaining certain documentation\n which typically includes:<\/p>\n\n\n\n

(1)<\/strong> a copy of the \nindividual client\u2019s photo page of his or her passport certified by a \nNotary Public or a Certificate of Incorporation or the equivalent \nconstitutional document for a corporate client certified by a Notary \nPublic
\n(2)<\/strong> proof of a client\u2019s place of residence
\n(3)<\/strong> proof of the source of funds being used in the transaction
\n(4)<\/strong> two references (one character and one professional)\n in relation to the client and similar references in relation to any \npersons with whom the client intends carrying on business, and
\n(5)<\/strong> where the company is to be regulated in the Cayman \nIslands, a business plan setting out details of the proposed business of\n the company.<\/p>\n\n\n\n

Ordinary resident, ordinary non-resident\n and exempted companies are all formed and registered in fundamentally \nthe same manner. There are certain extra requirements for the formation \nof non-resident and exempted companies but also certain exemptions. The \nprincipal documents of incorporation are the memorandum of association \nand articles of association.<\/p>\n\n\n\n

Incorporation is accomplished by filing \nthe memorandum of association and articles of association, related \ndocuments and the required fees with the Registrar of Companies. The \nprocess takes between three and five days. However, there is an express \nincorporation service which can be used to achieve incorporation on the \nsame day an application is made. On registration the Registrar issues a \ncertificate of incorporation.<\/p>\n\n\n\n

Capital structure: There are no debt\/equity or thin capitalisation rules.<\/p>\n","protected":false},"excerpt":{"rendered":"

(a) Location: The Cayman Islands consist of three small islands (Grand Cayman, Cayman Brae and Little Cayman) which are situated […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":119,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-154","page","type-page","status-publish","hentry"],"yoast_head":"\nCAYMAN ISLANDS CORPORATIONS | MiServe<\/title>\n<meta name=\"description\" content=\"(a) Location: The Cayman Islands consist of three small islands (Grand Cayman, Cayman Brae and Little Cayman) which are situated in the western Caribbean,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/miserve.com.cy\/?page_id=154\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CAYMAN ISLANDS 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