Requirements and Administration Guidelines
- There are no minimum capital requirements for a Cayman Islands Company
- Bearer shares can be issued but must be held by a Custodian approved by the Cayman Islands Monetary Authority
- Registered shares can be held in an individual name or corporate body
- Shares may be issued with nominal or no par value
- A Cayman Islands Company can be formed with one shareholder
- Details of shareholders are not maintained on public record
- A minimum of one director is required
- Corporate directors are permitted
- Directors do not have to be shareholders or resident in the Cayman Islands
- Meeting required once a year on the island. Can be done by the appointment of proxies
Restrictions on Name & Activity:
- The company name must not contain any of the following; Bank, Building Society, Insurance, Fund Management, Asset Management or Trust.
- A registered office must be maintained
- It is customary to appoint a company secretary but not mandatory. A representative can act in the capacity of a company secretary
- The company secretary is not required to be a qualified secretary
- Can either be a corporate body or an individual
- The Confidential Relationship (Preservation) Law makes it a criminal offence to disclose or obtain confidential information in relation to Cayman Companies.
- Incorporation is quick and will usually take only a few days.
Keeping Europe Up-to-date with the Latest Legal & Financial Technology
The financial world is undergoing a technological revolution, with approximately 3 trillion financial deals entered into using digital ledger technology (DLT) and smart contracts within the next five years.
FATCA: Foreign Financial Institutions & NFFE’s
The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, was implemented to able foreign financial Institutions and certain other non-financial foreign entities to report on the foreign assets held by their US-based account holders or be subject to withholding tax on the relevant payments.
ICOs: A Smart Business Decision or Just a Risky Investment?
There are many financial experts voicing their concerns over ICOs being too much of a risky investment, however should we be so quick to dismiss ICOs as a legitimate vehicle? ICOs can be used as a substitute for Venture Capital funding due to parallels in the phase of company’s lifespan and risk profiles, which give potential opportunities for future start-ups and companies.
How Initial Coin Offerings Differ from Initial Public Offerings
Since the hectic and intense ecosphere of the cryptocurrency ventures conception, a new sphere has caught investors’ attention from all over the world, being coined ICOs or Initial Coin Offerings.
Reasons for the Prevalent Misappropriation of Public Funds by Officials in CIS Countries
Thorough analysis of the nature, content and determinants of the offence of misappropriation of public funds by officials, it gives grounds to reach the conclusion that a lot of different reasons somehow ‘provoke’ and ‘give the possibility’ to commit this offence.
Notional Interest Deduction: A Useful Tool for Cyprus Companies
The corporate income tax rate of a Cyprus-resident company is 12.5% on its global taxable revenue, with unilateral credit for related foreign tax suffered. Moreover, non-Cyprus residents are not liable to pay Cyprus withholding taxes on payments. Frequently, the effective corporate tax rate is much lower, or even as low as nil, due to various tax exemptions and allowances.
How Cyprus is Retaining its Competitive Edge as a Favourable EU Jurisdiction for Tax Purposes
The recent implementation and increasingly stringent tax developments globally can affect companies with offices in different countries; rendering them non-viable if certain factors are not carefully considered.
5 Important Considerations When Starting a New Business
According to commercial regulations in many common law jurisdictions, Directors have a duty of care requiring them to act in good faith for the company’s best interest, and using reasonable consideration of all available options before acting.