Cayman Islands Company Registration Procedures and Fees
Unless otherwise indicated, the Cayman Islands company mentioned in this quotation refers to an Exempted Company (limited by shares) formed and registered in accordance with the Companies Law (Revised) (Companies Law) of the Cayman Islands.
Our fees for the formation and registration of an Exempted Company (with standard authorised capital of USD50,000) in the Cayman Islands are USD3,700. The fees quoted include our professional registration service, provision of a registered agent and registered office service for one year and the payment of official filing fees to the Cayman Islands Government. In short, our fees cover all formalities to bring a Cayman Islands exempted company into existence.
For the purpose of registration of an Exempted Company, you will need to provide the proposed name of the company, the amount of registered capital, identity proof, such as passport or Certificate of Incorporation, and address proof, such as utility bill or address of registered office, of each person who will be the shareholder and director and a duly completed Know Your Client form.
The registration of an Exempted Company in Cayman Islands can be completed in around 20 days. With express service, company could be registered within 5 working days.
Following the year of registration and thereafter, you are required to pay an Annual Renewal fee of USD3,350 before 30 November to maintain your Exempted Company in good standing. Kaizen will send our notice of annual renewal to clients 2 months before the due date of payment.
Our fees quoted here do not cover the application for special permit or licence. If your Exempted Company will be engaging in business activities that require licence or permit, Kaizen can provide such services and our fees will be quoted separately.
Important Note: please note that the fees quoted here are for reference only and are subject to change from time to time.
- Cayman Islands Exempted Company Incorporation Fees
Our fees for handling the registration of an exempted company with standard authorised capital of USD50,000 and with standard Memorandum and Articles of Association are USD3,700. In particular, our fees cover the following services:
(1)
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Advices regarding the registration of company in the Cayman Islands;
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(2)
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Name availability search;
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(3)
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Preparation of incorporation documents and forms;
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(4)
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Payment of official filing fee;
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(5)
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Provision of first year registered office service;
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(6)
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Provision of first year registered agent service;
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(7)
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Fee for initial filing of register of ultimate beneficial owners;
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(8)
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One company kit.
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Note:
(1)
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If there are more than two shareholders or/and two directors, an extra service fee of USD200 will be charged for each additional shareholder/director.
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(2)
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Company with a capital of more than USD50,000 will be subject to higher official filing fee; extra service fees will be charged for tailor-made Memorandum and Articles of Association.
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(3)
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Chinese name is available. If Chinese name is required or the readymade purchased comes with a Chinese name, an extra fee of USD400 will be charged.
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(4)
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Our service fee quoted above does not cover courier charge.
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- Other Services (Optional)
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Item
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Description
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Fee (USD)
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1
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Express service (Note 1)
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800
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2
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Name reservation (one week) (Note 2)
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250
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3
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Chinese company name
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400
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4
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Certificate of Incumbency
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650
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5
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Tax Exemption Certificate (Note 3)
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TBA
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6
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Certificate of Good Standing
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650
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7
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Economic Substance Declaration/Filing
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TBA
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8
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Cayman Islands bank account open service (Note 4)
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4,500
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9
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CPA certification of incorporation documents (per set)
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100
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10
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Notarization and legalization for the incorporation documents (Note 5)
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TBA
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Note:
(1)
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Company could be incorporated within 5 days with Express Service. |
(2)
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Further reservation is possible. |
(3)
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Tax exemption certificate protect Exempted Companies, Limited Liability Companies, Limited Partnerships and Trusts in the event that taxation is introduced to the Cayman Islands and may also apply for 20 years tax exemption certificate. |
(4)
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Our services are limited to acting as coordinator between you and the bank in Cayman Islands, providing advices to you regarding the materials required by the bank, preparing some of the documents required by the bank, such as CPA certification and submitting required document to the bank and act as the point of contact to facilitate the opening of the account. We can also assist you to open a corporate account in Hong Kong and Singapore. Fees for this service will be quoted upon request. |
(5)
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Kaizen can arrange to have the registration documents of your Cayman Islands company notarisation by Notary Public and legalisation by the consulate general and designed attesting officers in Cayman Islands. Our fees for these services will be quoted upon request.
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- Payment Terms and Methods
Upon receipt of your confirmation of engagement, we will issue and send an invoice together with the wiring instructions to you for your settlement. When you arrange the payment, please put our invoice number of account number in the message section and then send email a copy of the remittance receipt to us for our records. Because of the nature of service, we require full payment in advance. And once the service is commenced, no refund of service fee will be made.
