Trade & Business Licensing

TRADE & BUSINESS LICENSING

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 (T&B Board) for the grant of a T&B Licence. The T&B Licence fee is payable every year and the application for 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 exempted). A company wishing to carry on business in the local market with the public of the Cayman Islands, which does not have at least 60% Caymanian ownership and control, will also need to obtain a Local Companies (Control) Licence (LCCL) from the T & B Board (unless it is otherwise exempted from such requirement). Each LCCL application is considered on its own merit and all relevant forms and information for both LCCL and related T&B Licence applications are readily available online at www.dci.gov.ky.

Incorporation/Registration 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. This is a seamless process and most firms also provide these services: registered office, corporate administration, directors and other officers and management of the company on the instruction of the beneficial owner(s). Online registration is now available and accessible through local licensed service providers. This is a secure access and not available to the public. Read on to see a list of top firms under Corporate Services. It should be noted that persons wanting to register an ordinary resident company (also referred to as a “resident company”) may apply for registration directly. Information is available at www. cbp.ky or by contacting the Registrar of Companies on (345) 946 7922, or by visiting the General Registry, Ground Floor, Government Administration Building, 133 Elgin Avenue, George Town.

Application Process Your locally licensed service provider will contact the Registrar of Companies and ask if the company name you want is available and then they will prepare the following documents (but other documents may be required based on the type of company you are incorporating):

a) Memorandum of Association; b) Articles of Association. The Registrar does not require details of the proposed business for the registration of a new company, only the type of company being registered (such as resident, nonresident, or exempted company). The fees for incorporation vary depending on the type of company and share capital. For a typical resident company with a share capital of less than CI$42,000, the fee is CI$300 and for an exempt company, the minimum fee would be CI$600. Your local service provider will have their own fee list. The company is deemed incorporated on the day the incorporation documents and fees are submitted to the Registrar, provided that the incorporation documentation is in good order. The processing time is approximately five to eight business days, unless submitted on an express basis (an additional fee of CI$400 applies to express processing) in which case, the application will be processed within 24 hours during business days.

FG Services Limited Company & Partnership Formation

Economic Substance and Board Support Services Intellectual Property Agents (Trademarks, Copyright, Patent & Designs)

T] 345 -815-2800 F]345-947-4728 E]cayman@francisgreylaw.com W]www.francisgreylaw.com 72 Market Street, Camana Bay Company Registry Fees The registration and annual fees for any company are dependent on the size of the authorised share capital. Also worth noting is that annual fees and annual returns are due in January of each year, but the Companies Registry is under no obligation to notify the company that the fees are due. If these fees are not paid by the 31st March (of each year), they begin to accrue penalties up to 100% of the fee.

Every company is responsible for paying these annual fees and filing the returns. If it has not been paid nor filed, the company is subject to being struck off the register after being in default for one year. If the company had assets at the time it was struck off, those assets will become the property of the Government of the Cayman Islands. If you were to overlook the fact that annual fees and returns were due, there is a risk that a company could be struck off without your knowledge. This is one of the benefits of using a locally licensed service provider, as they will process the annual paperwork and remind you of the amount and timing of annual fees. They will also keep you informed of regulatory updates and reporting obligations that apply to certain Cayman entities. The fees payable for these services are substantially lower than the costs of making an application to reinstate a company in circumstances where it has been struck off.

Accounting & Auditing Firms Accounting firms in the Cayman Islands provide a broad range of advisory, administrative, risk management, auditing and consulting services that are specifically tailored to Cayman’s well-regulated business environment. Each year more than 60 professional accountants move to Cayman and begin a two year contract, many working in the audit industry. Every major audit firm is represented here in Cayman, including ‘the Big Four’ but we also have an incredible inventory of second tier accounting firms, each of which offer a unique environment with its own specialty areas and culture.The

Cayman Islands Institute of Professional Accountants (CIIPA) was formed in 1970. As a full member of IFAC, CIIPA facilitates trust and confidence in the Cayman Islands and the accounting profession through knowledge, resources, advocacy and regulation. The institute’s strategic objectives focus on influence, growth, relevance, and excellence. Visit www.ciipa.ky, email: admin@ciipa.ky or call (345) 749

3360. SEE AD PAGES 66 & 370

Baker Tilly (Cayman) Ltd. Governors Square, 23 Lime Tree Bay Avenue Tel: (345) 946 7853 Email: info@bakertilly.ky www.bakertilly.ky Baker Tilly (Cayman) Ltd. is an independent member of Baker Tilly International and is a leading firm of Chartered Accountants and Business Advisors in the Cayman Islands. They provide a wide range of services to companies domiciled in the Cayman Islands, in particular mutual funds and captive insurance companies registered with the Cayman Islands Monetary Authority.

