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Required Company Reports in the Islands |
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As in any company, accurate reporting of its financial status, well-maintained books and correct auditing are likewise required in companies registered in the Cayman Islands. However, it is not necessary for these records and reports to be made public; neither are they required to be kept in the island, with the exception of banks, insurance providers and such. Companies are only required to file a report to the government in the form of a mere declaration that business transactions and activities were done outside the island’s jurisdiction (for Exempt Companies); no changes have been made; and all applicable laws and regulations were strictly enforced and followed. Exempt Companies are not qualified to own real estate properties within the island and may not, under any circumstance, supplicate funds from the public. Nonetheless, all companies within the island are required to pay an annual fee to the government.
A standard pre-requisite for companies in the island is to have an office registered at the Registrar of Companies and have at least one local registered agent. Changes undertaken by these companies such as the company’s registered address and registered local agent must be reported to the government. The Board of Directors’ approval to the aforementioned changes must also be established by providing a copy of the Board’s resolution.
Registered companies are not required to have their own seal. But should they have one, they are not bound to keep it within the island’s jurisdiction. It is however recommended to have a seal for purposes of expediting bank transactions, among other things.
The Cayman Islands have not only been declared as a “tax haven” because of their favorable tax regulations for both individuals and businesses. The island has likewise earned the reputation of being one of the leading providers of excellent offshore finance management.
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