History of Cayman's Financial Services
As a well-regulated international financial centre with a stable political environment, a buoyant economy and a growing population, the Cayman Islands offers an ideal environment for businesses to flourish. Cayman's regulatory framework is being continuously enhanced to ensure that the jurisdiction remains aligned with international standards and client expectations. With a well-developed common law system based on English law and a local base of world-class corporate service providers, lawyers and accountants, many international businesses have chosen to incorporate or register here. As a result, the business sector in Cayman continues to grow.
Cayman’s ability and readiness to pivot towards the needs of clients while remaining in line with global standards in financial services is a major reason for its success. Cayman’s tight regulatory framework ensures that it remains aligned and indeed sometimes exceeds international standards and expectations. The jurisdiction continues to demonstrate its commitment to supporting global efforts to fight financial
crime and legislation has developed to meet international demands and
principles of openness and transparency.
With a well-developed common law system based on English law, and with a proliferation of world-class corporate service companies, predictably many companies have chosen to incorporate in Cayman.
Cayman has maintained its edge as being the leading jurisdiction for international hedge funds, as around 85% of the world's hedge funds are currently located here. Cayman is the number one domicile for healthcare and group captives, and is becoming an increasingly attractive destination for reinsurance companies. It continues to excel globally in banking, capital markets, trusts and fiduciary services.
Increasingly, companies are seeing the advantages of doing business in Cayman and are establishing new businesses or relocating part of or their entire existing operation to the jurisdiction. Exempted companies do business internationally and are not permitted to operate and compete with Cayman-owned companies, however, their workers spend money in the local economy and their presence grows emerging economies such as tech, media and IP. The establishment of a Special Economic Zone sought to facilitate this trend in order to increase investment and diversify the economy.
If you wish to incorporate or register a Cayman Islands entity that will conduct business outside of the Cayman Islands, you are required to engage a local licensed service provider to incorporate your company. Below we list details about setting up a business and we direct you to law firms and corporate service companies who can help you. We then discuss other business services which are available in Cayman to support businesses.
