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Asked in Offshore (General) for Cayman Islands

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lowtax.net text says: "The normal minimum capital requirement is KYD42,000, and the minimum capital duty levied on incorporation of a nonresident company and annually thereafter is KYD575." does this mean that an incorporator has to pay KYD42,000 to the government or keep it in a cayman bank or what? thank you in advance for your reply
 
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Posted by Lowtax user on Jan 28, 2012 at 10:35
 

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the amount of the government licence fee charged is correlated to the amount of registered capital of a Cayman company upon formation. for example, a cayman company incorporated with a registered capital of up to CI$42,000 (US$51,219) will need to pay a government licence fee of CI$600 (US$731.71) upon incorporation and the same amount annually from the second year forward. As with most common law jurisdictions, only 1 share (e.g. par value) will need to be subscribed to and maintained in the Cayman company's bank account. for proper bookkeeping and compliance purposes, the original confirmation of paid up capital by the member and copies of accounting records reflecting the paid up capital should be kept at the registered office in the Cayman Islands along with the statutory records of the company.
 
Posted by Lowtax User on Mar 02, 2012 at 02:42
 

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