How to Register a Company in Cayman Islands?
Tetra Consultants advises you to read through the Cayman Islands company incorporation guide to fully understand the steps required on how to incorporate a company in Cayman Islands. Our company formation in Cayman Islands package will get you on your way to setting up your corporate home in Cayman Islands.
Simply put, we can break down our Cayman company incorporation engagement into four different phases:
1. Planning & strategy
3. Bank account opening
4. Staying compliant
By systematically following the above four phases, you can expect to start conducting business with your Cayman company within 6 weeks.
1. Planning & strategy
- Our team of professional consultants will suggest the most appropriate corporate structure for you to carry out your business after understanding your business goals and activities. Prior to Cayman Islands company incorporation, you will be advised on the best paid-up share capital, corporate structure, laws, and whether any operating licenses are required.
- You must supply a list of needed KYC papers to Tetra Consultants before Cayman Islands company incorporation. The names of the directors, the company’s resolution, and identity proof are some of these documents.
- Tetra Consultants will assist you in recruiting local staff and local office space if your firm is subject to economic substance criteria.
- Tetra Consultants will reserve your preferred company name with the Cayman Islands General Registry. Tetra Consultants will also draft articles of incorporation, business plan, and other Cayman Islands company incorporation documents according to the business activity and corporate structure.
- Once the Cayman Islands company incorporation documents are prepared, we will then proceed to file the same to register company in Cayman Islands with the Cayman Islands General Registry.
- After receiving approval, Tetra Consultants will courier the Certificate of Incorporation, Memorandum and Articles of Association, and other corporate documents to your preferred address.
- At the same time, a registered agent will also be assigned to act as the point of contact between the local authority and your company.
If necessary, Tetra Consultants will also provide you with a legal address to meet your compliance requirements.
- Simultaneously, Tetra Consultants will assist you with acquiring an additional license or approval you may require. For example, entities looking to operate banking or insurance businesses in the Cayman Islands are required to get CIMA approval from the Monetary Authority.
- Additionally, if you want to form an exempt company while continuing to do business, our advisers can help you get a license from the Department of Commerce and Investment under the local Trade and Business Licensing Law.
3. Bank account opening
- Upon registration, Tetra Consultants will help our clients to open a corporate bank account within 4 weeks. Our team has established partnerships with multiple reputable banks in the Cayman Islands. Tetra Consultants’ banking team is experienced in this field and we will be able to timely secure banking solutions within the stipulated deadlines.
- Typically, a corporate bank account opening will take roughly 4 weeks. In most cases, the directors and shareholders are not required to travel to the Cayman Islands. However, if travel is required, Tetra Consultants will have a representative to accompany you to the bank meeting.
- Alternatively, our team will negotiate with the banks to conduct a conference call instead or request a waiver. This is to minimize any engagement delay and to secure corporate bank account numbers as the soonest.
- Once your account has been successfully opened, Tetra Consultants will courier the internet banking token and access codes to your preferred address.
4. Staying compliant
- Following the setup of your new Cayman Islands corporate home, Tetra Consultants will continue to provide you with the necessary accounting and tax services to ensure that you can continue to legally conduct business while staying compliant with regulatory obligations.
- Our team of dedicated consultants will timely prepare your annual returns to be submitted to the Registrar of Companies.
- We will prepare the required filings in advance to ensure we meet all stipulated deadlines.
- An annual company licensing fee of CI$800 also applies. We will continue to remind you annually about the necessary due charges.
Our team of dedicated consultants will continue to clarify any doubts you may have with regard to your company’s obligations.
Contact us to find out more about the process of Cayman Islands company setup. Our team of experts will revert within the next 24 hours.
What are the kinds of business structures available in the Cayman Islands?
- The most common types of business entities for Cayman Islands company incorporation are the exempt company, limited liability partnership (LLP), sole proprietorship, resident company, non-resident company, foreign company, unlimited company, special economic zone company, and foundation company.
Can a foreigner incorporate a company in Cayman Islands?
- Yes, a foreigner can incorporate a company in Cayman Islands.
What documents are required to incorporate a company in Cayman Islands?
- To proceed with company registration in Cayman Islands, for a start, you are required to provide the notarized passport copy, proof of address, CV, and proof of income of the individual director and shareholder of the company.
- If the shareholder is another entity, we will require the Certificate of Incorporation and Memorandum and Articles of Association of the corporate shareholder.
- Once Tetra Consultants receives the above, we will review the documents and provide you with an updated due diligence checklist with the list of outstanding documents.
Can a foreigner be a director of a company incorporated in the Cayman Islands?
- Yes, a foreigner can be a director of a company incorporated in the Cayman Islands.
Why do companies incorporate in Cayman Islands?
- A typical Cayman Islands exempted company can be incorporated quickly, confidentially, easily, and most importantly, tax-effectively. The Cayman Islands is frequently ranked among the top ten offshore jurisdictions in the world and has gained popularity among investors.
Is Cayman Island a tax haven?
- Yes, the Cayman Islands is one of the most well-known tax havens in the world.
What are the tax implications of a Cayman Islands company?
- There is no charge for individual income tax in the Cayman Islands. Additionally, there are no levies of withholding tax on dividends, interest, royalties, or fees for technical service in the Cayman Islands, and no branch remittance tax.