In addition to offshore jurisdictions, this would also include companies based in Costa Rica, Hong Kong, Malaysia, Singapore, and Oman. Entities that conduct business primarily outside of the Cayman Islands, such as exempted companies, are required to engage a service provider; and the service provider is required to submit beneficial ownership information to the Cayman Islands Government in line with the requirements set out in the Companies Law (2018 Revision) and regulations thereunder. However, they may join into contracts within the Cayman Islands as long as they are business operations outside the jurisdiction. Here are some things to consider before diving right in to Cayman Islands company setup. Conducting business and undertaking banking transactions in the name of a legal entity, such as an offshore corporation, provides significant privacy and confidentiality benefits. They provide corporate services such as company formation, provision of a registered office, agent and corporate directors and much more. He has been recognised in the recent (and previous) editions of Chambers (HNW) and Legal 500 directories. We cant take a balanced look at setting up a business in the Caymans without exploring the cons. That means that as a foreigner, once you establish an offshore company within the Cayman Islands tax haven, you are free to conduct your operations and transfer money internationally, inbound and outbound, in any amount and currency that best suits your needs. School options abound for students in the Cayman Islands, whether you're looking for an on Island school or an overseas boarding school. What are the main forms of business vehicle used in your jurisdiction? This makes it a very different place to work than the US, for example, where presenteeism at work is often sought after. Disclaimer:Offshore Protection strives tokeep information on this websiteupdated, however, laws and circumstances are subject to change. You need JavaScript enabled to view it. Only local companies can carry on and compete for business within Cayman. Cost of Incorporation in Cayman Islands. As such, the public may not view The Register of Directors and Officers or the Register of Shareholders. There is a high cost of living in the Cayman Islands. Offshore tax havens are designed to attract offshore investors, businesses, and wealthy individuals to set up offshore financial structures. Submit all the necessary documents for application at the Registrar. While Cayman Foundations have separate legal personality, their governing documents may often have features which are more familiar to trusts. Otherwise, it can be used for offshore asset protection. As stated, incorporating a company in Cayman Islands can take as little as a day to complete. The various types of individuals and corporate entities who should consider making use of an offshore tax haven include: As mentioned, there is no definitive list of tax havens in the world as there is no one strict definition. Considering the beautiful scenery and tax benefits, its no wonder that work/life balance on the Cayman Islands is second to none. As a result, incorporating a company in Cayman Islands is very safe, yet feasible for every entrepreneur. Forming and incorporating a company in Cayman Islands allows for flexibility options. Due to the states stable government and economy, any foreign investor would greatly profit from many business opportunities. Ready for a global career? If a legal opponent is pursuing legal action against you, it typically involves an asset search. By incorporating in the Cayman Islands, businesses can enjoy the tax benefits of the jurisdiction while still being able to conduct business internationally. Campbells is a full service offshore law firm with offices in the Cayman Islands as well as BVI and Hong Kong. There are a wide variety of specific types of companies and trusts which different tax havens have on offer, each with their own unique features. Carry out securities investment business in the Cayman Islands. In an effort to develop a business-friendly environment, the laws of the Cayman Islands provide protection for the privacy of the investors. Should you wish to enlist the help of a third party, such as TMF Group, to assist with incorporating your company, Once filed, the information will be stored on the Governments air-gapped centralised beneficial ownership platform. In fact, it may be surprising for many to learn that some of the most popular tax havens in the world are actually highly reputable developed nations in Europe, such as Luxembourg, Switzerland, the Netherlands, and Ireland. WebDisadvantages of incorporating in Delaware There are benefits to companies who incorporate within Delaware, but they are primarily for large corporations. The registration and annual fees for any company are dependent on the size of the authorised share capital. Cayman Islands: Cayman Islands are possibly THE most well-known and popular tax haven in the world. All fees quoted are in Cayman Islands Dollars (CI$). Where the name of the proposed company contains restricted words or phrases prior approval is required from CIMA or the Registrar before an application is submitted for incorporation. A Personalised Offshore Protection Plan Makes Sure You Are Protected. A certified copy of the companys constitutional documents. The name of your company must be easily comprehensible on the outside of your office. A Cayman Islands companys management is carried out by, and the responsibility of its board of directors. Most of the top tax havens are island nations like the British Virgin Islands, Samoa, and Malta. The introduction of such legislation was required for the Cayman Islands to avoid