The Cayman Islands are located in the Western Caribbean, south of Florida and Cuba and west of Jamaica. This British Overseas Territory is comprised of three islands; Grand Cayman, Cayman Brac and Little Cayman and have a combined population of approximately 60,000.
The official language of the Cayman Islands is English with the legal system based on the British system. Due to its strong links with the UK the Cayman Islands is considered very politically stable, protected and safe. The Cayman Islands has one of the highest standards of living in the Caribbean with a GNP per capita of around US$49,000. The infrastructure on the Caymans is excellent with good communication facilities and a well established transport system.
The Cayman Islands are a major financial centre and have the fifth largest banking sector in the world with a high concentration of top quality service providers. The Cayman Islands boasts 279 banks and leading global financial institutions, accountancy practices (the big 4 all have a presence in the Caymans) and leading offshore law firms. The Cayman Islands have more registered businesses than they do people!
The regulation of the financial services industry is undertaken by the Cayman Islands Monetary Authority (CIMA) which has a stricter regime than many other offshore jurisdictions. Although perceived as a ‘tax haven’ the Cayman Islands have made a number of steps in recent years to become more legitimate and have achieved greater respect because of improved compliancy. The driving force behind this greater legitimacy was the implementation of the ‘Mutual Legal Assistance Treaty’ in 1986. The purpose of this treaty is to assist law enforcement agencies of other countries when they believe a Cayman Islands Company has been involved in any criminal activities however privacy is still held in the highest regard.
The Cayman Islands offer a tax efficient, respected jurisdiction for the incorporation of an offshore company. The following pages offer information on the benefits of incorporation in the Caymans, the procedure of incorporation and the tax and accountancy regulations imposed by this jurisdiction.
The formation of a Cayman Islands Company is a tax efficient solution for international entrepreneurs. Some of the many key benefits are listed below:
- All documents and legislation are in the official language of English
- There are no annual reporting, accounting or auditing requirements for an Offshore Cayman Islands Company
- Only one shareholder and one director is required. These can be the same person or a corporate body and do not need to include a local
- There is a complete lack of direct taxation; no corporation, property, capital gains or withholding taxes. This legislation is backed by a 20 year government guarantee (rising to 30 years on application) enabling long term business planning
- There is no minimum capital requirement for a Cayman Island Company formation
- The business does not need to be run from the Cayman Islands. It can be run from anywhere in the world
- Corporate bank accounts
Cyprus Regulatory Update: Shell Company Definition & Exceptions
The Central Bank of Cyprus has released new guidance for all credit institutions on the island, refining the definition for shell companies and subsidiary entities; coming into effect from November 2018, which are detailed as follows:
Singapore Variable Capital Company VCC: New Features & Benefits
The introduction of the VCC is a significant positive for the Singapore funds industry. Its aim is to retain Singapore as an attractive business destination and to keep investors wishing to domicile locally.
Consolidated Accounts for Hong Kong Companies: Subsidiary Requirements
As per Hong Kong company’s ordinance subdivision 3 section 379 subsection 1, a Company Director will have to prepare year-end financial accounts that comply with sections 380 and 383.
Challenges of Our Time: Cryptocurrencies & Their Regulation
The very concept of cryptocurrencies derives from technologies and the creation of alternatives to existing payment systems, which for the most part is caused by the negative consequences of financial crises and the injustice within the sphere of financial and legal regulation. Many people are convinced that the cryptocurrency is likely to become an alternative to the established global financial system and open new opportunities to those segments of the population and citizens of those countries that are deprived of the opportunity to work with the banking financial system.
The Tax System in Poland: Benefits & Overview
The tax system in Poland is one of the most loyal for both large and small businesses in the country. There are two levels in the system that relate not only to residents of Poland, but also to foreigners. The Polish tax system consists of administrative taxes (duties are paid directly to state bodies) and local taxes (the process is similar to the previous type). Therefore, Poland is one of the European countries with a stable economic position, whose attractive system attracts citizens from neighbouring countries to conduct business within the country. It is the Polish taxation system that is advantageous for businessmen willing to enter the international market.
The reasons of abolition of the Company Secretary in UK Private Companies
The role of Corporate Secretary can be a position in a private sector company or within the public sector organisation. In large, publicly-listed corporations, a Company Secretary is typically named a Corporate Secretary or just a Secretary. The Company Secretary is responsible for the efficient administration of a company, particularly with regards to ensuring compliance with statutory and regulatory requirements and also for ensuring that decisions of the board of directors are implemented.
The Dematerialisation of Shares in the UK: Current Update & Assessment
Business is an area that is continuously developing. An integral part of both business and economics are companies. It is possible to say that companies dictate the conditions of the market to a certain extent. Any public or private company has its own shares; a share is a security that provides a portion of ownership of the company and gives the holder the right to a part of the profits.
Current Information on the Payment of Cyprus Taxes for Pensions & Rental Income
Cyprus employees who are considered to have tax resident status, pay tax on their global income. Employees not considered to be tax resident are only charged for specific types of income that are originating from Cyprus-based sources.