Subject to limited exceptions, in order for an individual, partnership or company to conduct business in or from the Cayman Islands, an application must be made to the Trade and Business Licensing Board for the grant of a T&B Licence.
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Entities that do not require a T&B Licence include banks, attorneys, medical professionals, schools and non-profits as these entities are either licensed through the Cayman Islands Monetary Authority, the Cayman Islands Attorney General and Courts, the Health Practice Commission, the Ministry of Education, or another Cayman Islands Government agency or authority.
The T&B Licence fee is payable every year and the application for an annual renewal must be made at least 28 days before, but not more than three months before the date of expiry of the licence. It is an offence to operate a business in the local market with the public of the Cayman Islands without a valid T&B Licence or an alternative licence (unless exempt). Some examples of those that are except include Caymanian fishermen, artists and artisans.
A company wishing to carry on business in the local market, which does not have at least 60% Caymanian ownership, directorship and control, will also require a Local Companies (Control) Licence (LCCL) from the Trade and Business Licensing Board (unless it is otherwise exempted from such requirement). Each LCCL application is considered on its own merit. All relevant forms and information for both LCCL and related T&B Licence applications are readily available online at www.dci.gov.ky. For more information see the Department of Commerce and Investment's page on Cayman Resident:
Incorporation/ Registrationkeyboard_arrow_right
Registration and incorporation of a business in the Cayman Islands is generally carried out by a local licensed service provider. The process is straightforward and most firms also provide additional services including: registered office, nominee shareholders, directors and other officers and management of the company on the instruction of the beneficial owner(s).
Corporate Services Providerskeyboard_arrow_right
Cayman has many businesses which are very experienced and well equipped to supply corporate services ranging from the formation of local or foreign companies or partnerships, other enterprise-wide support, or simply assisting with necessary paperwork.
Independent Directorskeyboard_arrow_right
The Cayman Islands is the leading offshore domicile for hedge funds, and as regulators and investors have placed more stringent requirements on good governance and oversight, so independent directors have taken up the mantel of supporting the asset management industry. The majority of all new hedge funds have at least a majority of independent directors on their boards.
Read MoreOpening a Business Bank Accountkeyboard_arrow_right
Whether you are obligated to have a business bank account will depend on the business structure, however keeping your personal transactions separate from your business transactions is vital to successful record keeping. Here is the process of opening a business bank account in Cayman.
