If you are looking for an offshore destination to incorporate a company in, you should know that there is competition between the countries trying to offer the best conditions to investors. There are two sides to the decision: the first one, which can be considered the “bad” one, is that the more the choices, the harder the decision. The good side is that we can offer a solution: the Cayman Islands. And below you can find what recommends it.
The quick setup procedure
Offshore entities are associated with a quick registration procedure, and if you choose to set up an offshore company in the Cayman Islands, this is exactly what you will get: you can have it incorporated in 2 days, provided all the documents are complete and correct. In this case, you may want to consider professional help, such as that of BridgeWest Cayman Islands, because who can assist you better if not someone who is there?
Well-reputed business destination thanks to the legal system
Operating an international company, such as an offshore one, means you will need to comply with specific regulations. The Cayman Islands rely on the English Common Law, which is reassuring for all parties involved: you, as the owner, your clients, and even financiers, if you ever need funding.
Business forms designed for international operations
There are several legal entities from which you can choose if you open an offshore company in the Caymans; however, the preferred one is the Exempt Company, which incorporates all the needs of an international enterprise:
- no minimum capital requirement;
- no residency condition for the shareholders and directors;
- privacy through beneficial ownership, meaning only the local authorities will have access to the shareholders’ information.
Apart from this type of entity, there are also the private limited liability company, which is used worldwide, and the Segregated Portfolio Company, which enables the division of assets and liabilities within the same business form.
Taxation – the main reason to set up an offshore company
In terms of taxation, the Cayman Islands is often portrayed as tax neutral. What does this mean? The authorities here do not impose income, capital gains, wealth, or withholding taxes on you as a shareholder.
When it comes to the company, if you register it as an exempt entity and apply for the Tax Exemption Undertaking, which grants up to 20 years of no local levies.
Access to professional services
As an offshore business owner who cannot travel to the Cayman Islands on a daily basis, relying on professional support is essential. And that is what you will find there: specialists in the financial sector who can help you ensure the smooth running of your operations from a fiscal point of view.
Speaking of finances, in the Caymans you will also find more than 40 of the largest banks in the world operating there, so you have where to choose from when it comes to safekeeping your money.
Have these advantages convinced you to choose the Cayman Islands to set up an offshore company? If not, get in touch with those professionals mentioned above who will definitely convince you!
