Cayman Island destinations

The Cayman Islands consist of a grouping of three islands in the Caribbean. The main island- Grand Cayman- can be found at approximately 1100km south of Florida. The three islands have a total area of 260km², the Grand Cayman independently having an area with 200km². The population of three islands is of approximately 30 000 inhabitants the vast majority of which reside on Grand Cayman in which the capital, Georgetown, is situated.

The Cayman Islands undoubtedly are a British colony and great britain retains the right to help legislate. They have a unique statute that has allowed them to become an important Ocean going Financial Centre where all the big banks are established or represented for years. In this jurisdiction there are no income tax or currency exchange controls. Approximately 50 000 agencies, 450 to 500 insurers (most of which are captive of great International groups) and concerning 600 and 700 ocean going banks are incorporated inside Cayman Islands. The islands are an appealing jurisdiction to open offshore banks.

Through the year 2000, the Cayman Government decided to negotiate a “Goodwill” agreement the best way not be listed as ” Non Cooperative Country” by the OECD’s Financial Action Job Force. The name of Cayman Islands was not anymore on the June 2001 report (the new one) probably as a result of negotiations with the FATF. Will this lead to removing bank secrecy and change of tax information while using the members of the OECD? This yet unanswered question leads us not to recommend this jurisdiction as a substitute on a long-term rationale.

However, it’s correct to say this situation will cause no problems whatsoever to our existing clients since the many companies created for them were done with Nominee Shareholders, Nominee Administrators etc. The names in the Beneficiaries are not registered on Public or Personal Records in Cayman Island destinations. Actually, and this is true for all of our tax-optimizing structures, the only entities which know the names with the Clients are the banks themselves, those chosen for the opening of the business accounts. For obvious reasons of confidentiality and assets safeguard we always recommend to purchase a different Jurisdiction for locating the Bank operations of ones newly formed company.

Seychelles

Seychelles International Business Companies are useful alternatives to offshore companies established in jurisdictions like the British Virgin Islands. In December 1994 the Seychelles passed legislation enabling the sign up of International Business Companies, International Trusts and your licensing of International (free) Trade Zone Businesses. More recent legislation covers the licensing of offshore banks, offshore Insurance, mutual funds activities along with the regulating of a securities industry. The new laws were a direct result intensive studies of long established offshore jurisdictions and world-wide trust legislation.

Although not necessarily dissimilar to those with the well-established offshore jurisdictions such as the Cayman, the laws require a most comprehensive, modern and attractive approach to the establishment and process of offshore companies, good funds, offshore banking, ocean going insurance and freeport activities. Seychelles is one in the fastest IBC registrar in the world. The International Business Agencies Act, 1994, governs this operations of offshore businesses. The registration process in Seychelles is easy.

ENTITY TYPE

International Business Companies – IBC
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