Company Formation in Cayman Island
GFA TRUST is considered to be one of the global leaders in offshore company formations. The Cayman’s Companies Law provides for the formation of Exempted companies and Local Companies which are permitted to conduct business in Cayman islands.
An Exempted company is prohibited from engaging in transactions with any person, except, for the purpose of business carried on outside the Cayman. The Exempted company may effect and execute contracts in Cayman, and proceed with exercising its powers in Cayman, provided that the ultimate purpose is the conducting of the company’s business outside Cayman.
In addition to the above type of company there exists also the Exempted Limited Duration Company (LDC) which is inherently limited by its Memorandum of Association to a life span of 30 years or less. Furthermore an Exempted company may require registration as a Segregated Portfolio Company i.e. whereby the company may separate the assets and liabilities held within one portfolio by those held by the other.
The incorporation process for the Exempted companies takes 1 day. The tax on offshore profits and exchange controls are non-existent.
The jurisdiction’s Local Requirements are limited to the existence of a Registered Office/Registered Agent which/who is to be located in Cayman with no obligation attached as to the presence of a local Company Secretary, Director or with the legal obligation that the meetings of the company take place in Cayman, as the location of the Board Meetings, can be placed anywhere in the world as also the company’s administration. The minimum number of Directors and Shareholders is 1.
Public filings are restricted only to the Directors of the company and the information is not available for public inspection. The Shareholders and the Ultimate Beneficial Owners are safeguarded from publicly disclosing their information. Furthermore, in connection to the Annual Filing Requirements, there exists the obligation for the submission of the company’s Annual Return with no requirement as to the submission of the Audited Accounts of the company.
The issuance of bearer shares is acceptable if held by an approved Custodian. In addition company re-domiciliation is permitted, as also, the acquiring of shelf companies and the appointment of Corporate Directors.