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.

SHAREHOLDERS

Only one shareholder is required whose details are not maintained on public record.  Bearer or registered shares are permitted.  However, bearer shares must be deposited with a licensed authorised Custodian in the Cayman Islands to be held to the order of the beneficial owner.

DIRECTORS

Only one director is required whose details must be advised to the company registrar but this information is not available for public inspection.  Directors do not have to be resident in the Cayman Islands but one statutory meeting of the directors must be held within the islands every year.  This may be done more conveniently by the appointment of proxies.  Corporate directors are permitted.

ANNUAL REPORTING

There is no requirement to file accounts with the registrar. However, an  annual  return  must  be  filed.   The  return  takes  the  form  of  a  simple declaration.

TIMESCALE

Incorporation time takes between one and two days.  Please note, however, that it can take up to five working days for the documents to arrive by courier.

RESTRICTIONS
ON NAME AND
ACTIVITY

Exempt companies have no restrictions on names.

LOCAL
REQUIREMENTS

As a matter of local company law the company MUST maintain a registered office address within the Cayman.  We would generally provide these services as part of the domiciliary service fee.

SECRECY

The Confidential Relationship (Preservation) Law 1976 makes it a criminial offence to divulge confidendtial information or to willfully obtain or attempt to obtain confidential information relating to a Cayman Island company.  The Law imposes a maximum penalty of a fine of CI$5,000 and/or a term of imprisonment of up to 2 years.