Moving you, your family and your business to Cayman
This is to help answer the questions we have received about relocation to the Cayman Islands here is some information. There is a lot to get to grips with so this will be spread over several posts.
Setting up the Corporation.
Incorporating in Grand Cayman is neither quick nor easy. We used a local organization called the Cayman Enterprise City (CEC). This organization has an agreement with the government of the Cayman Islands that fast tracks the process to some extent. They govern business permits for the Special Economic Zone which is a class of business operation that covers corporations that do business outside of the Cayman Islands.
The agreement with the CEC is that they will help you through the process and you will fall under the business licensing scheme and share in the benefits of their group health insurance plan as long as you rent a serviced office from them for a number of years. The offices are reasonably priced, well equipped and are in excellent locations, and as a new arrival to the island this arrangement takes a significant amount of pain out of the relocation process. You will have enough hassle with finding a domestic rental and arranging schools if you have children.
There are some excellent private schools on the island (as a foreigner you cannot use the public school system) that will fit most sensible budgets. We have our kids in a school that follows the US high school system but offers the IB as well. There are schools that follow the British system. Some people do send their kids off the island for high school – that takes more money and those people usually have had their kids in school here for a long time and want to give their kids a little wider experience before they leave for college/university.
First, you need to get incorporated – for that you need independent legal help. There are services allied to large law firms that specialize in setting up corporations and helping you through that part of the process. If you are used to compliance exercises (aircraft or otherwise) this is just another certification exercise – We used Solaris which is a part of Solomon Harris – a large local law firm – the CEC will work with whatever legal service provider you choose to use. There are multiple hoops to jump through, checks and declarations, which will take a few days of your time.
Once you re incorporated the CEC will apply for a business license on your behalf. More next post.
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