Cayman
Islands
One of the best established of the Caribbean jurisdictions. Sophisticated
legal and banking infrastructures.
The Cayman Islands, situated 480 miles south east of Miami, enjoy a semi
tropical climate and contain a population of approximately 50,000 people
of mixed origin. The Cayman Islands were colonized from Jamaica by the
British during the 18th and 19th centuries. Administered by Jamaica from
1863, they remained a British dependency after 1962 when the former became
independent.
The Islands are a British Crown Colony. A Governor who is Chairman of
both the Legislative Assembly and the Executive Council represents her
Majesty the Queen.
The Cayman Islands have for many years enjoyed a thriving economy with
literally zero unemployment. Construction of new homes, hotels and condominium
projects keep developers busy, and land sales increase almost every year.
To keep pace with the development requires the importation of foreign
labour, and there are currently over 10,000 foreign workers in the Cayman
Islands.
With no direct taxation, the islands are a thriving offshore financial
centre. More than 40,000 companies were registered in the Cayman Islands
as of 1998, including almost 600 banks and trust companies; banking assets
exceed $500 billion. A stock exchange was opened in 1997. Tourism is also
a mainstay, accounting for about 70% of GDP and 75% of foreign currency
earnings. The tourist industry is aimed at the luxury market and caters
mainly to visitors from North America. Total tourist arrivals exceeded
1.2 million in 1997, with 600,000 from the US. About 90% of the islands'
food and consumer goods must be imported. The Caymanians enjoy one of
the highest outputs per capita and one of the highest standards of living
in the world.
In the Cayman Islands there are no taxes whatsoever on income or profits,
capital or capital Gains. Companies incorporated in the Cayman Islands
enjoy the same tax free status as individuals regardless of nationality
of ownership.
The Cayman Islands Government has licensed a number of institutions specifically
to provide management services to foreign owned Cayman registered companies.
Company Statute: Exempt Company.
Taxation: There is no taxation on any income, profits,
dividends, investments or capital gains.
Shareholders/Members: Minimum number of shareholders
is one.
Directors/Managers: The minimum number of directors is
one. Directors may be natural persons or bodies corporate. They may be
of any nationality and need not be resident in the Caymans.
Registered Office Required: Yes, must be maintained in
the Cayman Islands. There must be a Cayman resident appointed as an agent.
Company Name: Must end the following words or abbreviations:
Limited, Corporation, Incorporated, societe Anonyme or Sociedad Anonima
the following works and their associated activities cannot be used: Assurance,
Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial,
Insurance, municipal and Royal.
Annual Reporting: There is no requirement to file accounts
but an annual return in the form of a simple declaration must be submitted.
Annual Report/Licence Fees: USD 500
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