Starting a Business - Cayman Islands

An exempted company may be wholly foreign-owned; shareholders and directors can be of any nationality, and no Cayman resident director or shareholder is required. It must file a declaration that its operations will be conducted mainly outside the Cayman Islands.

There is no minimum share capital requirement; shares may be issued with or without par value and denominated in any currency. The conventional authorised capital of US$50,000 simply keeps the registration/annual fee at the lowest band.

Core steps: (1) clear a company name with the Registrar (s.30 Companies Act); (2) file the Memorandum and Articles of Association, the directors' declaration that activity is mainly offshore, and the prescribed fee with the General Registry; incorporation is normally done through a licensed corporate service provider who supplies the registered office.

Standard registration takes roughly 3-7 business days, with an express service available for registration within about 1-2 business days for an additional fee.

Government incorporation fees start from a few hundred CI dollars; the annual government fee for an exempted company at the lowest capital band is CI$925 (effective 1 January 2025), rising with registered capital. Service-provider fees are additional.

A company carrying on business within the Islands generally needs a Trade & Business Licence and, under the Local Companies (Control) Act, must be 60% Caymanian-owned and -controlled — unless it obtains an LCCL licence or operates within the Special Economic Zone (Cayman Enterprise City), which permits 100% foreign ownership for qualifying activities.