CAYMAN    ISLANDS

The Cayman Islands are situated in Carribean Sea, in 580 km from Miami, Florida.

The Cayman Islands are the colony of the Great Britain.

The language - English. The population - 30,000.

The main sectors of economy - tourism, finances and offshore custody.

The currency - Cayman Islands dollar CID (rate is fixed on 1.22 CID per 1 USD).

The legislation is based on English Common Law.

1	Advantages	20 year exemption from local taxation A modern Companies Law providing maximum flexibility Bearer shares Confidentiality (The Confidential Relationships (Preservation) Law No filing requirements A well established international banking system
2	Corporate Law	Cayman Islands Companies Law 1960
3	The form of a company	Exempted company, non-resident company, limited duration corporation
4	Permitted activities	All legal activities of the company are permitted
5	Prohibited activities	The following activities require further licensing requirements: Banking (cannot be obtained unless already licensed in another country) Insurance Mutual funds
6	Taxation	20 years guarantee of exemption from tax
7	Incorporation time scale	One day
8	The possibility to buy a shelf company	Yes
9	The name of a Company	Choice of name avaliable. Names which include Royal, Imperial, Empire, Bank, Insurance, Building Society are restricted. Exempted companies do not have to have the qualifier "Limited" in their names.
10	The documents for incorporation	Memorandum, The Articles of Association
11	Who signs the documents of incorporation ?	Registered agent
12	The recommended share capital of a Company	50,000 USD for non-resident companies; 900,000 USD for exempted companies
13	Shares	Bearer shares allowed for exemted company only; no-par value shares allowed.
14	Shareholders: - minimum number - Nominee - shares ownership by trust	One Yes Yes
15	Directors: - minimum number - ethnic origin and nationality - status	One No requirements All rights except those within the exclusive competence of the shareholders (determined by the Articles of Association)
16	Privacy of information about: - beneficiary - banking operations	Yes Yes
17	The necessity  in the territory of incorporation: - registered address - registered agent	Yes Yes, same as office
18	Meetings of: - shareholders - directors	No, for exempted company; yes, for non-resident company (one per year) One per year, can be held by proxy Any place to hold the meetings
19	The requirement of: - the accounting - preparing the annual return - submission of the auditors’ opinion - annual return	No No No Yes
20	The information available upon request of any third parties	No
21	The documents kept in registered office	Statutory records and seal
22	Double taxation avoidance treaties	No
23	Currency control	No
24	Annual government fee	Exempted company - 337 USD ; non-resident company - 287 USD; limited duration corporation - 337 USD