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Cayman Island Company Incorporations

Do you already have your company incorporation in Singapore completed but still looking into offshore incorporation for your business activities? In opening and starting an offshore company in Cayman Islands, one is required to fulfill a number of requirements. These requirements are very simple and if one is able to fulfill them, one will receive one’s license. 

 

Workflow of a Cayman Island Incorporation

Day 1: Completion of Attached Business Setup formation form

Day 2: Cayman Island Company Incorporated within 24 – 48 working hours after compliance check

Day 3: Softcopy of Relevant Certificates (Cert of Incumbency, M&A etc) will be send to you via email within 24 working hours

Day 7: Hardcopy of Relevant Certificates (Cert of Incumbency, M&A etc) & common seal will be ready for collection 

Cayman island is one of the most respected tax neutral jurisdictions. Since the territories fall within the British territories, the general laws that cover the business environment derive much of their spirit from the English law. In addition to this, there are plenty of highly qualified lawyers, tax consultants, and agencies from all over the world who work in Cayman island and offer different related services. 

 

Cayman Pre- Incorporation Factors   

  • Difficult to open a bank account   
  • Bad Tax planning Instrument  
  • Bad International Reputation    

 

Better Tax Planning Purposes Solutions:   

 

Cayman Islands Company setup Requirements

1.    The name of at least one director: 

The director can either be an individual or can be a corporate entity. 

2.    The name of at least one shareholder: 

Just like the director, a shareholder can either be an individual or a corporate entity. The director can also double up as the shareholder. 

3.    Company Secretary:  

The company secretary is in charge of handling the legal affairs of the company. 

4.    Minimum share capital:  

The minimum share capital of an offshore company to be established in Cayman islands is USD 50,000

 

Business Setup formation form

For comparison between other offshore company location, click to see table 

 

Types of company that can be formed in Cayman Islands 

  1. The Non-resident Company

A nonresident company is not expected and is not allowed by law to conduct any business within the jurisdiction of Cayman islands. A company applying for the status of a nonresident company must prove that the company will not engage in business within the jurisdiction. This will cause the state’s financial Secretary to grant the certificate’s of nonresident which will cause the company to be relieved some of the licensing requirements that deal with the local companies control. 

However the law demands that one shareholder’s meeting must be held in the Cayman islands, but you can appoint a proxy. This law allows only nonresidents of Cayman to operate such a company. Once this is done the company will not do business with any person or any business inside Cayman islands. 

  1. Tax Exempted Company

The other category of offshore companies that can operate in Cayman islands is an exempted company. An exempted company has the following features: 

  • It doesn’t need to have one annual meeting in Cayman islands It is required to hold one directors meeting every year in Cayman islands. However many times companies use proxies. A company registered under this category does not need to use the name limited Such a company does not need to keep a list of the annual shareholders.

 

Provision for Company Secretary Services and Annual filing 

Paul Hype Page & Co. acts as a corporate secretarial agent for your company through its competence in assisting your company in its yearly compliance matters and procedures as well as non-routine corporate matters such as: 

  • Attending as well as recording and minutes of the shareholders and board meetings and notification
  • Preparing shareholders resolutions and board resolutions
  • Updates and advise the company on its compliance with the rules of the Companies Act and as well as the listing requirement mandated by the respective Exchanges
  • Filing of audited accounts and annual returns for every financial year end
  • Extensible Business Reporting Language (XBRL) online filing
  • Maintaining private, public-listed and public companies’ statutory records
  • Changing of share capital structure
  • Transferring & issuing of shares
  • Prepare relevant resolutions for change of member, directors, company secretaries and auditors
  • Prepare relevant resolutions for change of registered company addresses
  • Transferring & issuing of shares
  • Bank accounts opening, changing of bank signatories and coordination with local banks
  • Changing of company name
  • Modifying the Memorandum and Articles of  Association
  • Make searches for company’s accounting history
  • Other administration work (purchasing of relevant certificates of the company from time to time etc)
  • Developing draft agreements, regulated terms & policy for your organisation

 

Our Fees

1) One Time Registration Fee:

$3,800 USD dollars for Authorised share capital not exceeding 50,000 shares

2) Bank Account Opening in Singapore with OCBC Bank:

$1,000 USD dollars

3) Annual Renewal Fee includes:

Annual Registered Office and Agent’s Fees: 1,200 USD dollars plus Government Annual License Fees of 1,000 USD.

 

Offshore Company Formation in Cayman Islands

Cayman Islands is a well-known tax haven with a jurisdiction that compromises of three different islands. These islands are: Little Cayman, Cayman Brac, and Grand Cayman. It lies on the geographic Western Caribbean Zone and is located south of Cuba and northwest of Jamaica.  

With a population of less than 50,000 people, the island has one of the largest GDP per capita ranking at position 14th worldwide. 

When it comes to governance issues, it falls within the British Overseas Territories. However, the government in charge does not charge any direct taxes.  

This means that taxes such as income tax, capital gains tax, inheritance tax, and so on are non-existent. This is what has caused the country to be a well-known as safe tax haven.