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British Anguilla company |
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CAYMAN company:
BACKGROUND:
These islands are situated approximately 450 miles south of Florida. The Cayman Islands consists of a group of three islands in the Caribbean; the main island is Grand Cayman. There is a tropical climate with mild winters and very warm summers. The population of the three islands is approximately 26,000; the majority of people reside on Grand Cayman. The islands are a British colony and therefore the United Kingdom Parliament has the right to legislate. Its Governor who is appointed by the Queen, who is the Head of the Cayman Islands Government and is responsible for Defence, Law and Order and External Affairs. There is however a Legislative Assembly who is responsible for Internal Affairs. The official language is English.
Type of Company(s):
Company law in the Cayman Islands provides for a category of companies which will carry out business mainly outside the Islands. These are known as Cayman Islands Exempt Companies.
Features of Exempt companies include the following:
- Companies can be incorporated within 24 hours
- No need for the word "Limited" or "Ltd" to appear in the company name
- A minimum of one director and one shareholder, which do not have to be residents
- Corporate directors and shareholders permitted
- No minimum authorised share capital
- No Annual General Meeting requirement, but a director's meeting must be held in the Cayman Islands once a year. This requirement can be met with the use of alternate directors
- Bearer shares can be issued
- The Register of Members can be kept anywhere in the world. No other details other than "Bearer" are recorded in respect of bearer shares
- No requirement for accounts to be audited or filed
- No public access to information regarding directors, officers and shareholders
- Guarantee of exemption from taxes for a 20 year period
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