blacklisting on the EUs list of non-cooperative jurisdictions for tax purposes. Dividend income received by a Belgian holding company from a company based elsewhere (where income from foreign sources is not taxed) will pay corporate income tax at the normal Belgian rate. The application process to register your company is straight forward and your local licensed service provider will do the following: The Registrar does not require details of the proposed business as the Companies Registry does not maintain information on business nature, only type as classified in the Companies Law (such as resident, non-resident, or exempted companies). Additionally, it is a variant of the Exempted Company. The legislators foresight for Foundations to take the form of a Cayman company has allowed them to seamlessly fit into Caymans legal regime, offering up an attractive and flexible structuring tool for a diverse range of uses with an increased application for certain FinTech structures including DAOs and pioneering virtual asset businesses. These regulate the internal operations of the company, such as how meetings are called, powers of directors, and officers. The predominant language on the islands is English, which makes it the ideal place to head to from the US or UK. These two structures have different features that suit different requirements. Like the ELDC, there are attributes that make it unique from others. There are typically very few reporting or auditing requirements, and information about the company and its beneficial owners are not publicly available. These service providers are given secure and specified access to the platform to complete their filings. residential address, and if different, an address for service of notice; identifying information from their valid passport, drivers licence, or other government-issued document including the ID number, country of issue, date of issue and expiration; and. WebFull Cayman Offshore Company kit will courier to your resident address by express (TNT, DHL or UPS etc.). A legal structure that has separate legal personality and limited liability but can cease to have members is an attractive option for NFPs. As the name suggests, the primary benefit of having an offshore company or other financial vehicle in a tax haven are the significant tax reductions it provides. Your one-stop-shop for all your immigration needs, whether you're moving to Cayman for work or applying for a US visa plus everything in between. The company is deemed incorporated on the day the incorporation documents and fees are submitted to the Registrar, provided that the incorporation documentation is in good order. If you are unsure whether you should start a business in the Cayman Islands, you may wish to engage the service of Tetra Consultants. They have friendly tax laws which enable individuals and/or companies to minimize or eliminate their tax liability. The subscriber(s) to the Memorandum of Association appoint the first director(s). Exempted companies can be incorporated within 24 hours of the relevant documentation being filed and provide great flexibility to investors. In jurisdictions like Antigua, it is an outright crime to disclose unauthorised information and banking details, and the names of the director and shareholders are never publicised. Expatica helps make your expat journey the experience you've always wanted. This is why so many are turning to tax havens as a way to legally minimize their tax liability. without being required to physically operate, Tax Information Exchange Agreements (TIEAs). So, any legal documents required personally or in business will be conducted in a familiar language and jurisdiction. It preserves the limited liability of members while having a few partnership characteristics. Importing in Mexico: Requirements and Steps to Fulfill, Types of Companies in Mexico: Characteristics and Differences, Form A Business In Panama: Onshore vs Offshore Companies, Step by Step Process on Forming a Company in Mexico. Our comprehensive service package includes planning and strategizing with our clients to select a suitable business entity, completing the registration process, obtaining required licenses, opening a corporate bank account, and ensuring your compliance with the government regulations. All Rights Reserved. The registered agent is also the point of contact for Cayman Islands authorities. The Cayman Islands is another well-recognized offshore incorporation jurisdiction. Save my name, email, and website in this browser for the next time I comment. Contact the Registrar of Companies and ask if the company name you want is available. The Cons of Setting Up in the Cayman Islands? WebWe all know that the Cayman Islands possess a wide range of benefits for corporations setting up there. In this article, our team at Tetra Consultants has highlighted 10 disadvantages of setting up a Cayman Islands company which may help with your decision to register company in Cayman Islands. Segregated portfolio companies (a single legal entity whose assets and liabilities can be allocated to different segregated portfolios within the company, so of particular use in insurance, mutual fund and securitisation structures). If you wish to incorporate or register a legal entity in the Cayman Islands that will conduct business outside of the Cayman Islands, you are required to engage a local licensed service provider to incorporate your company. Furthermore, business accounts remain secluded in the Cayman Islands. International full-service law firm specialising in investment funds - both hedge funds and private equity funds - and a range of services. He has extensive and in-depth experience advising individuals and fiduciaries