Company Incorporation The Cayman Islands

The Cayman Islands – Brief Description

The Cayman Islands are a British overseas territory situated in the western Caribbean Sea approximately 500 miles south of Miami, Florida, with a population of approximately 50,000 people of mixed origin. The Islands enjoy sophisticated legal, accounting and banking services and derive political stability by virtue of their connection with Britain. It has long been an attractive financial services center for investors and corporations being recognized as one of the world’s leading providers of institutionally focused and specialized financial services. The Cayman Islands has a stable government and a common law legal system is based on English law.

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

Advantages of Cayman Islands Company Incorporation

01. Ease of IncorporationThe incorporation procedure for a Cayman Islands exempted company is simple; incorporation fees are low and no regulatory authority approval is required. Exempted companies can be incorporated within 24 hours, has no minimum capitalization and paid-up capital.

02. Funding for Acquisition of Shares There is no statutory prohibition on an exempted company providing financial assistance with regard to the acquisition of its own shares. The directors of the exempted company owe a fiduciary duty to the company to act in good faith and in the best interest of the company.

03. Funding of DividendsThe company is permitted to use its share premium account to fund the payment of dividends to shareholders subject to the condition that the company would remain solvent after such payment.

04. Minimal Reporting RequirementsExempted company and limited liability company are not required to file financial statements or appoint an auditor. For an exempted company, a registry for public inspections and annual general meetings is not required. For limited liability company, the filing of annual returns or public disclosure of directors, shareholders, charges, loans or agreements is likewise not required.