|
What You Should Know About Trading in the Cayman Islands |
|
|
The Cayman Islands is a popular offshore trading destination because of its flexible regulations on business establishments and taxation. For instance, Exempted Companies are not normally allowed to own real estate but in the island it can be granted by the government should the request be made. And corporations established outside the jurisdiction of the island can also own real estate, with, once again, the approval of the government. On the other hand, the required structure of companies to be set up in the island is basically similar to regular companies’ setup elsewhere. But the similarity ends where jurisdiction over share capital, shareholders, directors, tax duties and such are concerned.
Directors for Cayman companies do not have to be a native or Citizen of the island. It can be any nationality and it can either be a person or a corporation. Companies are required to have at least one director but he is not constrained to reside in the island. A Directors’ Meeting should be held once a year for exempt companies within the island. Typically, following the annual Shareholders’ Meeting is the annual Directors’ Meeting. For purposes of expediting Directors’ Meetings, appointment of proxies is allowed should the actual director be not available. A personal profile of the director/s should be recorded in the Registrar of Companies but such records do not have to be disclosed to the public. They will not also be made available for the shareholders of the company unless directed by the law.
Companies are liquidated or dissolved for reasons of breach of contract, negligence of duties to the government such as annual fees; and declaration of bankruptcy or being declared redundant by the Registrar of Companies. In such cases, the company’s directors have the responsibility of tying up loose ends to complete the process.
|
|
Secure Order
Sales
