Should I register my business in the Cayman Islands?

Should I register my business in the Cayman Islands?

Cayman’s company registration law requires all businesses to register with the Cayman government for permission to operate within the islands. As a requirement of registration, all companies must have at least 60 percent Cayman ownership or provide goods and/or services that are deemed essential to the country.

Is it legal to set up a company in Cayman Islands?

The Cayman Islands has an excellent legal, fiscal, financial and professional environment for the incorporation of international business companies. The jurisdiction is a world-leading offshore financial services jurisdiction.

How do I dissolve a Cayman?

A Cayman Islands company can be dissolved by the appointment of a liquidator or it can be dissolved without such appointment if the company is struck off the register as a result of an application to the Registrar of Companies for the purpose.

How do you strike off in Cayman company?

The Companies Act sets out the simple procedure to strike a company from the Register. The directors sign a declaration confirming the company has no assets or liabilities and request the Registrar to strike the company from the Register.

Why are companies registered in the Cayman Islands?

Business owners in the Cayman Islands will not have to pay either corporate or personal income taxes while they are also free of taxes on gains and profits from investments. In addition, there is also no property tax. These benefits make the Cayman Islands an attractive place to set up a business.

Can I move my company to the Cayman Islands?

Basically, you can now move a small service business to Cayman, get a work permit and residency visa in a few days, and be up and running immediately. There are no requirements to hire a certain number locals or buy a home. All of the red tape has been eliminated for qualifying businesses setting up in approved areas.

How long does it take to liquidate a Cayman company?

The dissolution process takes approximately six to eight weeks to complete and given potential delays at the Registrar of Companies with the December rush, starting the liquidation process by the end of September 2021 is advisable.

How long does a voluntary strike off take?

It takes at least three months for a limited company to be struck off the Companies House register. Once the completed DS01 form has been submitted and assuming all the details are correct, Companies House will send acknowledgement in the post.

Why do people set up company in BVI?

A BVI company can be incorporated quickly, with a flexible organisational structure and minimal financial reporting requirements. BVI companies are ideal for startup companies as they can be operated from anywhere in the world and there are no restrictions on where a BVI company can carry out its business.

How to dissolve a solvent company in the BVI?

The BVI Business Companies Act 2004 (the Co m panies Act) provides two ways to dissolve a solvent company incorporated in the BVI (the Company), namely: to complete a voluntary liquidation process, with dissolution occurring immediately thereafter; or

When does a company get struck off the BVI Register?

Pursuant to subsection (3)(b) of Section 213 of the BVI Business Companies Act, 2004, NOTICE IS HEREBY GIVEN that the Companies in the following list will be struck off the Register in accordance with subsection (10)(a)(i) of Section 213, within forty-five days from the date of this notice, Company Name & Number Strike off Notice Date

Can a company recover from liquidation in the BVI?

In such cases, the BVI court has indicated that the restoration will only be granted where matters that should have been dealt with as part of the liquidation have been overlooked (assets remaining) or have subsequently arisen unexpectedly. An application to restore a company that wishes to resume trading or commence a new business is unlikely.

What happens when a company is dissolved in the UK?

Where a company has been dissolved an application can be made to the British Virgin Islands court within 10 years of the dissolution to declare the dissolution void and restore the company to the Register.