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Company registration in the Cayman Islands

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Registering a company in Cayman Islands provides many benefits, and accordingly hundreds of thousands of businessmen around the world have already established companies in this country. For Israelis interested in establishing businesses overseas, it is advisable to explore the possibility of incorporation in the Cayman Islands. This article details the benefits and advantages provided by the establishment of a company in the Cayman Islands as well as the quick and convenient procedure for this purpose.

For any questions about registering a company in the Cayman Islands and other overseas destinations, you can contact the experts at our Law Offices, in Jerusalem and Tel Aviv, specializing in corporate and immigration law. Our firm has over 30 years of experience in the field, and it provides a comprehensive legal response with regard to company registration and ongoing legal support throughout its activities.

Company registration in the Cayman Islands

General Information about the Cayman Islands – a world-leading destination for establishing businesses and companies

What makes a small Caribbean country an international trade center? The Cayman Islands is a small country consisting of 3 small islands with less than 70,000 inhabitants. The state is subject to the British Throne. In recent decades, there has been tremendous economic development in the Caymans. The banking system is stable and advanced, and the Cayman Islands Dollar is considered among the strongest in the world.

Taxation in the Cayman Islands

The Cayman Islands meet the definition of a tax haven. As a rule, the islands don’t have income tax. The state’s revenues come primarily from tourism and an indirect tax system. Most of the country’s taxes are levied on import of goods. However, unlike other tax havens in the world, the governmental system is considered stable and reliable. Accordingly, the country does not appear on the “blacklists” of international organizations, such as the OECD.

The foregoing may explain why the Cayman Islands list over 100,000 companies owned by foreign nationals from around the world. Many foreign banks open branches in the country and enjoy low taxation. Other companies and businesses in a wide range of fields, mainly in the field of holdings and financial services, have branches in the Cayman Islands.

How to register a company in the Cayman Islands?

The Cayman Islands is convenient not only for tax purposes, but also for the purposes of establishing a company. The process of registering a company in the Cayman Islands usually takes only one day and few regulatory requirements must be satisfied. The most common type of foreign-owned companies based in the Cayman Islands is the “exempted company”. This type of foreign companies benefits, among other things, from the Cayman Islands’ pledge not to collect taxes from them for 20 years. Sometimes this period can even be extended. In order to register such companies, it is necessary to specify at least one director and at least one shareholder in the registration request. In addition, it is necessary to list a local representative (Agent) and have a registered office in the Cayman Islands.

One of the main requirements for company registration is the use of an original company name that not similar or identical to an existing name. To do this, the local name database must be searched. Unlike many other countries, there is no requirement to submit company bylaws or specify a minimum share capital for the purpose of establishing a company. For those who wish to further expedite the process of establishing a company in the Cayman Islands, you can even purchase a shelf company. This refers to a company that has already been established for the purpose of selling it to others.

Additional requirements after registering the company.

Beyond the requirements indicated for the purpose of registering a company in the Cayman Islands, the requirements of the company during the course of operations are minimal. For example, an annual meeting of shareholders is required. However, the meeting does not have to take place in the Cayman Islands, but can take place anywhere in the world. In addition, it is desirable (but not obligatory) to set up a local bank account, which will be used by the company during its operations. In any case, it is important to obtain legal advice and assistance for the purpose of registering a company in the Cayman Islands, in order to ensure compliance with the rules of international taxation and the compatibility between local law and the laws of the other countries in which they operate.

Contact a corporate law lawyer to set up a company in the Cayman Islands

In conclusion, registering a company in the Cayman Islands has many benefits and may be relevant for many of those interested in setting up a company overseas. An attorney specializing in corporate law and immigration law from our law firm, will be able to assist in answering further questions on the subject. Our firm has extensive experience in assisting businessmen in establishment of foreign companies, and in providing ongoing legal advice prior to the establishment of a company and throughout its activities.

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