Cayman Company Formation
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The investors want to establish a Cayman Islands company . The documents which are required to be filed are not pro-forma and most people seek help with these from attorneys or corporate services and management firms.
Application Process for Registering Cayman Company
Your local legal counsel or incorporation consultants can:
Contact the Registrar of Companies and ask if the company name you want is available;
Prepare the following documents:
a) Memorandum of Association;
b) Articles of Association;
c) A cover letter providing details of the proposed business;
Provide a minimum of two sets of copies of both signed forms and Submit paperwork with the filing fee payable to the Cayman Islands Government.The company is deemed incorporated on the day the incorporation papers and fees are submitted to the Registrar. The processing time for return of the proof of incorporation is approximately three to four business days, unless submitted on an express basis in which case, the proof of incorporation will be returned the following business day. As a matter of practice, the Companies Registry will require some categories of companies, such as exempt companies, to have a local licensed service provider maintain the company’s registered office.
Company Registry Fees
The fee are dependent on the size of the authorised share capital. Also worth noting is that licence fees are due annually , but the Companies Registry is under no obligation to notify the company that the fees are due. Every company is responsible for paying these annual fees and if you do not pay them the company will usually be struck off the register of Cayman Islands incorporated companies.
Features for Cayman Exempted Company
1.A Cayman Island exempt company has the following characteristics:
2.Company Name
Companies can be incorporated with English and/or Chinese names.
3.The following words cannot be used to name a Cayman company: Assurance, Bank, Trust, Insurance, Chartered, Company Management, Mutual Fund, or Chamber of Commerce, unless the necessary licenses under relevant laws have been obtained.
4.Memorandum and Articles of Association
The Memorandum & Articles of Association (¨M&A〃) is equivalent to the constitution of a Company in some jurisdictions.
5.Capital and Shareholders
The standard authorized capital of a company is USD50,000 divided into 50,000 shares of USD1.00 each. There is no minimum capitalization requirement. Capital can be expressed in any currency.
The register of members (shareholders) of the company must be kept in the registered office in Cayman. The register is not a public record and is only available for inspection by persons authorized by the directors of the company.Company meeting can be held at any place inside or outside Cayman. No annual general meeting is required.
6.Directors
A minimum of one director is required and corporate director is permitted. Details of the directors must be filed with the Company Registrar but such information is considered highly confidential, not being available to the public. Directors do not have to be shareholders or residents in the Cayman Islands, however, annual meeting of the directors must be held within the Islands every year.
7.Company Secretary
It is not mandatory for the company to appoint a company secretary, but since the Companies Law of Cayman is more stringent than many other jurisdictions, we recommend that our firm be appointed as the Company Secretary to ensure that the company complies with all statutory requirements.
8.Registered Agent and Registered Office
An Cayman exempt company must at all times have a registered office located within Cayman, which is normally provided by a Cayman management company, law firm, accountancy practice or trust company. An Cayman exempt company can resolve to change the location of the registered office at any time.
9.Timescale
Incorporation time is in the order of 3 to 4 weeks, including delivery time. We do not keep ready-made companies in stock.
9.Taxation
There are no taxes in the Cayman Islands on income, capital gains, profits, dividends, investments or capital transfers. The company receives a twenty year guarantee against taxation from the Cayman Islands Government, which may be extended to thirty years on application.
10.Secrecy
The Confidential Relationship (Preservation) Law 1976 makes it a criminal offence to divulge confidential information or to willfully obtain or attempt to obtain confidential information relating to a Cayman Island company.
Contact Us
For further queries, please do not hesitate to contact ATAHK at anytime, anywhere by simply calling China hotline at 86-755-82148419, 86-755-82143512, or emailing to info@citilinkia.com