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Fact File
- General
- Tax
- Tax Information Exchange Agreements
- Share Capital
- Entity
- Directors
- Shareholders
- Accounts
- Other
Fact File Supplied By
Cayman Finance.
Location
The Cayman Islands are in the western Caribbean, 460 miles south of Miami, Florida and 167 miles northwest of Jamaica.
Time zone
The Cayman Islands observes Eastern Standard Time (-5 UTC) all year. There are no Daylight Saving Time clock changes. As a result, the Islands effectively share Central Daylight Time from the second Sunday in March to the first Sunday in November.
Population
81,546.
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$) pegged to the US dollar at a rate of CI$1.00 = US$1.20.
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
Cayman Islands exempted companies must always have at least one share in issue (except for a foundation company which may cease to have shares and members).
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. However, a private register of beneficial ownership is maintained by the government.
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 except for a Foundation company.
Public share registry
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).
