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Cayman Islands Exempted LDCs |
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Restrictions
The fundamental characteristic of Exempted Limited Duration Companies (LDCs) in the Cayman Islands is that their Memorandums of Association must limit their own company’s life span to a maximum of 30 years. Once their set duration has elapsed, LDCs are assumed to have automatically wound up and dissolved.
LDCs are allowed to stipulate in their Articles of Association that any transfer of shares will require the agreement of all shareholders. They are also allowed to state in the same documents that management of the company can be handed over to members or shareholders, who can then delegate the company’s management to a board of directors.
Filing Requirements
Maintaining a list of members and directors that is subject to public inspection is not necessary for Exempted Limited Duration Companies. They are only required to file returns with the Registrar of Companies if any changes were made to their Memorandum of Association.
Applicable Fees
Incorporation fees vary depending on the company’s capital. For companies with a capital of less than CI$42,000, they are required to pay an incorporation fee of CI$410. The incorporation fee for companies with a capital greater than CI$42,000, up to CI$820,000, is set at CI$660. Companies whose capital exceeds CI$820,000 but does not exceed CI$1.64 million have to pay a CI$1,384 fee. Companies with capital greater than CI$1.64 million are CI$1,968 for incorporation.
Exempted Limited Duration Companies are also required to pay a CI$200 registration fee in addition to the incorporation fee. Exempted Limited Duration Companies can also express their capital in a currency other than Canary Island Dollars.
Other Requirements
Exempted LDCs are not required to hold an annual general meeting. They are, however, required to hold a meeting of all directors at least once a year. LDCs are also required to maintain at least two members.
Limited Duration Companies are required to suffix LDC to their company name to indicate their company type.
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