APGI Cayman Islands Exempt Company

Cayman Islands Exempt Company Incorporation

Cayman Islands Exempt Company Overview

The Cayman Islands are a British colony situated in the Caribbean sea approximately 500 miles South of Miami, Florida. The Islands enjoy sophisticated legal, accounting and banking services and derive political stability by virtue of their connection with Britain. The legal system is British and the government is headed by a Governor appointed by the Crown who presides over a Government made up of twelve locally elected members and three senior civil servants who hold ex-officio office.

There is no exchange control and no restrictions on the movement of funds to or from the Islands.

The Confidential Relationships (Preservations) Law makes it a criminal offense for any person to divulge confidential information to a third party and the Cayman Islands have no double taxation treaties with any other part of the world but have undertaken to assist foreign governments by giving them information where a Cayman Islands Company has been used or involved in activities which are mutually considered as criminal. Tax offenses would not be covered by this treaty so no information would be revealed where allegations of tax offenses are made.

Cayman Islands Exempt Company Information and Features

• Cayman Islands Key Corporate Features
• Cayman Islands General Information
• Cayman Islands Company Information
• Cayman Islands Compliance
• Cayman Islands Schedule of Fees

Key Corporate Features

General
Type of entity:	Exempt
Type of law:	Common
Shelf company availability:	Yes
Our time to establish a new company:	7 Days
Minimum government fees (excluding taxation):	US$575.00
Corporate taxation:	Nil
Double taxation treaty access:	No
Share capital or equivalent
Standard currency:	US$
Permitted currencies:	Any
Minimum paid up:	US$1
Usual authorized:	US$50,000
Directors or Managers
Minimum number:	One
Local required:	No
Publicly accessible records:	No
Location of meetings:	Anywhere
Members
Minimum number:	One
Publicly accessible records:	No
Location of meetings:	Anywhere
Company Secretary
Required:	No
Local or qualified:	No
Accounts
Requirement to prepare:	Yes
Audit requirements:	No
Requirement to file accounts:	No
Publicly accessible accounts:	No
Other
Requirement to file annual return:	No
Change in domicile permitted:	Yes

Cayman Islands General Information

GENERAL INFORMATION:

The Cayman Islands consists of a group of three islands in the Caribbean. The main island, Grand Cayman, is situated approximately 1,150 kilometers south of Florida. The three islands have a total area of 260 sq km, with Grand Cayman having an area of 200 sq km.

The Cayman Islands has a tropical climate providing mild, dry winters with temperatures between 65°F and 75°F and warm summers with temperatures between 75°F and 85°F. Rainfall is light between the months of November to April which is the winter season.

POPULATION:

The population of the three islands is approximately 31,000 people with the majority residing on Grand Cayman Island.

POLITICAL STRUCTURE:

The Cayman Islands are a British colony and therefore the United Kingdom Parliament at Westminster retains the right to legislate. The islands have a Governor who is appointed by the Queen who heads the Cayman Islands Government and is responsible for the civil service, defence, law and order and external affairs. There is a Legislative Assembly consisting of 12 elected members plus the Financial Secretary, the Attorney General and the Administrative Secretary, which may make laws with the consent of the Crown.

An Executive Council, consisting of three official members appointed by the Governor and five members elected by the Legislative Assembly, formulates policy and advises the Governor.

INFRASTRUCTURE AND ECONOMY:

The economy of the Cayman Islands is strong, enjoying full employment with most of the revenue being derived from the financial services sector and tourism. There are excellent telephone, fax and telex facilities with direct dialling to and from the rest of the world. Cayman Airways, Northwest Airlines and American Airlines serve the Islands. 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 cruise-ship stop.

LANGUAGE:

The official language is English.

CURRENCY:

The Cayman Dollar.

EXCHANGE CONTROL:

There are currently no exchange controls.

TYPE OF LAW:

Common Law based on English Common Law system.

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 of 1960, as amended.

Cayman Islands Company Information

TAXATION:

There are no taxes in the Cayman Islands on income, capital gains, profits, dividends, investments or capital transfers. The company receives a twenty year guarantee against taxation from the Cayman Islands Government, which may be extended to thirty years on application.

SHAREHOLDERS:

Bearer or registered shares are permitted. Details of the shareholders are not maintained on public record.

DIRECTORS:

Details of the directors must be advised to the company registrar but this information is not available for public inspection. Directors do not have to be resident in the Cayman Islands but one statutory meeting of the directors must be held within the islands every year. This may be done more conveniently by the appointment of proxies. A minimum of one director is required. Corporate directors are permitted.

ANNUAL REPORTING:

There is no requirement to file accounts with the registrar. However, an annual return must be filed. The return takes the form of a simple declaration.

TIMESCALE:

Incorporation time is in the order of three to five days. We do not keep ready-made companies in stock.

RESTRICTIONS ON NAME AND ACTIVITY:

Names must end with one of the following words, or abbreviations thereof - Limited, Corporation, Incorporated, Societe Anonyme or Sociedad Anonima.

The following words, and their associated activities, cannot be used: Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal and Royal.

LOCAL REQUIREMENTS:

As a matter of local company law the company MUST maintain a registered office address within the Cayman and must also appoint a Cayman resident as registered agent.

We would generally provide these services as part of the domiciliary service fee.

SECRECY:

The Confidential Relationship (Preservation) Law makes it a criminal offense to divulge confidential information or to willfully obtain or attempt to obtain confidential information relating to a Cayman Island company. The Law imposes a maximum penalty of a fine of CI$5,000 and/or a term of imprisonment of up to 2 years.

Compliance

Authorized and Issued Share Capital:

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

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

Classes of Shares Permitted:

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

Taxation:

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

Double Taxation Agreements:

The Cayman Islands has no double tax agreements.

Licence Fees:

For exempt companies with a share capital not exceeding US$50,000 - US$600

For exempt companies with a share capital greater than US$50,000 but not exceeding US$1 million - US$805

For exempt companies with a share capital greater than US$1 million but not exceeding US$2 million - US$1,690

For exempt companies with a share capital exceeding US$2 million - US$2,400

Financial Statement Requirements:

Unregulated exempt companies do not need to file accounts.

Directors:

The minimum number of directors is one. The directors may be natural persons or bodies corporate. The directors may be of any nationality, and need not be resident in the Cayman Islands.

Company Secretary:

The Cayman Islands Companies Ordinance does not make any specific reference to a requirement for a company secretary. However, it is customary to appoint one, who may be either a natural person or a body corporate.

Shareholders:

The minimum number of shareholders is one.

Schedule Of Fees

Basic Fees: cayman-islands IBC	€EURO	$US DOLLAR
Annual License Fee:	included	included
Annual Registered Office fee:	included	included
Annual Registered Agent fee:	included	included
Incorporation Fees:	included	included
TOTAL FIRST YEAR FEES:	€2800	US$4200
Additional Services:	€EURO	$US DOLLAR
Corporate Seal	€45	US$65
Open Offshore Bank Account	From - €265	From - US$400
Power of Attorney	varies	varies
Certificate of Good Standing	varies	varies
Notarization per document or set	varies	varies
Apostille per document or set	varies	varies
Nominee Director	varies	varies
Nominee Shareholder	varies	varies
Annual Fees:	€EURO	$US DOLLAR
Maintenance Fee	varies	varies
Nominee Director	varies	varies
Nominee Shareholder	varies	varies