Cayman Islands Company Registry (Full Overview)

[Launder Expert]

Everything You Need to Know About Cayman Islands Company Registry​

The Cayman Islands are said to be leading offshore financial centers for a long time. It attracts many business people and investors from all around the world. Cayman Islands Company Registry is popular because it is efficient and business-friendly.
In this blog, we will discuss everything related to the Cayman Islands Company Registry, including its definition, benefits, type, registration process, and more. This beginner's guide will provide all the important information required.

What is the Cayman Islands Company Registry?​

The Cayman Islands Company Registry is a government department within the General Registry. Its main role is to manage the registration and keep records of all the companies included in the Cayman Islands. The record holds the details of the shareholders, corporate structure, and important officers.

Benefits of Registering a Company in a Cayman Islands​

Registering a company in the Cayman Islands brings a lot of benefits to the table, including:

• The Cayman Islands department does not impose corporate taxes on the registered company. The corporate tax includes income tax, capital gains tax, payroll tax, and many more.
• It protects privacy and keeps essential data like shareholders' names, directors' names, and many more confidential.
• It provides a flexible structure to suit the needs of the share classes and ownership options.
• The department consists of a reputable jurisdiction with a stable political environment and legal system.

Types of Companies You Can Register in the Cayman Islands​

There are various types of companies that you can register in Cayman Islands:

• The most essential and popular companies are exempted companies. This allows the business to operate outside the island and get the tax benefits.
• The next is the Ordinary Resident Company, which operates within the Cayman Islands.
• Another type of company is Ordinary Non-Resident Company, where the business is conducted outside the island but is still registered in the Cayman Islands.
• The fourth type is the Special Economic Zone Company (SEZCo). This type of company gets special permission to handle business with Cayman Enterprise City. They also have access to further tax benefits and streamlined processes.

How to Maintain Good Standing With The Registry?​

To maintain a good standing with the company, a person must:

• Payment of necessary fees and tax on time.
• Keep information updated on the registered agent.
• Ensure to notify the registry about any changes in your business information, such as address, ownership, contact details, etc.
• Submit the annual report on time.
• Remain informed about the changes in the registry rules.

Step-By-Step Guide to Company Registration in the Cayman Islands​

For the Cayman Islands Company Registry, a person must follow the following steps:

1. The first step is to choose the type of company you want to be part of. Make sure that it fulfills your business needs.
2. Select the company's name and make sure that the name is available and complies with the Cayman Island regulations.
3. Appoint an agent who is based in the Cayman Islands.
4. Prepare and file incorporation documents.
5. Pay the required fees.
6. Follow the rules and regulations accordingly.
7. Keep track of your finances.
8. Open a bank account for operational purposes.
9. Maintain the records of the company.
10. It's not essential, but consider taking legal and professional advice.

Searching for a Company in the Cayman Islands Business Registry​

Anyone can register the company on the online website of the Cayman Islands Company Registry. Here are some steps:

• Register for access through the website of the Cayman Islands.
• Search for information on the registered companies.

Compliance and Reporting Requirements for Cayman Islands Companies​

The companies registered for the Cayman Islands must report:

• Must file an annual "Economic Substance Notification" with TIA (Tax Information Authority).
• Details of the "relevant activities" that they follow.
• All these must be submitted before January 31st.
• Companies that claim tax residency outside the Cayman Islands must file a separate tax residency return.

Document Required For Cayman Islands Company Registry​

One must need the following documents for the Cayman Islands Company Registry:

• A document containing shareholder details.
• Details of the director of the company.
• Constitution of the company (including article of association, memorandum, powers, internal governance structure, etc.)
• Registered office address
• Details of signatory authorized
• Proof of the identity of all necessary officers and shareholders.
• Information of the professional service provider.

Fees and Costs of Setting Up a Cayman Islands Company​

Setting up a company in the Cayman Islands requires approximately 855 USD for companies with a share capital of 50,000 USD. This fee also includes additional charges like agent-registered fees, renewal annual fees (based on the size of the company), and potential fees related to Economic Substance Regulations (if necessary). If a company is an LLC (Limited Liability Company), then the registration fees are slightly higher, around 1100 USD.

Frequently Asked Questions About the Cayman Islands Company Registry​

1. What is the Cayman Islands Company Registry?
A Cayman Islands Company Registry is a government department. This department's main role is to keep records of companies incorporated in the Cayman Islands. The records include details of shareholders and directors.

2. How can I register a company in the Cayman Islands?
If you want to register a company in the Cayman Islands, you may use the online Cayman Business Portal. If not, you may also hire a licensed service provider to handle the process.

3. What are the benefits of using the Cayman Islands company registry?
Some of the main benefits of the Cayman Islands Company Registry include zero taxation, fast registration, and maintaining the company's privacy and confidentiality.

4. Are Cayman Islands companies required to disclose shareholders?
No, Cayman Islands companies cannot disclose the details of shareholders. The identity of the shareholders is considered confidential information. So, the names of the shareholders cannot be public.

5. How can I search for a company in the Cayman Islands company registry?
To search for a company in the Cayman Islands company registry, you can submit a search request with authorization. They will ask for a search fee, and after submitting the fees, a report will be provided.