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Cayman Islands
Cayman Islands are located at the south of Miami, Florida, and west of Jamaica. English is the official language of Cayman, while there is a small minority of Spanish Speakers. Its official currency is Cayman Island Dollars (CI), and it is pegged with US dollars at the rate of CID$1=USD$1.25. Nevertheless, the US dollar is widely acceptable in its banking system and it is freely used in other daily transaction. There is no restriction on exchange controls. The Cayman Islands government was working hard to build a world class offshore financial center and to develop strong international cooperation agreements network with other jurisdictions and international organization. Cayman adopted a restrictive policy to avoid money laundering or other financial crime activities. Cayman Islands is now a prominent jurisdiction with excellent regulatory standard. Due to this reason, large amounts of the worldwide funds or listing companies are incorporated in Cayman Island. In recent years, the global financial system committee from the Organization of Economic Cooperation and Development (OECD) claimed that Cayman has strong regulatory and supervisory standards. The G20 has also cleared Cayman’s standing on “tax heaven”.
There are mainly three types of business entities for foreign nationals: exempted company, ordinary non-resident company, and foreign corporations. The exempted company is the most popular type because it is the type which could obtain a 20 years tax exemption and it has less filing formalities. There is no direct taxation levied on exempted company, including income tax, profit tax, capital gains, or inheritances tax. Further, there is no withholding tax on any dividend, distribution, or interest payment.
Quick Overview
| Location of Jurisdiction | Cayman Islands |
| Official Language | English |
| Type of Offshore Company | Exempted Company |
| Type of Law | English common Law plus local Ordinances |
| Language of Documents | English |
| Minimum Number of Directors | One. May be a person or a company. |
| Residence Required of Directors | No |
| Minimum Number of Shareholders | one |
| Minimum Number of Shares | one |
| Minimum Paid Up Share Capital | USD $1.00 |
| Recommended Share Capital | USD$50,000 (other currencies are allowed) |
| Permitted Currencies | any |
