The Cayman Islands is a British Overseas Territory located in the western Caribbean Sea. The territory comprises the 3 islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica. It is considered a part of the geograhic Western Caribbean Zone. The territory is a major world offshore financial centre. The Cayman Islands have more registered businesses than they have people. The latest population estimate of the Cayman Islands is about 56,000, representing a mix of more than 100 nationalities.
Key Corporate Features
- At least 1 Director, whether an individual or a company.
- No restriction on the nationality of the Director.
- At least 1 Shareholder, whether an individual or a company.
- No restriction on the nationality of the Shareholder.
- Share Capital
- Minimum paid-up capital is USD1.
- Standard authorized capital is USD50,000.
- There is no form of taxation in the Cayman Islands relating to individuals, companies or trusts.
- The Cayman Islands is not a party to any double tax treaties.
- Reporting Requirement
- There is no requirement to file audited accounts with the authorities.
- However, an annual return has to be filed with the authorities.
- Time Taken to Incorporate
- About 10 days