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Business Report
Exempted Companies
The report will usually contain the following details:-
- Date of Incorporation
- Registered Office
- Registered Name and any subsequent changes of name
- Registered Agent if any
- Registered Number
- Authorised Share Capital
- Whether Live/Dissolved etc.
Ordinary Company
If a company is not registered as an exempt company then they have to disclose further information and then the report will contain the above information but may also contain the following details:-
Please note that even for ordinary companies it is probably unlikely to be able to obtain anything with regards to their financial status. As our correspondents do not have financial information, we cannot give credit opinions as there is no information to base these
opinions on. A standard recommendation to trade on fully secured terms is usually given.
These reports are done on three levels of service:-
- Normal service will take 15-20 Working Days
- Express service will take 8-10 Working Days
- Priority service will take 3-5 Working Days
Principal Business Types
Limited or Ltd. Ordinary Company
May be designated resident and used only for local purposes or non-resident and used only offshore. May be formed with only one shareholder. There is no minimum capital requirement. There is no restriction on the transfer of shares. The liability of a shareholder is limited to the amount, if any, unpaid on the shares held.
Ordinary Non Resident Companies
An ordinary non resident company is a Cayman Company with perpetual succession which does not intend to carry on Business in the Islands and, in respect of which the Financial Secretary has issued a certificate designating it to be a non-resident or in the case of an existing company, one which was designated non-resident under the exchange control law prior to its repeal.
Exempted Company
When operations are conducted mainly offshore. Conditions are the same as for an
Ordinary Company except that invitations to the public to subscribe are not permitted.
Companies registered in the Cayman Islands under the Cayman Islands Companies Act enjoy the protection of the Confidential Relationships (Preservation) Law 1976 (Amended 1982) which accords certain tax and secrecy advantages to companies so registered.
Under Cayman Islands Companies Law Exempted Companies:
- Do not have to maintain a register of members (shareholders).
- Do not have to file an annual return and list required for ordinary companies, but has to file an annual return declaration which discloses very little information.
- May not engage in local business in the Cayman Islands.
- May only have one member.
- Must have one director, though need not be Cayman Islands resident.
- The name of the company may be in a foreign language (not English) and need not include the word "limited" or "LTD". Inc, BV, NV, SA and Corp etc. may be used.
- May not invite public in the islands to subscribe for shares.
General Partnership
An association of individuals or corporate entities in which the partners are jointly and severally liable for the debts of the partnership.
Limited Partnership
An association of one more general partners who are wholly liable for the debts of the partnership and one or more limited partners who are liable only to the extent of their capital contribution.
Company Limited by guarantee and an Unlimited Company
These company types are rarely formed.
Bank, Trust and Insurance Companies
Special conditions apply to these forms of company.
Other types
Branch of a foreign company.
Trusts and Mutual Funds.
Sole Proprietorship.
Reporting Requirements
All companies in the Cayman Islands having a capital divided into shares (but not
companies limited by guarantee having no share capital, nor unlimited companies) must file an annual return. Ordinary companies and Ordinary Non resident companies must set out inter alia the names of directors, officers and shareholders, and changes in shareholdings since the date of the last return. Exempted companies have to file an annual return in the form of a declaration which does not require any of the above information but states inter alia that the operation of the company since the last return or since registration have been mainly outside the islands. Foreign companies are exempted from this requirement, they simply pay an annual fee to the Government.
Changes to directors, officers, special resolutions have to be notified within 15 days.
Resolutions for Winding up must be published in the gazette.
All companies are required to keep statutory registers on members, directors and officers and charges.
As at April 1994 there were 27727 companies registered.
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