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FAQ of Cayman company registration

[Q] How long does it take to incorporate a company?
[A] Once we receive the "Company Formation Questionnaire" as well as the information listed under "Company Formation Requirements", a company can be incorporated in a day. It usually takes in the region of a further five to seven days for all of the incorporation documentation to be received from the Cayman Islands Government. Then there is the delivery time - in total, it could take up to 4 weeks for client to receive the complete set of incorporation documents.

[Q]  Do the directors have to be residents of the Cayman Islands?
[A] It is not a requirement that a Cayman Islands company has a resident director.

[Q] How many directors can a company have?
[A] A company can have as few as one director or as many as required, subject to the provisions of the Articles of Association of the company.

[Q]  Do the directors have to hold any meetings in the Cayman Islands?
[A] For exempt companies, the directors are not required to hold meetings in the Cayman Islands at any time.

[Q]  Are there any taxes in the Cayman Islands?
[A] In the Cayman Islands we do not have any corporate tax, personal income tax, inheritance tax or withholding taxes.

[Q]  How easy is it to change shareholders and/or directors?
[A] Shareholders and directors can be changed easily by way of a Directors' Meeting.

[Q] Is a Cayman Islands company required to have a bank account in the Cayman Islands?
[A] A Cayman Islands company is not required to have a bank account in the Cayman Islands. Additionally, if a company does require a bank account, there is no restriction in terms of in which jurisdiction the account is held.

[Q] Is a Cayman Islands company required to prepare annual financial statements?
[A] In accordance with the Companies Law (2001 Second Revision), a Cayman Islands company is not required to prepare annual financial statements as long as it maintains proper books of account with respect to:
(1) all receipts and payments.
(2) all sales and purchases. 
(3) all assets and liabilities of the company.
These books should give a true and fair view of the state of affairs of the company.

[Q] Does the company needs to be audited?
[A] There are no requirements under Cayman Islands law for a company to have its accounts audited unless the company is a bank, insurance company or licensed or regulated mutual fund.

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