The Cayman Islands are inhabited in the western Caribbean and are recognized as one of the significant financial centers in the world. In contrast to traditional offshore jurisdiction, Cayman business services industry is well-regulated thus having a very definite reputation among investors.

Timeframe: Up to 4 months

Minimum paid-up capital: No minimum or maximum amount designated for commissioned, issued or paid-up share capital

Initial minimum subscription :

  • Not less than 77, 000 Pound per investor; or
  • Property interests must be listed on a stock exchange recognized by CIMA

Overview

The Cayman Islands is the leading domicile for investment funds, drawing 80% of all new offshore fund formations. Cayman is expected to house more than 75% of the world’s offshore hedge funds and almost half of the management’s predicted US$1.1 trillion of assets under management.

Conyers has long experience, acting as Cayman Islands guidance to several hundred important asset management groups and investment reserves, many of which are difficult multi-fund structures, ranging from CIMA-registered hedge reserves to private equity and venture capital funds.

Advantages:

  • The Cayman Islands are one of the significant financial centers
  • No local presence needed
  • A bank account can be created in any bank
  • No local corporation, income, capital gains, profits or withholding costs for Cayman exempted companies
  • High level of asset protection
Notable Advantages

General information

Company structure

  • Minimum two Directors
  • Registered Agent – Not Needed
  • Registered office – Needed
  • Insurance – Not Needed
  • Secretary – Not Needed

Taxation

The Cayman Islands have no primary taxes of any sort. There is no business, capital gains, income, profits or withholding taxes.

Accounting and Audit

All managed mutual funds must have their records reviewed annually, and such audited financial statements need to be filed with CIMA within six months of the year end of the appropriate mutual fund in electronic format, collectively with an annual return form including appointed details, signed by a director.

Such audited financial reports must be signed-off by an authorized Cayman Islands-based auditor.

Company name:

  • Language: Any
  • Letters: From the Roman alphabet
  • Names that are misleading or tricky are banned
  • The company name is restricted to be alike or similar that of an existing company
  • Offensive names are prohibited
Procedure

In order to get a license, the following actions will be carried out:

  • Gathering reports in an agreed form
  • Drafting of the fund’s offering record
  • Development of application forms
  • Introduction of the license obtaining process
  • Proof of local residence is not required but favored for CIMA
Important Documents

In order to receive a license, Startup Formations will fill all important paper forms and also obtain apostilled corporate documents.

For that reason, please present us with the following documents.

  • Notarized passport
  • Notarized 2nd ID
  • Approved Utility Bill
  • Notarized Criminal Record
  • Bank reference Letter
  • 2 Character Reference Notes issued by specialists
  • Certified Diplomas of Higher Education
  • Detailed CV dated and signed by the applicant
  • Detailed business plan
  • Manuals (will be drafted by Startupformations): Anti Money Laundering management, security policy, and procedures, and others, if asked by FSC
  • Comprehensive data on staff members

All documentation shall be presented in English language or translated to English by an expert and certified by Notary Public.