Cayman Islands Corporations - Books, Records, and Accountings

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Cayman Islands Corporations - Books, Records, and Accountings

Even though all Cayman companies have to keep record of accounts and the companies business the records do not have to be maintained in the Cayman’s except in the case that the company is a regulated like a bank, insurance company, or mutual fund. These regulated companies have to appoint auditors and then provide the Cayman Island government with all the audited financial statements. These records will be gone over by the government to protect the reputation as a legitimate financial center.

The company books must be detailed and accurate to give a proper view of the company’s business and transactions. This is true except in the case of regulated companies as stated above. There is no type of requirement that the books of the companies be made public or filed with the Cayman government.

Ordinary companies must file an annual return during January of each year. This return will list the company’s shareholders and the shares they hold. Exempted companies do not need to file an annual return, however, they must file a declaration that the business will be carried on outside of the islands.

All companies must pay an annual fee to the Cayman government in order to keep the company active.

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