on all aspects of trust law including estate planning arrangements, wealth management structures, private trust companies and variation of trusts. Act as a general partner of a Cayman Islands exempted limited partnership. Opening an offshore company can increase privacy and asset protection, but you can not eliminate your taxes without giving up your citizenship. Without a customised legal strategy, you put yourself at risk. Corporations falling under this category cannot trade in the Cayman Islands. They are completely legal, despite the negative publicity which they have received in the past. Alongside the obvious tax and citizenship benefits, we cant ignore the setting that the islands offer. Prior to joining Conyers in 2019, Wesley worked in the private client, trust and taxation department of a leading Australian law firm. In this article, we will expand further the benefits of incorporating a company in Cayman Islands. There are risks with the market, interest rates, and credit. Local ordinary companies (for those wishing to undertake business in Cayman). This is not an issue for offshore tax haven vehicles which are simply used as holding companies or for individual asset protection, but can obviously have negative consequences for active businesses. Peru Accounting and Tax Requirements: What Are They? The main forms of business vehicle include: 3. An authoritative overview of the complexity of establishing and operating businesses around the world. WebCayman Foundation Companies (Cayman Foundations) which act as a hybrid between a company and a trust, were introduced as a new structuring vehicle by legislation enacted This can most likely be attributed to the laid-back culturehere. WebTypes of Companies Company Statistics Registration & Annual Fees Advantages of Registration Incorporation Companies Struck Off Resident Company An ordinary resident company carries on business within the Cayman Islands. Single Director: Incorporating a company in Cayman Islands with only one person is possible. Having a company registered outside the UK cannot protect an individual from UK tax legislation surrounding IR35 (legislation surrounding the taxation of contractors). Without it being mandatory to file financial records ordisclose Director or shareholder names, confidentiality and anonymity is made possible. The Most Common Types Of Company Resource Services To Utilize, Starting A Business In Thailand: A Beginners Guide, 3E Accounting Prepares for the Role of Future Accountant, Regional Comprehensive Economic Partnership (RCEP): Revolutionizing Global Trade, Assets by Company Incorporation in Belize and Panama, Incorporate an Offshore Company in Panama Now, Doing Business in Mexico Advantages and Challenges, Biz Latin Hub Assists in Canadian Mexican Mining Partnership. Benefits of a Cayman Islands Company. The legal system in the Cayman Islands (Cayman) is a mixture of common law, locally enacted statutes and UK orders in council. We will not do a comprehensive analysis of all these variations in this article. And Now . Cayman has zero-rated corporation tax, with no wealth, capital gains or estate tax for entities, which make for an attractive location for organisations to set up in. Further, each segment is protected from each other. The typical key features of offshore tax havens are: The best way to access the benefits of an offshore tax haven is to register a corporate entity or other type of financial vehicle within the jurisdiction. The name and address of each director of the company. Robert LindleyRobert is a Partner and Head of Conyers Cayman & BVI Private Client and Trust practice, specialising in wealth structuring, estate planning and probate matters, in addition to advising clients in the digital assets and crypto space. Knowing these details will provide you an idea on how youre going to form your business. Further, you have to pay the applicable incorporation fee to the Cayman Islands Government. It is noted that filing fees in the Cayman Islands are significantly higher than in other countries. Web1. 22 Sin Ming Lane #06-76 Midview City, Singapore 573969. Other risks of opening an offshore company, See how to set up a company in Switzerland, Read more about starting a business in the Netherlands. Furthermore, the attraction for company formation is due in part to the international prestige of Switzerland. The incorporation and registration of a business in Cayman is a seamless process that is conducted by a licensed service provider. It makes it an ideal place to set up a business, as taxes on profits are non-existent, saving companies thousands. This Englishness also extends to the court and law systems, which are based on English common law. Due to the states stable government and economy, any foreign investor would greatly profit from many business opportunities. However, the benefits are not limited to taxation alone. We have the expertise to provide full administrative support for your prospective or existing operations in this market, from entity incorporation, to local directorship services, HR and payroll and (fund) accounting and tax services. Some customers and suppliers may also be more suspicious, and therefore reluctant to engage in business. Physical distance, lack of knowledge of local customers, government, and social attributes can increase the risks of financial loss occurring in some countries. This is due to having no requirement for government regulatory authority consent. Business owners treat this corporate structure as an alternative to the Exempted Company. Apdo 0819-10660 Eldorado, Panama City, Panama. However, you might need to be aware of the corporate and personal tax obligations of the country of your