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Cayman Island Corporations and Incorporation |
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There are a lot of reasons why the Cayman Islands is the choice location of offshore investors wishing to establish their business abroad. For one thing, their economy is stable and politics are sound. Secondly, their government support for offshore investors are excellent.
Basically, there are three forms of companies that can be established in the island: Ordinary Resident Company; Ordinary Non-Resident Company; and an Exempted Company. The main difference between a resident and non-resident ordinary company is that the former is allowed to conduct business within the island while the latter is only able to conduct business outside the island. But alongside the Ordinary Non-Resident company is the Exempted Company. Both these entities are established within the island for the sole purpose of conducting business outside its jurisdiction.
Incorporating your business in the Cayman Islands will give you the benefits and privileges given to local residents. You may have as many facets of business as you wish within your incorporated company – meaning you will not be constrained to assume just one type of trade. Registering your company to be incorporated is fairly easy. Most companies with single membership may already be incorporated. To speed up the process, it is suggested that you file within the Memorandum of Association at least two names of your choice for the company you wish to incorporate and provide the name/s of its members, and other important information regarding your share capital. For Exempted Companies, the word Limited or Ltd. need not be attached to their business name.
Completion of your incorporating process is usually done within the day provided that you have given all pertinent information and documents. For purposes of protecting your assets and increasing profits, incorporating in the island is recommended because heavy tax burdens will not be imposed on your company, especially for Exempt Companies who can enjoy a tax-free existence for at least the next twenty years.
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