BDO Cayman Ltd Governors Square, 23 Lime Tree Bay Avenue Tel: (345) 943 8800 Email: mail@bdo.ky Deloitte 2nd Floor, One Capital Place, Shedden Road & 4th Floor, Citrus Grove, Goring Avenue Tel: (345) 949 7500 www.deloitte.com/ky

EisnerAmper Cayman Ltd. Century Yard, Cricket Square, 171 Elgin Avenue Tel: (345) 945 5889 Email: bleung@eisneramper.ky www.eisneramper.ky EisnerAmper Cayman Ltd. are approved by the Cayman Islands Monetary Authority to audit hedge funds, private funds, captive insurance companies and trust companies. They are experts at conducting audits under International Standards on Auditing and US GAAS. Their focus is on financial service companies and commercial companies. They audit pro-bono the Cayman Islands Red Cross, Cayman Chamber of Commerce and Cayman Finance.

EY 62 Forum Lane, Camana Bay Tel: (345) 949 8444

McGrath Tonner is a full-service law firm offering advice and solutions to the local and international market.

- Incorporations for companies and partnerships - Immigration advice and appeals - Registered office - Directorships - Nominee services

- Vessel registration - Trade & Business and operational licensing - Special Economic Zone at Cayman Enterprise City

5th Floor, Genesis Building, Genesis Close | PO Box 446, Grand Cayman, KY1-1106, Cayman Islands Tel: (345) 949 2740 or (345) 623 2740 | Fax: (345) 949 0073 | info@mcgrathtonner.com | www.mcgrathtonner.com

Grant Thornton Cayman 2nd Fl, Century Yard, Cricket Sq, George Town Tel: (345) 949 8588 Email: info@ky.gt.com

KPMG SIX Cricket Square, George Town Tel: (345) 949 4800 Email: kpmg@kpmg.ky Provides audit, tax and advisory services.

PwC 18 Forum Lane, Camana Bay Tel: (345) 949 7000 Email: caymanrecruiting@ky.pwc.com

Rawlinson & Hunter Windward 1, Regatta Office Park, West Bay Rd Tel: (345) 949 7576 Email: mail@rawlinson-hunter.com.ky

Corporate Services The following are a few of the locally licensed corporate service providers who can assist you with the incorporation process. The usual fee for their services is between US$750–US$1,750, excluding Government filing fees. The other services they offer include: the provision of a registered office; maintenance of statutory registers; handling of annual returns; drafting resolutions and minutes; providing certified documents; getting documents apostilled and notarised; updating the register of officers, shareholders and directors; maintaining the minute book; assisting with corporate restructuring; revisions to the memo and arts, and some also provide director services.

Campbells Tel: (345) 949 2648 www.campbellslegal.com Campbells Corporate Services Limited (CCSL) holds an unrestricted trust licence issued by the Cayman Islands Monetary Authority and provides a full suite of company management and trust services to local and offshore clients. Carey Olsen Willow House, Cricket Square, Elgin Avenue Tel: (345) 749 2000 Email: cayman@careyolsen.com www.careyolsen.com CO Services Cayman Limited is a whollyowned subsidiary of Carey Olsen in the Cayman Islands and is regulated by the Cayman Islands Monetary Authority as the holder of a corporate services licence (No. 624643) under the Companies Management Act (as revised). Services include company, LLC and limited partnership formations, registered office and entity dissolution services. SEE AD PAGE 51

Cayman Management Ltd. Tel: (345) 949 4018 Fax: (345) 949 7891 Email: enquires@caymanmanagement.ky www.caymanmanagement.com Cayman Management provides a comprehensive range of corporate and administrative services including company incorporation and management, fund establishment and independent director services, captive insurance management through their affiliate, yacht and aircraft registration services - all with a personal, time responsive touch. SEE AD PAGE 75

Collas Crill Corporate Services Limited (CCCS) 2nd Floor, Willow House, Cricket Square, GT Tel: (345) 949 4544 Email: cayman.enquiries@collascrill.com www.collascrill.com CCCS provides a number of legal and corporate administration services including company formation, registration and ongoing maintenance. Their team have extensive knowledge and understanding of the Cayman Islands regulations and are able to help clients navigate the ever-changing environment practically and efficiently. Their offering also includes regulatory services and client solutions on the Anti-Money Laundering regime and

