Incorporation

How to Incorporate

The most convenient way to incorporate a company in the Cayman Islands is to engage one of the professional firms licensed for this purpose. These firms can provide such services as: registered office; nominee shareholders; directors and other officers; and management of the company on the instruction of the beneficial owner(s).

Basic information required for incorporation is a set of Memorandum and Articles of Association subscribed by the proposed shareholders and accompanied by the relevant incorporation fee and revenue stamps. Where an application is in respect of an exempted company, an affidavit duly signed and notarized must be enclosed.

The Memorandum of Association sets forth the objects of the company (which can be restricted or, more commonly, allow the company to carry out any object not prohibited by law), the name of the company, type of company (whether resident, non-resident, or exempted), the authorized capital and type of shares, names and addresses of the subscribers, the date of execution of Memorandum, and registered office

The Articles of Association regulate the internal operations of the company, such as how meetings are called, and powers of directors and officers.

There are a number of restrictions on the naming of companies. The name of a new company must not resemble that of an existing company, must not contain words suggesting royal patronage or such words as “bank”, “trust”, “insurance”, “assurance”, “chartered”, “company management”, “mutual fund”, or “Chamber of Commerce” unless the necessary licenses under relevant laws have been obtained. It is recommended to check the availability and acceptance of a name with the Registrar in advance of preparation of the Memorandum of Association, and to reserve a name for a company to be formed later.

There are well-established mechanisms for co-operation with law enforcement agencies, both locally and overseas, to assure the highest standards of probity throughout Cayman’s financial industry. Within this framework, protection of the legitimate interests of clients is safeguarded. The Registrar is able to release on enquiry the name, type of company, the date of registration, the address of its registered office, and the status of the company. Except where assistance to law enforcement agencies to combat illicit activity is mandated or authorized, disclosure of information by government officials, professional agents, attorneys and accountants and their staffs is prohibited.

Last Updated: 2011-12-29