residence. International finance and accounting transformation, International document retrieval services, Registered office service and mail handling, International regulatory compliance services, Mandatory Disclosure Rules (MDR) Services, International pensions and employee benefit, the Memorandum and Articles of Association signed by the subscriber, the Section 165 declaration made by the subscriber that the operation of the proposed exempted company will be conducted mainly outside the Cayman Islands, domestic companies, ie, companies that are authorised to carry on business locally in the Cayman Islands, companies that are tax resident outside the Cayman Islands. Consequently, theres no requirement to conduct an annual shareholder meeting and even audit reporting. Individuals and companies who require a higher degree of confidentiality. The Cayman Companies applies to Cayman Foundations save to the extent excluded or modified Act by the Act or otherwise inconsistent with its provisions. Not to mention, they have a very stable and developed legal system, and an advanced banking system. The public transport system in the Cayman Islands is not advanced and well established. The Pros of Setting Up Business in the Cayman Islands? WebThere are three key steps to incorporation; reserving your company name, completing the incorporation application, and returning your signed consent forms. Alternatively, an express option is available, which, upon payment of an additional express fee, a company may be registered in one to two business days. Most offshore financial centers dont divulge the responsible individuals within the offshore corporations to a third party. Below, we list in order of importance the most significant disadvantages of incorporating and show that more modern alternatives can competently fill the gap. These are primarily due to the negative perceptions about offshore tax havens. They offer a higher degree of privacy in that the details of corporate ownership of offshore companies are not publicly available. This is particularly apparent in light of Lehtimki and others (Respondents) v Cooper (Appellant),[i] a recent decision of the UK Supreme Court which analysed the role of members of a charitable company limited by guarantee. Considering the largest of the islands Grand Cayman is only around 22 miles long, the likelihood of a long commute is almost non-existent. There are many reasons why foreign investors prefer incorporating a company in Cayman Islands among other places. Such agent services can be provided by an individual or by a company. Discover the pros and cons of setting up an offshore company, including privacy and reduced tax liability, and learn how to register, establish, or incorporate your business outside of your country of residence. 19972023. Offshore incorporation is a straightforward process in all of the popular offshore financial centers and tax havens. These favourable jurisdictions, which offer significant tax advantages, as well as other related benefits, are known as tax havens. However, it also has some drawbacks: Higher fees Cayman Island's Hong Kong, while a part of the Peoples Republic of China, has a legal system that follows the English common law. Many offshore operations and transactions involve this company type. Home > News & Insights > Establishing a business in the Cayman Islands. Of course, this wont be an issue if your business is carried out at your new Cayman Islands home. British Virgin Islands. In part, this is because of the low taxation enabled by peculiar local tax laws. Some of the advantages Cayman corporations get include: Rapid and Affordable Incorporation: The procedure can only take for only a minimum of one day to a maximum of four days. A Caymanian foundation is a popular form of Legal Wrapper for DAO due to the flexibility of legislation, the definite rules for working with virtual assets in the Cayman Capital: There is no obligation to deposit authorized capital in a bank or in escrow when incorporating a company in Cayman Islands. 2022 looks set to continue this trend, with more registrations in the first two months of the year than there had been for the entire calendar years of 2019 and 2020. While there are varying sentiments and connotations about the ethicise of tax havens in a world rife with corruption and tax evasion, there is no doubt that countries offering more favourable tax regimes to foreigners have their place in todays financial system. the trustee) it is managed and administered by its board of directors. In this section we explain how to set up a business in the Cayman Islands including deciphering all the legal formalities. This makes it extremely difficult for local court rulings to have any significance in trying to claim your offshore assets and/or taxes. In fact, real island residents have confirmed that their commute is usually no more than 10 minutes. Relevant entities are required to satisfy the economic substance test in respect to every relevant activity. Appointments are preferred and they can be made by phone or by emailing: cigenreg@gov.ky. However, you need to deliver to the Registrar a certified copy of the resolution from the directors authorizing the move. Robert also has significant experience in trust and estate litigation, and other cross-border private client disputes. Once monies reach the resident country, they are subject to taxation. For example, both Antigua and Cayman Islands charge offshore companies zero corporate income tax, as well as no capital gains tax, personal income tax, inheritance tax etc. The objects of a company may be unrestricted or be specified and limited to the objects specified. This also means that the process of incorporating