Population

The population is approximately 50,000 people.

Political Structure

The Cayman Islands are a colony of Great Britain and therefore the United Kingdom Parliament at Westminster keeps the right to govern. A "Governor" who is appointed by HM Queen Elizabeth II heads the Cayman Islands Government. There is a Legislative Assembly consisting of 18 seats: 3 appointed members from the Executive Council (Financial Secretary, the Attorney General and Administrative Secretary) and 15 members elected by vote.

An Executive Council, consisting of three official members appointed by the Governor and four members elected by the Legislative Assembly, formulates policy and advises the Governor. Appointments are to a four-year term.&nbsp.

Infrastructure and Economy

The economy of the Islands is thriving, enjoying full employment with most of the revenue being made from the financial services industry and tourism which makes up 70% of the GDP.

Miami is one hour away by air and the Island has direct air links with New York, Atlanta, Tampa, Houston and Jamaica. The Islands are a popular destination for cruise ships.

Language

The official and spoken language is English.

Currency

Caymanian Dollar.

Exchange Control

None.

Type of Law

English Common Law.

Principal Corporate Legislation

The Company Law of the Cayman Islands is based on the English Companies Act of 1948 and can be found in the Cayman Islands

• Companies Law (2007) Revision
• Companies Law (2009) Revision
• Companies (Amendment) (No 2) Law 2009

Procedures to incorporate

For exempt companies, through the submission of the memorandum and articles of incorporation and registration fee to the Registrar of Companies, together with a sworn statement that the economic activities of the proposed company will be undertaken mainly outside the Cayman Islands. Name and address of the proposed first directors must be disclosed to the Registrar.

Restrictions on Trading

Can not trade within the Cayman Islands or on your own property in the Cayman Islands. Can not do business of banking, insurance or mutual fund business unless licensed to do so. Unable to collect money from the public.

Powers of Company

A Cayman Islands Exempt Company has all the powers of an individual.

Language of Legislation and Corporate Documents

English. An Arabic language facility was selected in 2007.

Registered Office Required

Yes, to be held in the Cayman Islands.

Shelf Companies Available

Yes.

Time to incorporate

Two days.

Name Restrictions

Banking, insurance, assurance, reinsurance, trust, municipal, charter, co-operative, their foreign language equivalents or any name that, in the opinion of the Registrar, is a connection wit the royal family or a government agency.

Language name

Name can be expressed in any language using the Latin alphabet, Chinese or Arabic, if the Registrar of Company receives a translation thereof. Corporate documents will be in English.

Names Requiring Consent or a Licence

Bank, building society, savings, loans, insurance, assurance, reinsurance, fund management, investment management, trust, trustees or their foreign language equivalent.

Suffixes to Denote Limited Liability

There is no requirement to use a suffix to denote limited liability, although normally companies listed have the suffixes Limited, Incorporated, Corporation or their abbreviations to record.

Disclosure of Beneficial Ownership to Authorities

No obligation.

Authorised and Issued Share Capital

The minimum is U.S. $1, but it is normal to incorporate with an authorized share capital of U.S. $50,000, divided into 50,000 common voting shares of U.S. $1, this is the maximum for the minimum capital duty payable to the Registrar of Companies.

The minimum issued capital is one share of no par value or one share of part value.

Classes Allowed

Registered shares of par or no par value, preference shares, redeemable shares and votes or non-voting shares.

Taxation

There is no form of taxation in the Cayman Islands relating to individuals, companies or foundations.

Double Tax Agreements

The Cayman Islands have no double tax agreements.

Licence Fees

For exempt companies: For a share capital not exceeding US$50,000, you pay US$732.
With a share capital greater than US$50,000 but not exceeding US$1 million, you pay US$1,098.

Financial Statement Requirements

Unregulated exempt companies do not need to file accounts.

Directors

The minimum number of directors is one. Board members can be natural persons or legal. Directors can be of any nationality and need not be a resident in the Cayman Islands.

Company Secretary

The Cayman Islands Companies Ordinance does not specifically refer to a requirement for a company secretary. But it is customary to appoint someone who can be either a natural person or a legal person.

Shareholders

The minimum number of shareholders is one.

How can I get more information on company formation in the Cayman Islands?

Please contact us if you wish to open a company in the Cayman Islands and we will be pleased to discuss your Cayman Island company formation matters in greater detail.

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