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The Cayman Islands, which comprises of three islands in the Caribbean Sea south of Cuba, is a British Dependent Territory that was originally discovered by Christopher Colombus. The financial services sector is one of the main industries in the Cayman Islands, and there is a substantial commitment to the continued development of the offshore financial services industry.

The reputation and popularity of the Cayman Islands has increased significantly, particularly in Asia, as it is one of only two offshore centres that is approved by the Hong Kong Stock Exchange for public listings in Hong Kong. The Cayman Islands established its own Stock Exchange in 1997.

Cayman Islands' companies law is based on the English common law. There are two types of Cayman Islands companies: the Exempted and the Non-resident. The ongoing licence fees for a Non-resident Company are slightly less than for an Exempted Company but they must submit a more detailed annual return and as such, have not gained great favour in Asia. The Cayman Islands received a Royal decree in 1798 that would free them from taxes forever and this decree remains in force. Exempted Company names do not have to end with the suffix 'Limited' and may apply for a 20 years tax exemption certificate, further enhancing their tax exempt status. The company name may also be expressed in Chinese characters, so long as its English translation is provided.

In November 2001, a new agreement with the United States (US) for the exchange of information was signed. This provides for the exchange of information, upon request, for criminal tax evasion, civil and administrative matters relating to US federal income. The agreement applies to criminal tax evasion for taxable periods commencing 1 January 2004, and to all other tax matters for taxable periods commencing 1 January 2006

Click here to read Cayman Islands Fact Sheet [PDF File]

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