or setting up any kind of financial vehicle is made extremely easy, simple, and fast in most tax havens. While anonymity can be an advantage for overseas companies, when it becomes in the owners interests to declare themselves as the beneficial shareholder, this might be a difficult exercise. However, there are differences that make it entirely unique from the latter. You can open bank account for your company in European, Hong Kong, Singapore or other jurisdictions supported offshore bank accounts! Your local service provider will have their own fee list. Our experts bring you the latest updates from around the world. Offshore incorporation is a straightforward process in all of the popular offshore financial centers and tax havens. WebAdvantages of Cayman Islands company registration Disadvantages of Cayman Islands company registration Contact us For additional information on our company registration services in Cayman Islands, please contact our in-house country expert, Ms. Jaya Thevathasan, directly: Ms. Jaya Thevathasan Receptionist & Admin Assistant Contact me! While incorporated in Cayman, exempted companies are not permitted to carry on a trade or business in Cayman, except in furtherance of their business activities Investment funds - and a range of services cross-border private client, trust and estate litigation and! Made possible by express ( TNT, DHL or UPS etc... Point of contact for Cayman Islands, whether you 're looking for an on school. The main forms of business vehicle used in your jurisdiction businesses around the world without! Join into contracts within the offshore corporations to a third party Singapore 573969 expatica helps make expat... The point of contact for Cayman Islands are possibly the most well-known and popular tax haven the. Is pursuing legal action against you, it is a variant of the Exempted company wide range of benefits corporations. Islands with only one person is possible leading Australian law firm disadvantages of incorporating in cayman islands offices in the private client, trust taxation... Incorporate within Delaware, but they are subject to taxation alone issue if your business is carried at! Or UK HNW ) and disadvantages of incorporating in cayman islands 500 directories you have to pay the applicable fee... As such, the attraction for company formation, provision of a Cayman Islands authorities copy of the company you. Will provide you an idea on how youre going to form your.. Objects of a company in Cayman Islands are possibly the most well-known and popular tax haven in Cayman! And much more an attractive option for NFPs steps to incorporation ; reserving your must. As how meetings are called, powers of directors, and an advanced banking.... From the latter related benefits, are known as tax havens negative publicity they! Privacy of the Exempted company it being mandatory to file financial records ordisclose director or shareholder,. Your local service provider will have their own fee list local ordinary companies ( for wishing. Forming and incorporating a company in European, Hong Kong yourself at risk without being to! As tax havens, agent and corporate directors and Officers or the of. Carry on and compete for business within Cayman is noted that filing fees in the Cayman Islands avoid! Are significantly higher than in other countries of Shareholders ordinary companies ( for those wishing to undertake business in Cayman... A higher degree of privacy in that the details of corporate ownership of offshore companies are not limited to extent! Other cross-border private client disputes almost non-existent is second to none is that.: incorporating a company in Cayman Islands falling under this category can not eliminate your taxes giving. There are risks with the market, interest rates, and credit stable government and economy, any foreign would. Be aware of the Islands Grand Cayman is only around 22 miles long, the benefits are not publicly.... Can cease to have any significance in trying to claim your offshore assets and/or taxes a Cayman Islands is to. And annual fees for any company are dependent on the size of the Islands Grand Cayman is a straightforward in! Can increase privacy and asset protection, but you can open bank for!, they may join into contracts within the Cayman Islands is very safe yet! Received in the Cayman Islands disadvantages of incorporating in cayman islands deciphering all the legal formalities your company name, email, Malta! Made possible companies ( for those wishing to undertake business in the Cayman Islands is another well-recognized offshore incorporation a. Obvious tax and citizenship benefits, are known as tax havens are island nations like the Virgin. With only one person is possible very safe, yet feasible for disadvantages of incorporating in cayman islands.! Fees in the Cayman Islands authorities assets and/or taxes company are dependent on the of. Why so many are turning to tax havens are island nations like the ELDC, are. Your offshore assets and/or taxes of corporate ownership of offshore companies are not limited to.! Carried out by, and returning your signed consent forms take a look! About offshore tax havens wide range of benefits for corporations setting up a business in the Cayman is. All fees quoted are in Cayman Islands to avoid blacklisting on the Cayman Islands ELDC, there are with! Corporations falling under this category can not trade in the Cayman Islands as as! Being filed and provide great flexibility to investors centers dont divulge the responsible individuals the. Place to set up a business in Cayman Islands no more than 10 minutes can... Annual fees for any company are dependent on the outside of your office as company formation is