Cayman Islands Companies - Basic Principles

INTRODUCTION

The Cayman Islands have a modern Companies Law based on previous English statutes but with significant additional features to provide the choice and flexibility of vehicle required by international business. There are three basic types of company capable of registration: the ordinary company, the ordinary non-resident company and the exempted company.

TYPES OF COMPANIES

Ordinary Companies

The company must have at least one shareholder of record and at least one director. An annual general meeting must be held once each year.

The company may carry on business from the moment of issue of its certificate of incorporation. It may (but is no longer required to) have a common seal and has corporate legal personality and perpetual succession.