We accept cash, HKD check, TT and credit card through Paypal. An extra handling fee of 5% will be charged if paid by Paypal.
- Basic Structure of a Cayman Islands Exempted Company
The minimum requirements of an exempted company in Cayman Islands are as follows:
| ?BR> |
One shareholder, one director and one registered office |
| ?BR> |
Shareholder can be natural person or corporation and no restrictions on nationality |
| ?BR> |
At least one natural person be appointed as director |
| ?BR> |
Minimum share capital is USD1; unless otherwise advised, a company will be incorporated with a share capital of USD1 per share
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- Cayman Islands Company Registration Procedures and Time Frame
The registration of an Exempted Company in Cayman Islands normally takes 20 working days in a smooth case. With express, the company can be registered within 5 working days. The following table shows the time required for each of the steps:
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Step
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Description
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Days
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1
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Client places an order for incorporation with Kaizen and provide the documents and information listed in Section 6 to Kaizen by email or post
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Client’s schedule
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2
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Client arranges to have the identification documents of the shareholder(s) and director(s) certified by Kaizen or other attesting officers
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Client’s schedule
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3
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Kaizen performs name availability search and reservation
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1
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4
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Kaizen or its associate in Cayman Islands files the incorporation documents with the Registrar of Companies
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1
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5
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The Registrar of Companies issues the Certificate of Incorporation
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5-10
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6
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The Certificate of Incorporation being delivered to our office
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5
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7
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Kaizen prepares other corporate documents and sends them to client for signing
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1
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8
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Client returns the duly signed documents back to Kaizen by email or post
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1
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9
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Whole process completed; company kit being delivered to Client
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Courier’s schedule
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- Materials Required for Incorporation
Client needs to provide the following documents and information to Kaizen by email or post for purpose of incorporating a company in Cayman Islands:
(1)
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One photocopy of passport and residential addresses proof which issued not more than 3 months and in English (such as utility bill or telephone bill or bank statement) in respect of each shareholder; if shareholder is another corporation, please provide Certificate of Incorporation, latest registered office address proof, latest register of directors, latest register of members and register of ultimate beneficial owners, and the identity and residential address proof of each shareholder or Ultimate Beneficial Owner holding more than 10% of shares in that company; |
(2)
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One photocopy of passport and residential addresses proof which issued not more than 3 months and in English (such as utility bill or telephone bill or bank statement) in respect of each director; if director is another corporation, please provide Certificate of Incorporation and latest registered office address proof documents; |
(3)
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The latest organization chart certified by director for identification of ultimate beneficial owners; |
(4)
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Duly completed Company Incorporation Order Form and CDD Form (Provide by Kaizen);
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The identification documents of the shareholders must be certified by Kaizen, or by a CPA, lawyer or attesting officer. Client can visit any of our offices with the original copy of the identification documents of the shareholder and director for certification.
- Registration Documents Returned to Client after Registration
After the company is officially registered, Kaizen will return the following documents and materials to you for your retention:
(1)
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Original copy of Certificate of Incorporation; |
(2)
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3 printed copy of Memorandum and Articles of Association; |
(3)
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Appointment of First Director, First Board Written Resolution, Registers of Directors, Members and others; |
(4)
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Issued Share Certificates(s); |
(5)
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One signature chop and one Common Seal.
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- Annual Fees for Second and Subsequent Years
The annual maintenance costs for the second and subsequent years of a standard Cayman Islands exempted company (share capital no more than USD50,000) are USD3,350. The annual maintenance costs include annual franchise or license fees, annual registered office and registered agent fee. Annual renewal fees are due for payment before 30 November every year.
In addition to the abovementioned annual maintenance fees, the International Tax Co-Operation (Economic Substance) Act came into effect 1 January 2019 requires legal entities to report and file relevant information about the business annually. For the company conducting business activity in the scope of Relevant Activities, it requires to demonstrate a degree of economic substance within the Cayman Islands in order to prevent profit shifting. Services fee USD500 will be charged for data collection, uploading and submission of information. If the company conducts business activity in the scope of Relevant Activities, the company requires to file Economic Substance Report annually. The extra reporting fee will be depended on the type of Relevant Activities.
References
[ BVI Business Company Incorporation Procedures and Fees]
[ Marshall Islands IBC Incorporation Procedures and Fees]
[ Summary of Features of Cayman Islands Exempted Company]
[ Cayman Islands Brief Introduction]
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