Advantages of starting a company in the Cayman Islands
The process required to register in the Cayman Islands
Information required to register a Cayman Islands company
- Shareholder/Director identification: provide a color scan of passport (valid for more than 6 months) and English address proof (such as utility bill or bank statement) within the last 3 months.
- Articles of Association: The standard template can be adjusted to specify the registered capital (usually $50,000), share structure and business scope, foreign capital does not need to be notarized but English version is required.
- Company Registration Application Form: Fill in the registration application form required by CIMA, including the company name, director/shareholder information, registered address (can be provided by the agent) and other core information.
- Compliance Statement Document: Sign the anti-Money laundering (AML) compliance statement, stating the source of funds and business purposes, and fund companies are required to submit an additional investment strategy description.
Information is available upon registration
Certificate of registration
Articles of association
Steel seal
Company shareholder certificate
Company information card
Nominal address authorization file
Tax filing service
Details may vary depending on the type of company, its size and location
Zero tax declaration
Cayman companies are generally exempt from income/capital gains tax, but are required to file an annual Economic Substance Declaration (ESN) to confirm compliance.
Annual licence fee renewal
The government license fee (starting at around $853) is paid in January each year, and late payment will incur a penalty, which must be completed through a registered agent.
Financial record filing
Although no audit is required, financial statements/transaction records must be kept for at least 5 years in case of spot checks by the Cayman Monetary Authority (CIMA).
FATCA/CRS declaration
Financial institutions are required to voluntarily report US FATCA and global CRS tax information, and personal holding companies may also be involved in penetrant reporting.
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