Cayman Governance Resources

Cayman Management is able to incorporate and register a Cayman Islands company within 24 hours of receipt of the following:

• A completed Company Application Form (see the attached list of Business Activities as required by the Registrar of Companies to assist you in answering the Nature of Business section on the Application Form);
• Completed Personal Questionnaire and CIMA Source of Wealth / Source of Funds forms for each Beneficial Owner (Shareholder), Director and Authorised Signatory;
• Due Diligence documentation as described in our Due Diligence Procedure leaflet; and
• Payment of the incorporation invoice – such invoice to be issued upon confirmation of service required and receipt of satisfactory due diligence documents.

We will also require a list of 3 suggested/desired names for the new company (we usually ask for 3 different names, in case your first choice is unavailable) for our team to request confirmation of availability from the Registrar of Companies.

The processing time for return of the Certificate of Incorporation is approximately 1-2 business days, unless submitted on an express basis (for an additional fee) in which case the Certificate of Incorporation will be returned within a few hours.

It is the view of Cayman Management that the Cayman Islands has an edge in terms of industry perception.  The maturity of the jurisdiction is such that you are guaranteed find the skill and know-how for most financial business operations, due to the wealth of experience among local professional firms.

Cayman has no business taxes – there is no profit or corporation tax, withholding tax, capital gains tax or income tax, so the company’s income and capital gains will be tax free here in Cayman. However, it is important to ensure that you have obtained proper tax advice before taking any action, to ensure that what you wish to do will achieve the desired result and will comply fully with relevant tax disclosure and reporting requirements in your home jurisdiction and in those where it is proposed the companies will undertake business.

Although it is not a necessity, by nature of our fiduciary relationship with clients we like to meet clients personally wherever possible and, of course you should come to enjoy our wonderful island beaches and hospitality!

Visit our Company Management  page for a description of our ongoing company management services, to see how we can support your business post-incorporation.

Cayman has no business taxes – there is no profit or corporation tax, withholding tax, capital gains tax or income tax, so the company’s income and capital gains will be tax free here in Cayman. However, it is important to ensure that you have obtained proper tax advice before taking any action, to ensure that what you wish to do will achieve the desired result and will comply fully with relevant tax disclosure and reporting requirements in your home jurisdiction and in those where it is proposed the companies will undertake business.

No. If a Board Meeting is called that includes Directors in other jurisdictions, a conference call will generally be set up ideally with a Director based in the Cayman Islands taking the position as Chair to ensure the Board Meeting is recorded as taking place in the Cayman Islands. However, it will be appreciated that there may be tax or regulatory issues to be considered where Directors of funds are seen to participate in meetings of Directors from certain jurisdictions outside of the Cayman Islands.

A regulated fund must have its accounts audited annually by an auditor approved by CIMA, with local “sign-off”. Cayman Management is able to confirm which local firms are approved and can make suitable referrals.

US$850 pro-rated for periods of less than a year, and then annually for acting as Local Representative in the Cayman Islands and includes the following shipping management services, excluding time and expenses.

• Physical presence in the Cayman Islands
• Forwarding of notices, documents, and information received from the Cayman Shipping Registry onward to the vessel owner
• Renewal of annual Ship Radio Station Licence
• Agent for payment of annual tonnage fee

The Cayman Islands is a tax-neutral jurisdiction. Specifically there is no VAT or any other kind of sales tax in respect of the purchase of a new vessel.

For a vessel to be registered in the Cayman Islands it must be owned by a “qualified person” which now includes a company incorporated in a number of specified jurisdictions. The British Virgin, Islands as a British Overseas Territory, is suitably qualified. Remember, however, that the company would have to appoint a Local Representative in the Cayman Islands.

The owner, or an authorised representative, must complete a number of Cayman Islands Ship Registry forms and deliver also a builder’s certificate in the case of a newly built ship or a bill of sale following purchase of an existing vessel.

• A stable political, legal, fiscal and social environment
• An efficient, tax-neutral, international finance jurisdiction
• Modern, comprehensive maritime legislation
• Provision of a diverse, qualified, and experienced global team of professional surveyors and shipping specialists
• Choice of a wide range of ownership structures.
• A range of available vessel registration options including full, interim, provisional, under construction, and demise charter (bareboat), together with the registration of any associated mortgages
• NO VAT payable in Cayman
• Protection of the Royal Navy

Generally, vessel registrations are completed within 2 working days of delivery of all of the forms, required documentation and applicable fees to the Shipping Registry. For an additional service charge registration may be completed on a “rush” basis within 24 hours, on the next working day or even, by pre-arrangement “over the counter”.

Vessels that are under construction and any related mortgages may be registered as soon as the keel is laid.

Yes, provided that the Registry is in receipt of the application forms and relevant fees.

There are a number of benefits of choosing a Cayman-based Independent Director for your company or fund.

Firstly, you have chosen the Cayman Islands as the jurisdiction of your company or Fund for a reason and so you will want to ensure that it is truly considered offshore. Provision of local management through Cayman-based Directors contributes towards the Company having economic substance in the Cayman Islands as the physical location of any corporate action taken by its Directors will act as prima facie evidence of the location of the company’s “mind and management”.

Additionally, a local Director provides the convenience and efficiency of a readily available authorised signatory. In many cases, regulators and financial institutions prefer a local liaison to act as the main point of contact for the company.

Finally, many companies wish to take advantage of the expertise and objectivity that a non-executive director can bring to the Board.

No. Directors are appointed by the Shareholders of the Company and can be removed by them. The Directors owe a duty to the Shareholders to do what is best for the Company. This is a legal duty actionable by the Shareholders in the case of breach. As you will either be the Shareholder or you will be the Beneficial Owner using the services of our Nominee Company as Shareholder you will retain the ultimate control at every stage.

Cayman Management would like to think the answer is “value for money”. Behind our directorship services for all companies is professional expertise and years of experience. Cayman Management staff offer extensive knowledge of all applicable local laws and regulations governing the operation of the corporate vehicle and a good relationship with relevant government departments and local service providers. This all leads to the provision of a first-class administrative service to the Beneficial Owner.