The Cayman Islands are the leading international center of the Caribbean. This is a British colony that has managed to build a profitable economic basis for building a large sector of financial and legal services. Here, in the Caymans, more than 100 thousand companies are registered, of which 500 are banks.
Recently, the jurisdiction has also become attractive for the registration of crypto business, because in 2020 the relevant Law on virtual assets was adopted. Although crypto activities in the Caymans are licensed, there are no economic presence requirements for intermediaries, traders or issuers of crypto assets.
The most popular legal form for offshore operations is the exempt company. The company is created to conduct business outside the country, and therefore is completely exempt from local taxes.
To do this, the Memorandum and Articles of Association must be submitted to the State Registry of Companies, along with a statement by the directors under oath that the economic activities of the company being created will be carried out outside the Cayman Islands. The names and addresses of the proposed first directors must also be reported to the Register.
One of the main advantages of an offshore company in the Caymans is the complete absence of taxation. Such offshore companies are not subject to income tax, capital gains tax, real estate tax, inheritance, or gift tax.
Privileged companies are granted a tax exemption certificate for a period of up to 20 years, with a possible extension up to 30 years. Thus, the Cayman Islands and their taxes are the best choices for registering a business.
There is no сurrency control.
The Cayman Islands have entered into only one Double Taxation Treaty - with the UK. At the same time, the jurisdiction has signed more than 20 Tax Information Exchange Agreements.
Cayman Island as an offshore zone (offshore) is recognized by Ukraine, and the country is often included in the blacklists of the European Union. Another feature of this jurisdiction is the existence of agreements on mutual legal assistance (in particular with the United States; negotiations are underway with the countries of northern Europe), which means that the Caymans will help law enforcement agencies and governments of other states by providing information if a Cayman privileged company has been caught in a crime.
Nevertheless, for those in respect of whom such a development of events is unlikely, the presence of these agreements, on the contrary, can play a positive role, because this increases the international prestige of the jurisdiction, and as a result the prestige of the company that is registered there.
If you want to establish and to register a company in the Cayman Islands, Campio Group specialists’ will provide you with all-round assistance in this matter, please contact us:
+38 (098) 737-88-88
We will help you to buy an offshore company in the Cayman Islands or in any other jurisdiction on the most favorable terms. The cost of registering a company in the Cayman Islands is formed for each specific business, check the final price of the finished firm with our lawyers depending on your individual needs.