Key Features
- Simple and inexpensive Company Formation.
- Company names must be in English and the name must end with a word, phrase or abbreviation such as Limited (LTD)Corporation (CORP) etc
- Only one director and shareholder are required
- No details of shareholders (members) or directors are on any publicly accessible register.
- Shareholders and Directors may reside anywhere in the world except. USA, Russia, or any internationally embargoed country.
- Non-Resident shareholders are exempt from personal, corporate or property taxes
- Formation usually within 3-4 working days depending on time zones and correct information being supplied.
- A stable political system.
- All companies no matter what their incorporation date are due for renewal on the 31st of December each year.
- There are no requirements to file accounts in Caymans
- Every January each company must file a return with the Registrar declaring any changes to the business.
The government does not require accounting and bookkeeping. However, every company must maintain adequate accounting records showing income, expenses, assets, and liabilities. While the records do not have to be kept in the Cayman Islands, they must be available if the government and its tax authorities wish to inspect them.
There are no required accounting standards and no required audits.
Incorporation includes:
- Government registration fee.
- Registered office
- Registered agent
Electronic copies of the following:
- Certificate of incorporation
- Memorandum & Articles of Association
- Register of directors
- Register of Members/shareholders
- First Minutes appointing the first director
Annual Requirements
The annual requirements for a Cayman Island company are minimal, making it an excellent choice for those requiring minimal paperwork.
The government fees must be paid annually on or before the 31st of December each year.
- The company renewal ensures that the company is in good standing with the authorities and that there are no other accounting requirements for a Cayman Island Company
- Every January each company must file a return with the Registrar declaring any changes to the business
Fees
First-year set up fees: £3950.00
Yearly renewal fees: £2950.00
Documentation requirements
- A completed copy of our attached in-house application form, available on request – please email charles@charlesfarran.com
- Beneficial owner and any director or shareholder will need to provide, a clear scanned copy of the two opened pages (photo page) on a white background. Mobile phone photos are not acceptable.
- Clear scanned copy of a Utility Bill dated within the last 3 months- such as Gas, Electric or a Bank Statement.
If the documents are not in English they should be officially translated. The documents should be certified as a true copy of the original by an Accountant, Solicitor or Notary.
Banking information
While it is still possible to open banking facilities with traditional banks, we are finding, this is becoming more and more difficult due to the heavy compliance information now required by conventional banks imposed upon our clients. We now recommend considering using an international banking platform for your banking needs.
Option 1Wise
(formerly Transferwise) Digital Banking Platform.
Simply and fast application process, Multi currency and debit card available and will accept Cayman Island Companies.
Option 2
We have just signed an agreement with a US Federal Deposit Insurance Corporation (FDIC) regulated digital banking platform that are also registered in the USA by the FDA, which offers an account guarantee of $250,000 U.S. dollars account. Account opening is handled by our compliance team on your behalf.
All digital banking platforms now charge fees. The vast majority are around £3000.00 GBP so we have negotiated a fee of £1500.00, but with no monthly account fees to pay. There is a $750 fee which is charged yearly, 12 months from the opening of the account. This fee is taken directly from the account each year.
Currently this is a USD only account, with GBP and Euro accounts being added shortly.
In line with most company jurisdictions, now made more essential by the sanctions imposed of Russian persons and businesses, a banker’s or professional reference is required to form companies. I have persuaded the local agent to accept my personal reference on your behalf. This is due to the fact that I am a UK licensed company service provider.
No charge is made for your reference.
Please be aware that due to further rule changes, we have to form your proposed new Company before we can apply for a bank account for the company. There is a small risk that in the event that we cannot open an account for your new Company, no refund will be made. However, this is unlikely, but we need to make you aware of this.
CONTACT INFORMATION
By email to: charles@charlesfarran.com
Telephone : + 44 (0) 771 975 5664
Charles Farran: Cell: 44 (0)771 975 5664 manned seven days per week between 9 AM and -10 PM UK time. WhatsApp/txt + 44 (0) 771 975 5664
Telegram: Charles Farran. + 44 (0)77 1975 5664
Leave a message on our website, and give your details to our BOT, Kris, on our website at the bottom of this page
Payment
For your security we no longer provide on line application or payments.
Payment options
- Bank transfer.
- Card payment by link supplied by us upon request.
Note
Due to recent rule changes imposed by company jurisdiction and Banks. It essential that you never order a company on line, without speaking with someone with considerable experience. So, to discuss your own requirements, feel free to call us in confidence on any of the above telephone numbers.
CONTACT INFORMATION
By email to: charles@charlesfarran.com
Telephone: Sales: : + 44 (0) 1305 818280
Telephone :Administration & Compliance Team : + 44 (0)1305 819600
Charles Farran: Cell: 44 (0)771 975 5664 manned seven days per week between 9 AM and -10 PM UK time. WhatsApp/txt + 44 (0) 771 975 5664
Telegram: Charles Farran. + 44 (0)7719755664
Leave a message on our website, and give your details to our BOT, Kris, on our website at the bottom of this page
We have been in the business for over 30 years and know what we are talking about. We look forward to speaking with you.