Differences between Cayman Islands Ordinary Resident Company and Ordinary Non Resident Company

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Differences between Cayman Islands Ordinary Resident Company and Ordinary Non Resident Company

Restrictions

Cayman Islands Ordinary Resident Companies are often formed to transact locally. The Cayman Islands government allows them to do so. In contrast, Ordinary Non-Resident Companies are not allowed to and should not conduct business within the Cayman Islands; the Financial Secretary only gives a certificate of non-residence to a company once he or she is convinced that they it will not conduct local business within the Cayman Islands. Ordinary Non-Resident Companies are usually for offshore operations of foreign companies. Ordinary Resident Companies are also limited in that they are only allowed registered shares or shares whose holders’ names and nationalities are recorded by the company.

Filing Requirements

Ordinary Resident Companies must file two lists of shareholders annually – the complete list of shareholders to the Registrar of Companies in January and the list of shares held by residents of the Cayman Islands to the Immigration Board. Ordinary Non-Resident Companies are not required to file the latter. The former is still required, though proxies are common for Ordinary Non-Resident Companies.

Ordinary Non-Resident Companies must maintain records of members and directors and members in the company as well as records of mortgages, charges and other financial information. They are, however, not required to submit those records.

Applicable Fees

Registration fees for both Ordinary Resident and Ordinary Non-Resident Companies are payable upon registration and then annually thereafter. The annual fee for Ordinary Resident Companies with capital below CI$42,000 is set at CI$150. Ordinary Resident Companies with higher capital must pay CI$350 per year.

Ordinary Non-Resident Companies are required to have a minimum capital of CI$42,000. Companies who meet that requirement must pay CI$400 per year. Companies with considerably higher capital have to pay CI$565.

Other Requirements

Both Ordinary Resident and Ordinary Non-Resident Companies are required to suffix Limited or Ltd to their company name. Both are also required to hold an annual meeting within the Cayman Islands.

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