The business environment is evident in the number of businesses that have formed in the last years, making it very appealing to all types of international businesses. As you look around the Cayman Islands, you will notice there are 30 licensed company managers along with a variety of professional law firms. These alone have contributed to the formation of close to 40,000 IBCs.

It is believed that the Cayman Islands is the 5th largest financial center in the world after Hong Kong, London, Tokyo and New York, however the majority of the wealth in not actually kept in the Cayman Island.

The financial services in the Cayman Island is mainly divided between the two industries listed above with tourism coming in third place, with this in mind, the Cayman government has the desire for continued growth and sensible regulation of offshore business activities. The Cayman government has a close relationship with the private banks and the various offshore service providers, which helps to provide the balance between freedom of commerce and the demand of services and products while keeping the not so legitimate business out of the area.

To ensure this balance is kept the Monetary Authority was established in 1996, which is a separate entity that supervises all the regulated financial sectors on the Cayman Islands.