Offshore Incorporation (Cayman Islands)
We set up your Cayman Islands exempted company from Singapore and handle the yearly filings that keep it in good standing, with the Singapore side planned from the start.
What Is a Cayman Islands Exempted Company?
The Cayman Islands is a British Overseas Territory in the western Caribbean. Financial services and tourism are the two main pillars of its economy.
The Exempted Company is the most prevalent type of corporation in the Cayman Islands. It is registered under the Cayman Companies Act by a company whose objects will be carried out mainly outside the Islands. Unless it holds a licence, it cannot carry on a trade or business in the Islands except in furtherance of its business outside them. However, the corporation may enter into contracts and exercise all relevant rights in the Cayman Islands in connection with its business activities conducted outside the Islands.
Key Benefits
- No minimum capital requirement
- Shares with a nominal value or no par value, and capital in any currency
- No company secretary required
- One shareholder, who can also be the director
- No income, corporation or capital gains tax in the Cayman Islands
- No annual general meeting required
- The annual return is a short declaration, not a set of accounts
- The register of members is not open to public inspection
- We can help with Singapore bank account applications where possible; the bank decides
Who a Cayman Exempted Company Suits
The usual reasons are holding and neutrality rather than trading:
- One company to hold overseas investments or subsidiaries when the owners live in different countries
- Joint ventures where the parties want a company law that none of them is based in
- Investor-led structures and funds; an investment fund may also need to register with the Cayman Islands Monetary Authority
If the business will be run from Singapore, a Singapore company is often simpler: IRAS taxes income from a business carried on in Singapore wherever the company is incorporated. We can incorporate a Singapore company instead, or set up both.
What We Handle for Your Cayman Company
Incorporation
Name, share capital, memorandum and articles, and the declaration that the company will operate mainly outside the Islands. The registered capital sets the band for the annual fee.
Registered office
Cayman law requires an exempted company’s registered office to be at the address of its licensed company manager in the Islands. Your company has one from day one.
January filings
We take care of the annual return, the annual fee and the economic substance notification each January.
Economic substance
A company with a relevant activity, such as holding company business, must meet the test and file a return. We confirm the category each year.
Directors and owners
We keep the register of directors and the beneficial ownership register up to date.
The Singapore side
Help with Singapore bank account applications where possible (the bank decides), a Singapore tax review by our corporate tax team, and company secretary support for any Singapore company it owns.
Your Yearly Filing Calendar
| What | When | Goes to |
|---|---|---|
| Annual return and annual fee | January each year | Registrar of Companies |
| Economic substance notification | With the annual return | Through the General Registry |
| Economic substance return | Within 12 months after the financial year end (relevant activities only) | Tax Information Authority |
| Changes of directors | Within 30 days of the change | Registrar of Companies |
Want the full picture? Our guide to setting up a BVI or Cayman company from Singapore compares the two and covers Singapore tax on offshore income. Weighing the BVI instead? See our BVI business company page.
Singapore Tax and Banking: What to Know First
The Cayman Islands has no income tax, so Singapore’s rules decide the result. Income from a business carried on in Singapore is taxed here, and foreign income received in Singapore by an entity located here is taxable (IRAS). Under section 10L, gains on selling foreign assets, such as shares in an overseas company, can also be taxed when a group entity without adequate economic substance in Singapore receives them here.
On bank accounts, the bank decides: MAS Notice 626 requires it to identify the individuals who ultimately own a company and understand its ownership structure, with enhanced checks for higher-risk customers.
How We Set Up Your Cayman Company
- Tell us the planWhat the company will do, who owns and runs it, and where it will bank. We quote once we understand the structure.
- Due diligenceCayman law requires beneficial owners to be verified from reliable sources, such as government-issued documents.
- RegistrationThe memorandum and articles go to the Registrar of Companies with the declaration that the company will operate mainly outside the Islands.
- First filingsDirectors appointed, shares issued, the register of directors filed and the bank application started where possible.
Documents You Will Usually Need
- A certified copy of the passport of each director, shareholder and beneficial owner
- Proof of residential address for each of them
- An ownership chart that ends with the individuals at the top
- A short description of the business and where it will operate
- Evidence of the source of funds
- For a corporate shareholder: its certificate of incorporation, constitution and register of directors
Excellence Singapore is an ACRA-registered corporate service provider that has supported more than 4,000 businesses since 2013.
Set Up Your Cayman Exempted Company
Tell us what the company will do and where it will bank, and we will confirm whether a Cayman company fits and quote for the work.
Frequently Asked Questions About Cayman Company Formation
Usually a certified passport copy and proof of address for each director, shareholder and beneficial owner, an ownership chart up to the individuals, a short business description and evidence of the source of funds. We confirm the list once we understand the structure.
Every January it files an annual return, pays the annual fee and submits an economic substance notification. A company with a relevant activity also files an economic substance return within 12 months after its year end. It must keep proper books of account for at least five years.
We can help with Singapore bank account applications where possible; the bank decides. Banks here must identify the individuals who ultimately own a company, so a clear reason to bank in Singapore, a simple ownership chart and evidence of the source of funds help.
It can be. Singapore taxes income from a business carried on here, and foreign income that an entity located here receives in Singapore. A foreign business not operating in or from Singapore can remit foreign income without Singapore tax. Our tax team can review how this applies to you.
The register of members is not open to public inspection. The Registrar keeps a list of current directors that anyone can inspect for a fee. The beneficial ownership register is open to the authorities and to members of the public who show a legitimate interest.
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The incorporation form is specifically for Singapore (SG) incorporation. For any other types of incorporation, please feel free to reach out to us for a different incorporation form.
Incorporation FormNeed A Hand? We Got You
