Generally speaking, there are five types of companies in the Cayman Islands:
1, Cayman local company.
Local companies are also called resident companies. A local company registered in Cayman Islands must have one shareholder and at least one director. The company must hold an annual general meeting of shareholders every year. Local companies in the Cayman Islands need to register with the company and submit an annual report detailing the company's shareholder data every year. The register of shareholders and members is kept in the registered office of the Company in Cayman Islands for public inspection.
2. Cayman non-resident companies.
Except that you must apply to the Financial Secretary of Cayman Islands for a certificate to prove that it is a non-local company, the registration and management of non-local companies are subject to the same laws as local companies. The Financial Secretary will issue a certificate under the following circumstances:
(1) The applicant company does not conduct business in the Cayman Islands.
(2) The applicant company does not intend to conduct business in Cayman Islands.
Non-local companies can be converted into exempted companies upon application.
3. Cayman Islands tax-free company
The registration procedures and requirements of exempted companies in Cayman Islands are the same as those of local companies. A tax-exempt company needs at least one director. Exempted companies cannot conduct business in the Cayman Islands unless these businesses directly contribute to the company's overseas business. In addition, the exempted company cannot invite the people of Cayman Islands to subscribe for its shares or bonds. Exempted companies are not allowed to hold land in the Cayman Islands unless approved by the Financial Secretary of the Cayman Islands.
4. Cayman Limited Liability Company.
Broadly speaking, the limited liability company (LLC) in Cayman Islands is similar to that in the United States. LDC combines the advantages of limited liability of limited liability company and easy management of limited liability company. The provisions of the Companies Ordinance governing exempted companies also apply to companies with time limits, except for the following:
(1)LDC must end its company name with a limited duration company or LDC;
(2) Like a partnership company, a limited-time company must ensure that there are two members (shareholders);
(3) A company with a term must clearly indicate in its articles of association that the term of validity is 30 years or less.
(4) A joint stock limited company may restrict the transfer of shares or members' rights and interests in its articles of association, or the transfer shall be subject to the consent of all members and shareholders. At the same time, it is stipulated that the management of the company should be delegated to the members of the company.
(5)LDC can become an indefinite company by deleting the word "LDC" in the company name. A company with a term can also amend its articles of association to make it valid for more than 30 years.
5. Overseas companies
(1) definition of overseas company
An overseas company refers to a company registered in a country or region outside the Cayman Islands, but also has a business address or business in the Cayman Islands. If a company intends to hold land in the Cayman Islands, it must be registered as an overseas company (foreign company) according to Part 1 1 of the Cayman Islands Companies Ordinance.
An overseas company must clearly state the name of its foreign company and the name of its place of registration in all its official documents. In addition, it must clearly display the name of the foreign company and the name of its place of registration at its place of business. If a foreign company is a limited liability company, it must state this in all official documents.
(2) Procedures for registering overseas companies in Cayman Islands
To apply for the establishment of an overseas company in the Cayman Islands, the following documents must be submitted:
1) Copy of the Articles of Association, if notarized by the government or notary lawyer of the place where the company is registered. If the company's memorandum and articles of association are not written in English, a certified translation is required.
2) List of directors certified by key management personnel of the company. The list of directors shall include the names, addresses and occupations of directors.
3) One or more Cayman Islands residents as authorized representatives. And provide the name and address of the representative.
If there is any change in the above documents, the overseas company must notify the Companies Registry within 2 1 day.
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