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Cayman Islands (Exempt)

Status: British Overseas Territory
Area, sq.km: 259
Population: 35 500 (2001 July)
Capital: George Town
Business language: English
Currency: Caymanian Dollar (KYD)
Location: Caribbean Islands between Cuba and Honduras
Time zone: GMT - 5

Advantages: Well-established offshore jurisdiction, Sophisticated legal and banking infrastructure
Disadvantages: Minimum 1 annual meeting of directors should be hold in the Cayman Islands.
Company status: Exempt company
Corporate legislation source: The Companies Law, 1960
Company name: The words of "Bank", "Trust", "Insurance", "Guarantee", "Consalty", "Royal", "Imperial", "Empire", "Municipal", "Chartered" and Co-operative" must be licensed prior to the registration.
Time required for incorporation: 3-5 weeks
Minimum number of directors: Min. 1 of any nationality
Usual minimum capital: 42 000 CI$
Are accounts required: Not required
Minimum number of shareholders: 1
Type of shares: Registered or bearer / No par value
Annual tax and duties: 410 CI$
What information is available on the public file: Registered office, registered agent, Memorandum & Articles of Association, Directors.
Non-public information: Shareholders
Registered Office: Local registered office is required by law
Registered Secretary/Agent: Local registered agent is required by law

COMPULSORY COSTS (payable prior to incorporation)

Incorporation fee: 500 USD
Notarial certification: 200 USD
International authentication (Apostille): 200 USD
Legal expenses, filing fees and stamp duties: 430 USD
Issuing of share certificates and initial minutes and forms: 120 USD
Corporate seal: 50 USD
Courier fees: 50 USD
Subtotal: 1550 USD
Registered office and registered agent: 1400 USD
Annual tax and duties: 410 CI$
Subtotal: 1400 USD + 410 CI$
Total: 2950 USD + 410 CI$

* The annual fees for the first year of the company's existence are payable prior to incorporation. Subsequently the amount of 1400 USD + 410 CI$ is payable annually beginning from the 1st of January of the year following the year of incorporation. Non-payment of the annual fees results in deletion from the Companies Registry.

The amount of 2950 USD + 410 CI$ includes the following services: formation of the company, duties payable to the local authorities for the incorporation of the company, Certificate of Incorporation with Apostille, provision of Memorandum Articles of Association authenticated by Registrar, Appointment of First Directors with Notary Public authentication, Share Certificates, initial minutes, provision of registered office and registered agent for 1 year, annual tax for the 1st year, two company seals, luxury leather corporate kit, courier delivery to Laveco office. The price contains no hidden costs!

Nominee Director (private person): 690 USD
Nominee Director (corporate body): 195 USD
Nominee Shareholder: 195 USD
Power of Attorney: 390 USD
Notarial Certification: 95 USD
Certificate of Good Standing: 395 USD

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