It Takes a Few Steps to Start with Cayman Islands Company Formation
The Cayman Islands is a territory located in the western Caribbean Sea. One of the biggest reasons why investors are willing to do the Cayman Islands Company Formation is that there is no direct taxation on the companies here. The foreign policy of the Cayman Islands allows trading with the UK, USA, and Jamaica. The sectors of manufacturing, tourism, music, media, exports flourish very well in Cayman Island, but financial services continue to remain on top since ages.
Different Business Entities in the Cayman Islands
You can set up a company in Cayman island by selecting the right business entity which is the most suitable for your business.
Cayman Islands Offshore Company (Exempted Company)
To set up this type of business entity, there is a minimum requirement of 1 shareholder, one director and they needn’t be a local person. There is no requirement of minimum capital amount here. You must have an office in Cayman island. Trading companies or conduit companies usually use this type of business entity. A nominal fee of USD 854 is imposed on this company annually.
Cayman Islands Non-resident Company
The requirement of this business entity is similar to that of the exempted company. Typically, it takes 1 shareholder, 1 director and no minimum capital amount. You need to have a registered office and the details of the employees, directors and used capital must be reported to the registrar annually. Mostly offshore companies use this type of business entity.
Cayman Islands Limited Partnership (Exempted)
This type of company is formed when there is a general and a limited partner. The firms which provide professional services set up this type of entity. One of these partners must be a local resident. Meanwhile, the general partner is responsible for the complete liability of the company while the limited partner is liable for his contributions.
How to Begin with Cayman Islands Company Formation?
The Cayman Islands company formation starts by choosing a unique company name. You must register this name with the Registrar of the companies. Also, you need to prepare all the documents such as a memorandum of association and article of association. You must also include the complete details for the company’s director and the shareholders such as full name, date of birth, nationality and ID proof. Your company can be set up within two weeks as it is a relatively more straightforward process.
At 3E Accounting United Kingdom, we assist with company incorporation services. This will help you to set up a company in the Cayman Islands which is a tax-free zone. Although there is no hassle in business registration, our professional guides will not allow any trouble to come on the way. Contact us to start ASAP!