Buy an offshore in the Cayman Islands: main advantages
Buying an offshore in the Cayman Islands is an opportunity to start an international business quickly, without delays. In 2020, the jurisdiction was removed from the EU blacklist, and is classified as a territory where international investors can safely operate. At the same time in the Cayman Islands a high level of confidentiality is maintained, which gives additional bonuses to offshore owners.
Taxes of the Cayman Islands
The Cayman Islands is one of the safest tax havens in the world. Unlike many countries, there is no corporate tax here. This makes the jurisdiction an ideal place for companies who want to save money.
In addition to corporate tax, the Cayman Islands levies no direct taxes not only on foreigners, but also on residents. There are no taxes such as:
- income tax;
- on property;
- on capital gains;
- on wages and salaries;
- at the source.
Instead, offshore companies pay an annual license fee to the government treasury. The amount in each case is calculated individually, it depends on the authorized capital.
The Cayman Islands also derive income from a variety of fees. These can be payments related to tourism services, work permits, trade. You also have to pay duties on importation of goods and stamp duty.
Other advantages of the Cayman Islands to buy an offshore:
- English speaking country;
- Stable political and economic situation;
- Renowned financial center;
- World-class banking services;
- Fast transactions;
- Company must have 1 director, 1 secretary, 1 shareholder, the same person can hold all 3 positions;
- Confidentiality - documents, records, ownership information are not in the public domain. Constituent documents do not contain data on shareholders. Information about the directors, officers is in the Registry of companies, but they are not available to the public.
Why it is better to buy offshore than to register from scratch
Regulator registers offshore in Cayman Islands 2022 within 5-6 days after submitting documents. Nevertheless, the procedure is bothersome. It is necessary to collect a huge number of documents, correctly fill out forms. Many papers must be translated not only into English, but also certified by a notary, put the apostille.
The buyer these troubles is deprived. He/she gets a package of documents. Our specialists will take care of all bureaucratic procedures and paperwork. You can buy not only the company, but the bank account. It means that you will not have to fill in numerous documents, go through verification, wait for the approval of the bank. After buying a company, you can start working the very next day.
What you need to know
When buying a company, you can choose from 2 options:
- Take a shelf company that hasn't worked anywhere. It has already arranged documents, clean history, so you can not worry about unpleasant surprises;
- Buy a functioning company - here you need a thorough check.
A company in the Cayman Islands must have an office and a registered agent who will manage the business here, contact with government agencies. Such services can be provided by an individual or a company.
The standard share capital is $50,000, each worth $1. Shares may be issued with or without par value. Bearer shares are permitted, but may be held by an authorized or recognized custodian approved by the Cayman Islands Monetary Authority.
How to buy a business in the Cayman Islands
To buy an offshore company in the Cayman Islands, contact IT-OFFSHORE experts and we will help you.