The process of incorporation may differ based on the type of company you intend to start.
Memorandum of Association
This sets forth the name, registered office, objectives of the company, the type (resident, non-resident, or exempted), the authorized capital and type of shares, names, addresses and signature of the subscribers and the number of shares taken by subscriber, name and signature of witness and the date of execution.
Articles of Association
These regulate the internal operations of the company, such as how meetings are called, powers of directors, and officers.
CIMA approval is required where companies are formed to enter into regulated business (e.g. banking, insurance, etc.). Where the name of the proposed company contains the words “bank” or “insurance” or their derivatives, CIMA approval is required for registration.
Stamp duty of $50 is paid upon registration.
Registrations on CBP
Registrations of ordinary resident (local) companies (having a share capital) without a licensed service provider as its registered office may be submitted on the Cayman Business Portal (“CBP”) www.cbp.ky The Registry will continue the acceptance of registrations by email until 30th September 2021 after which all applications will be required to be submitted on CBP.
The Registry will continue the acceptance of registrations by email until 30th September 2021 after which all applications will be required to be submitted on CBP.