Registering a company in the Cayman Islands is a step-by-step process that involves selecting a company type, choosing a name, preparing documentation, and registering with the Cayman Islands General Registry. By following this guide and utilizing the provided resources, you should be well on your way to successfully establishing your business in the Cayman Islands. Be sure to adhere to the requirements and guidelines to ensure a smooth registration process and a successful start for your company in this attractive offshore jurisdiction.
Step 1: Choose your company type
The first step in registering a company in the Cayman Islands is to choose the type of company you want to register. The most common types are:
- Exempted Company
- Ordinary (Non-Resident) Company
- Limited Liability Company (LLC)
- Segregated Portfolio Company (SPC)
- Branch of a foreign company
Step 2: Choose a company name
Before registering your company, you'll need to choose a suitable name. The Cayman Islands General Registry has guidelines for acceptable names, which can be found at this link: https://www.ciregistry.ky
Step 3: Prepare the required documents
Next, prepare the necessary documentation for your chosen company type. The key documents are:
- Memorandum and Articles of Association (for Exempted, Ordinary, LLC, and SPC)
- Application for Company Registration (for all types)
These forms can be downloaded from the General Registry's website: https://www.ciregistry.ky
Step 4: Identify company officers and shareholders
You will need to identify at least one director (for Exempted, Ordinary, LLC, and SPC) or one representative (for Branch of a foreign company). Directors or representatives must be at least 18 years old. Shareholders can be individuals or corporate entities.
Step 5: Capital requirements
There are no specific minimum capital requirements for companies in the Cayman Islands. However, it is essential to have sufficient capital to cover the company's operations and liabilities.
Step 6: Register your company
Once your documents are ready, you can submit your application to the Cayman Islands General Registry. This can be done in person at their office or online via the following link: https://www.ciregistry.ky
The fees for registering a company are as follows:
- Exempted Company: CI$732 (approximately $900)
- Ordinary (Non-Resident) Company: CI$365 (approximately $450)
- Limited Liability Company: CI$732 (approximately $900)
- Segregated Portfolio Company: CI$3,048 (approximately $3,750)
- Branch of a foreign company: CI$1,220 (approximately $1,500)
Step 7: Register for taxes
The Cayman Islands does not impose corporation tax, capital gains tax, or withholding tax on companies. However, certain regulatory fees and annual returns are required.
Step 8: Obtain necessary permits and licenses
Depending on your business activities, you may need to obtain additional permits or licenses. Check with the relevant authorities and industry regulators for specific requirements.
The entire registration process, from preparing documents to receiving your Certificate of Incorporation, can take anywhere from 3 to 5 business days, depending on the complexity of your application.