Offshore Company Formation and Maintenance
Registration of an Exempted Company in Cayman Islands
Q1. How long does it take to incorporate
a Company?
A1. Once we receive the "Company Formation Questionnaire"
as well as the information listed under "Company Formation
Requirements", a Company can be incorporated in a day. It usually
takes in the region of a further five to seven days for all the
incorporation documentation to be received from the Cayman Islands
Government. Then there is delivery time. in total, it could take
up to 4 weeks for client to receive the whole set of incorporation
documents.
Q2. Do the directors have to be residents
of the Cayman Islands?
A2. It is not a requirement that a Cayman Islands company have a
resident director.
Q3. How many directors can a company have?
A3. A company can have as few as one director and as many as required
subject to the provisions of the Articles of Association of the
company.
Q4. Do we provide Directors?
A4. We do not provide director services, however we can provide
an introduction to other local companies and individuals that provide
resident director services.
Q5. Do the directors have to hold any meetings
in the Cayman Islands?
A5. For exempt companies, the Directors are not required to hold
a meeting in the Cayman Islands at any time.
Q6. Are there any taxes in the Cayman Islands?
A6. In the Cayman Islands we do not have any corporate tax, personal
income tax, inheritance tax or withholding taxes.
Q7. How easy is it to change shareholders
and/or directors?
A7. Shareholders and directors can be changed easily by way of a
Directors' meeting.
Q8. Is a Cayman Islands company required
to have a bank account in the Cayman Islands?
A8. A Cayman Islands company is not required to have a bank account
in the Cayman Islands. Additionally, if a Company does require a
bank account, there is no restriction on which jurisdiction the
account is held.
Q9. Is a Cayman Islands company required
to prepare annual financial statements?
A9. In accordance with the Companies Law (2001 Second Revision)
a Cayman Islands company is not required to prepare annual financial
statements as long as it maintains proper books of account with
respect to: 1) all receipts and payments, 2) all sales and purchases,
and 3) all assets and liabilities of the Company. These books should
give a true and fair view of the state of affairs of the company.
Q10. Does the Company need an audit?
A10. There are no requirements under Cayman Islands law for a Company
to have its accounts audited unless the Company is a bank, insurance
company or licenced or regulated mutual fund. |