The Trade Register in the Cayman Islands is part of the General Registry. It manages a number of registries, including the ones concerning companies, marriages, death, and births. Its company division has the role of recording all of the new companies registered in the Islands.
The Cayman Islands is a renowned financial center and a large number of companies are included in the Registry each year. The Cayman Islands incorporation
process makes it mandatory for companies to be formally included in the special registry.
The role of the Companies Registry in the Cayman Islands
The Companies Law contains the most important provisions for the control and also for the registration of companies on the territory of the Cayman Islands. The Registrar of Companies sees that the registration requirements, as set forth in the Law, are properly met by all investors who open a company.
Registration is mandatory for partnerships companies and trusts. A set of fees apply for the registration of a company in the Cayman Islands and they will vary according to the type of the legal entity. Penalties for late payments of the annual fees apply. The de-registration of a company, as well as the re-registration, are also subject to fees.
Steps for company registration in the Cayman Islands
The steps outlined below are the basic ones that need to be followed by investors who wish to register a company in the Cayman Islands:
Choose a company name: there are certain requirements in place for companies in the Cayman Islands when choosing the name, such as having the word “limited” included. This rule does not apply to Exempted companies.
Draft the Memorandum and Articles of Association: these constitutive documents set forth the name and type of company as well as its objective, authorized capital, and types of shares and information about its founders.
Submit the documents to the Registry: once all of the constitutive documents are in place, the founders can make the necessary submission with the Companies Registry. The needed fees are also payable during this phase. The approval is usually issued within four days.
Post-registration procedures: included here are opening a bank account (which can also be performed before submitting the registration), applying for any needed permits and licenses and hiring employees.
Our Cayman Islands company formation agents provide complete incorporation services including proper registration with the Companies Registry, registered office services, nominee director and shareholder services and others.
for more information and advice on setting up a Cayman Islands company