Fact File

Fact File Supplied By

Cayman Finance.

Location

The Cayman Islands are in the western Caribbean about 460 miles south of Miami Florida and 167 miles northwest of Jamaica.

Time zone

Eastern Standard Time (Mar - Oct) Eastern Daylight Time (Nov- Feb).

Population

Approx. 65,800.

Capital

George Town, Grand Cayman.

Airport(s)

Owen Roberts International Airport (Grand Cayman), Charles Kirkconnell International Airport (Cayman Brac), Edward Bodden Airfield (Little Cayman).

Language

English.

Currency

Cayman Islands dollar (CI$) Fixed at CI$1.00: US$1.25.

Political System

Parliamentary democracy with judicial, executive and legislative branches.

International dialing code

+1 345.

Legal system

Common law and statute with the highest appellate court being the UK Privy Council.

Centre's expertise

Investment funds and asset management, banking, insurance, reinsurance, capital markets, and trusts.

Personal income tax

None.

Corporate income tax

None.

Exchange restrictions

None.

Jurisdictions

Argentina, Aruba, Australia, Belgium, Brazil, Canada, China, Curacao, Czech Republic, Denmark, Faroes, Finland, France, Germany, Greenland, Guernsey, Iceland, India, Ireland, Isle of Man, Italy, Japan, Malta, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Qatar, Seychelles, Sint Maarten, South Africa, Sweden, United Kingdom and United States of America.

Permitted currencies

No restrictions.

Minimum authorised capital

No restrictions.

Minimum share issue

One share issued to the subscriber on incorporation by operation of law. A Cayman Islands exempted company must always have at least one share in issue.

Timescale for new entities

Same day incorporation with certificate of incorporation available within 24 hours for an express incorporation.

Incorporation fees

Fees start at approximately US$732 for an Exempted Company.

Annual fees

Fees start at approximately US$853 per annum.

Minimum number

One. Two if regulated by the Cayman Islands Monetary Authority.

Residency requirements

None.

Corporate directors

Allowed.

Meetings/frequency

No statutory requirement. This is up to the board to decide. If regulated as a mutual fund by the Cayman Islands Monetary Authority, meetings should be held at least twice a year in person, or via a telephone or video conference call.

Disclosure

No public disclosure for exempted companies.

Bearer shares

Not permitted.

Minimum number

One share issued to the subscriber on incorporation by operation of law. A Cayman Islands exempted must always have at least one member.

Public share reigstry

None for exempted companies.

Meetings/frequency

None.

Annual return

None.

Audit requirements

None unless regulated by the Cayman Islands Monetary Authority.

Registered office

Must be located in the Cayman Islands.

Domicile issues

Transfer of domicile is permissible.

Company naming restrictions

Yes - no two companies may have the same name and certain other restrictions as specified in the Companies Law (as amended).