Cayman Islands

Population:

43,103 (January 2005)

Currency:

Cayman Islands dollar fixed to the US dollar at CI$1 = US$1.20

Language:

English

Time zone:

GMT minus 6

Centre's expertise:

Well registered, plenty of expertise, popular with corporate

General requirements

Type of entity

Resident, non-resident & exempted companies

Type of law

English Common Law with local legislation

Shelf company available

Yes

Time to establish a new company

3 - 4 days; one-day express service available

Taxation

Nil

Double taxation agreements

None

Forex restrictions

None

Language & name restrictions on companies

Names like "royal", "imperial", "bank", "insurance", "building society" are restricted

Share capital

Permitted currencies

Any

Minimum paid up

US$1

Usual authorized capital

US$50,000

Directors and personnel

Minimum number

1

Local required

No

Company secretary & qualifications

No

Shareholders and AGM

Minimum number

1

Disclosure requirements

Yes, except for exempted companies

Publicly accessible records

No, except for basic corporation details, including address of registered office

Obligations for annual meetings

Yes

Location of AGM

Anywhere

Accounts

Requirement to prepare

Yes

Audit requirements

No

Account filing obligations

No

Publicly accessible accounts

No

Other

Requirements to file annual return

Yes

Change in domicile permitted

Flexible

Need to registered office

Yes, and registered agent in BVI

Number of companies set up in last year

8,922 (December 2004)

Total number of companies on register

79,133 (December 2004)