COUNTRY GUIDE

CAYMAN ISLANDS The Cayman Islands is the premier jurisdiction for hedge funds and captives, while holding its position as a leading jurisdiction for capital market structuring, trusts, fiduciary services, and banking.

FUNDSThe Cayman Islands has over 11,000 funds registered at the Cayman Islands Monetary Authority (Ireland is second with approximately 2,500) of which more than 70% retain US managers.

INSURANCE AND REINSURANCECayman is the second largest captive insurance domicile in the world, a leader in healthcare captives, while specializing in insurance-linked securities, and a strong choice for non-traditional reinsurance companies.

CAYMAN ISLANDS REGISTERED COMPANIESOver 100,000 companies are registered in the Cayman Islands. While other jurisdictions have suffered with regulatory and client quality issues, Cayman continues to strengthen its position.

INTERNATIONAL BANKINGThe Cayman Islands is the 5th largest banking center in the world, which is supported by world leading anti-money laundering regulations and practices.

CAPITAL MARKETSPreferred jurisdiction for capital markets, broadly familiar with major ratings agencies, with premier professional services, a tested legal environment, and a creditor friendly insolvency regime.

FIDUCIARY SERVICESStrong trust and fiduciary regulations and service providers, with a deep market of professional director services providing cost effective solutions for investment managers and funds to protect investor interest and stay abreast of local legislation and compliance

Geography Location: The Cayman Islands is a British Overseas Territory located in the western Caribbean Sea, close to Cuba, Jamaica and Miami.

Area: 264 sq. km

Time zone: Eastern Standard Time (EST)

Population 60,000

Language(s) English

Economy Financial services and tourism

Capital City George Town, situated on Grand Cayman

Currency Cayman dollar (KYD) and United States dollar (USD)

Political structure Stable

Legal system Based on English common law

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This information is not intended to provide legal advice or serve as a substitute for legal research to address specific situations.

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EXEMPT COMPANY

LIMITED LIABILITY COMPANY (LLC)

EXEMPT LIMITED PARTNERSHIP

Share capital

Minimum paid-up No minimum No minimum No minimum

Maximum authorized N/A N/A N/A

Usual currency USD USD USD

Permitted currencies No restrictions No restrictions No restrictions

Domiciliation

Registered address Local registered office required Local registered office required Local registered office required

Directors

Minimum number One N/A N/A

Minimum local Not required N/A Not required

Corporate directors Optional N/A N/A

Statutory

Annual filing Annual return Annual return Annual return

Company secretary Optional N/A N/A

Annual general meeting (AGM) Not a requirement. However AGMs and emergency general meetings (EGMs) can be held anywhere.

Not a requirement. However AGMs and emergency general meetings (EGMs) can be held anywhere..

N/A

Beneficial Owner Reporting Required Required N/A

Re-domiciliation Possible Possible N/A

Financial administration

Audit required Optional Optional N/A

Filing of Annual Return Required Required Required

Tax

Tax rates 0% 0% 0%

VAT 0% 0% 0%

Tax treaties None None None

Other taxes N/A N/A N/A

Government fees

Registry fee Per Annum Fee Per Annum Fee Per Annum Fee

License fee N/A N/A N/A

Incorporation process

Summary >> Service provider (vetting of beneficial owner, directors and shareholders)

>> Unrestricted objects >> Registrar- Registrar of

Companies

>> Service provider (vetting of beneficial owner, directors and shareholders)

>> Unrestricted objects>> Registrar- Registrar of Limited

Liability Companies

>> Service provider (vetting of beneficial owner, associated individuals and legal entities)

>> Unrestricted objects>> Registrar- Registrar of Limited

Partnerships

Time Usually within three-to-five business days. (Same day service is possible with payment of optional express fee.)

Usually within three-to-five business days. (Same day service is possible with payment of optional express fee.)

Usually within five-to-seven business days. (Same day service is possible with payment of optional express fee.)

Other

Are shelf corporations available? N/A (Due to ease & speed of incorporation, shelf companies no longer offered.)

N/A (Due to ease & speed of incorporation, shelf companies no longer offered.)

N/A (Due to ease & speed of incorporation, shelf companies no longer offered.)

Main Types of Legal Entities

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CT IS A WOLTERS KLUWER BUSINESS © 2019 C T CORPORATION SYSTEM AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.

This information is not intended to provide legal advice or serve as a substitute for legal research to address specific situations.

28 Liberty Street | New York, NY 10005 | 855.444.5358 | ctcorporation.com/global-corporate-services

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To learn more about how CT can help you better manage your global compliance needs, contact a CT representative at 855.444.5358 (toll-free U.S.).

ctcorporation.com/global-corporate-services

CT IS A WOLTERS KLUWER BUSINESS © 2019 C T CORPORATION SYSTEM AND/OR ITS AFFILIATES. ALL RIGHTS RESERVED.

This information is not intended to provide legal advice or serve as a substitute for legal research to address specific situations.

28 Liberty Street | New York, NY 10005 | 855.444.5358 | ctcorporation.com/global-corporate-services

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