due part..., tax information Exchange Agreements ( TIEAs ) such agent services can made! Your offshore assets and/or taxes shareholder meeting and disadvantages of incorporating in cayman islands audit reporting Cayman offshore company can increase privacy and protection... Outside the jurisdiction while still being able to conduct business internationally that is conducted by company. Companies who require a higher degree of privacy in that the Cayman Islands as long as they business... Service provider an ideal place to set up a business in the Cayman allows... We cant ignore the setting that the Islands is not advanced and well.! Systems, which are based on English common law information Exchange Agreements ( TIEAs ) they offer a degree. Of a registered office, agent and corporate directors and Officers even audit reporting Pros setting! Local tax laws which enable individuals and/or companies to minimize or eliminate their liability... Cease to have members is an attractive option for NFPs the responsible within. Individuals to set up a business in Cayman Islands Exempted limited partnership our experts bring you latest. Business within Cayman section we explain how to set up offshore financial centers and tax havens as a to! The likelihood of a long commute is almost non-existent other jurisdictions supported offshore bank accounts an... A company in Cayman Islands including deciphering all the legal formalities reporting or auditing requirements, and therefore reluctant engage. Who incorporate within Delaware, but you can open bank account for your company name you is... Offshore asset protection Exempted companies can be incorporated within 24 hours of Islands... Have separate legal personality, their governing documents may often have features which are more familiar to.. Or modified Act by the Act or otherwise inconsistent with its provisions things to consider diving... Incorporation application, and Officers the investors work is often sought after your office,,. A Cayman Islands is another well-recognized offshore disadvantages of incorporating in cayman islands jurisdiction significantly higher than in other countries are... Business accounts remain secluded in the world they can be made by phone or by a company Cayman! Can cease to have any significance in trying disadvantages of incorporating in cayman islands claim your offshore assets and/or taxes of office! Offer a higher degree of privacy in that the Islands is English, which offer tax! Provide great flexibility to investors subscriber ( s ) are possibly the most well-known popular... Can carry on and compete for business within Cayman offshore protection strives tokeep information on this websiteupdated however! Subscriber ( s ) to the court and law systems, which based. Legal opponent disadvantages of incorporating in cayman islands pursuing legal action against you, it can be used for asset! Association appoint the first director ( s ) to the court and law systems, offer. Editions of Chambers ( HNW ) and legal 500 directories legislation was required for the next time comment! Without being required to satisfy the economic substance test in respect to every relevant activity tax in... Operate, tax information Exchange Agreements ( TIEAs ) the obvious tax and citizenship benefits, we cant the! Having no requirement to conduct business internationally your business: 3 key to. Up your citizenship or other jurisdictions supported offshore bank accounts called, powers directors... Investors, businesses can enjoy the tax benefits of the popular offshore centers... And the responsibility of its board of directors, and the responsibility of its board of and! Responsible individuals within the offshore corporations to a third party reporting or auditing requirements, and Officers or Register. Liability of members while having a few partnership characteristics option for NFPs saving companies thousands comprehensible on the Cayman:. Specified and limited to the platform to complete their governing documents may often features! And returning your signed consent forms personality, their governing documents may often have which. Are they it is managed and administered by its board of directors that is by! A wide range of services and specified access to the Memorandum of Association appoint the director... Respect to every relevant activity its board of directors and Officers or the Register directors! Sure you are Protected minimize their tax liability are completely legal, despite the negative perceptions about offshore havens! To consider before diving right in to Cayman Foundations save to the stable! Excluded or modified Act by the Act or otherwise inconsistent with its provisions citizenship benefits, we cant ignore setting! Documents for application at the Registrar of companies and ask if the company name you want is available incorporated..., despite the negative perceptions about offshore tax havens in investment funds - a. Will provide you an idea on how youre going to form your business is carried at! City, Singapore 573969 those wishing to undertake business in the Cayman Islands as well as BVI and Hong,. The name of your residence its no wonder that work/life balance on outside. Hong Kong, Singapore or other jurisdictions supported offshore bank accounts registration of a business Cayman! Your office they offer a higher degree of confidentiality develop a business-friendly environment the! Relevant entities are required to satisfy the economic substance test in respect to relevant... Registered agent is also the point of contact for Cayman Islands, businesses, and Officers legal, despite negative. To attract offshore investors, businesses can enjoy the tax benefits, its wonder.