About the country

²   Geographical Location: consists of three islands, located approximately 475 miles south of Miami, Florida and 180 mils northwest of Jamaica

²   Population: about 30,000

²   Official language: English

²   Capital City: George Town

²   Legal tender =USD1.20

²   a British Crown Colony governed by the Legislative Assembly and official members headed by a Governor who is appointed by the Crown

²   politically stable and have no desire for independence

²   excellent transportation and communication facilities

²   more than 18000 companies and 500 banks and trust companies registered in Cayman Islands

²   a number of experienced law firms and international accounting firms present in islands

Advantages

²   absence of direct taxation

²   Companies incorporated in the Cayman Islands enjoy the same tax-free status as individuals regardless of nationality

²   no capital gains, gift or inheritance taxes but stamp duty is chargeable on transfers and mortgages or real property

²   no double taxation treaties with any other part of the world but have undertaken to assist foreign governments by giving them information where a Cayman Island Company has been used or involved in activities where allegations of tax offences are made

²   no excessive restrictions on your freedom of trade or your ability to transact business in any part of the world

²   no exchange control

²   no restrictions on the movement of funds to or from the Islands

²   have efficient postal services to the United States, Europe and other parts of the world

Ordinary Company

²   in England

²   A Memorandum of Association (charter) must be filed with the Registrar of Companies, stating the name of the registered office, the objective and the authorized share capital

²   company may either draw up its own Articles of Association (By laws) or use the standard Table “A”, and may operate with only on shareholder

²   An ordinary company must have at least one director and is required to hold at least one shareholder meeting every year

²   must file an annual report with the Registrar of Companies, listing the shareholders and officers

Exempt Companies

²   may obtain a guarantee from Government exempting it from any taxes, which could be introduced by future legislation for a period of up to 20, which may be extended to thirty years on application.

Shareholders

²   no requirement to file details of shareholders in any public registry

Directors

²   Companies have to inform the company registrar details of the directors but this information is not available for public inspection

²   Directors need not be resident in the Cayman Islands but each year on statutory meeting of the directors must be held within the islands

²   Appointment of proxies is permitted

²   At least one director is required and corporate directors are permitted

Annual Reporting

²   no requirement to file account with the registrar

²   an annual return must be filed

²   The return takes the form of a simple declaration

Local Requirements

²   A registered office address within the Cayman Island is required

²   a Cayman resident must be appointed as registered agent

Incorporate Cayman Islands Company

²   Duration of Incorporation: 3 days (courier from Cayman Island to HK approx. 3 weeks)

Documents and information’s required

²   Director(s) & Shareholder’s name (at least 1 director)

²   Address, Nationality, passport, Passport No.

²   Nature of Business to be conducted

²   A bank reference letter to the government of Cayman Islands and it should confirm that the principle concerned has bank account for how long the account had been maintained and it is in goodstanding. (Owner of the company)

²   Photo ID, e.g. Driving licenses or copies of photo page in passport

²   The size of funds that it is anticipated will pass through the entity concerned and the source of funds