FATCA/CRS. SEE AD PAGE 169

FG Services Limited Tel: (345) 815 2800 Email: cayman@francisgreylaw.com www.francisgreylaw.com FG Services Limited (FG) is the corporate services affiliate of FrancisGrey, Attorneysat-Law. FG provides company and partnership formation, registered office, economic substance, board support and intellectual property services. FG is a licensed Corporate Services provider and a registered Intellectual Property Agent (Trademarks, Copyright,

Patent & Designs). SEE AD PAGES 68 & 73

Foreshore Corporate Services 5th Fl, Queensgate House, South Church St Tel: (345) 949 7366 Email: info@fcs.ky www.rc.com.ky/foreshore.html Ritch & Conolly’s regulated affiliate, Foreshore Corporate Services Ltd., provides corporate management services, including incorporation of companies, registration of overseas companies, registered office and administrative services. The firm also handles related immigration work including work permits and applications for the grant and renewal of Trade and Business Licences.

SEE AD OPPOSITE PAGE

HSM Corporate Services Ltd. 68 Fort Street, George Town Tel: (345) 949 4766 Email: corporate@hsmoffice.com www.hsmoffice.com HSM provides corporate services in a responsive, timely and cost-effective manner. Their services include incorporation of companies (including Special Economic Zone companies), assisting in establishing bank accounts, preparing and filing applications to the Registrar of Companies and the handling of re-domiciliation and transfer of

companies. SEE AD PAGES 65, 103 & 125

McGrath Tonner Corporate Services Limited Tel: (345) 623 2740 Email: info@mcgrathtonner.com www.mtcscayman.com McGrath Tonner provides responsive, efficient and professional corporate services to local and international clients. Affordable solutions for company and partnership formation, registered office, secretarial services and vessel registration. SEE AD PAGE 69

Ogier Global 89 Nexus Way, Camana Bay Tel: (345) 949 9876 Email: cayman@ogier.com www.ogier.com Ogier Global offers integrated legal and corporate administration services where they incorporate and administer a wide variety of vehicles. They are known for their focus on corporate governance, regulatory compliance and data integrity. Their highly experienced and responsive team of technical experts focus on providing the highest level of personal service while delivering commercial solutions in the most efficient way.

Sinclair Corporate Services Tel: (345) 743 2626 Email: info@sinclairsoffshore.com www.sinclairs.com.ky The dynamic and rapidly growing Sinclair Group offers practical, responsive and cost effective Cayman business solutions. It is registered as a trade mark agent and licensed by CIMA to undertake corporate and directors services. Contact them for company formations, registered office, company secretarial, compliance officer appointments and directors’ services, ship registrations, as well as notarial and legal services through experienced English qualified lawyers.

Travers Thorp Alberga 2nd Floor, Harbour Place 103 South Church Street, George Town Tel: (345) 949 0699 Email: info@traversthorpalberga.com www.traversthorpalberga.com Company formations, registered offices, company secretary and director services, and general corporate and commercial matters.

SEE AD PAGE 117

Waystone Suite 5B201, 2nd Fl, One Nexus Way Camana Bay Tel: (345) 949 2777 Email: clientsolutions@waystone.com www.waystone.com Waystone is a leading company management and corporate administration services firm that provides a full suite of services in order to establish companies in the Cayman Islands. Their key services include: Registered office, company incorporation, dissolution services, proxy agent, a permanent office and accounting

services. SEE AD PAGE 43

Legal Services & Attorneys-At-Law Cayman’s top legal firms are internationally known, solution driven and client focused. These global players are able to attract the top lawyers from London to Hong Kong, even from London’s magic circle firms. Most of Cayman’s top firms specialise in corporate and international finance law, focusing on investment funds, capital markets and structured finance. Cayman law firms are also internationally renowned for advising top asset managers and institutional investors from around the world, as well being involved in high level international insolvency and restructuring deals.

Appleby Appleby Tower, 71 Fort Street, George Town Arka 1st Fl, Appleby Tower, 71 Fort Street, GT Tel: (345) 916 1440 or 326 6261 Email: info@arka.ky or www.arka.ky

Bedell Cristin 18 Forum Lane, Suite 5305, 3rd Fl, Camana Bay Tel: (345) 949 0488 Email: caymanenquiries@bedellcristin.com www.bedellcristin.com Bedell Cristin advises international and domestic clients on all aspects of Cayman Islands law. The firm’s sector expertise includes funds, regulatory and compliance, insurance, banking, trusts, corporate, restructuring insolvency, local business licensing, immigration, real estate and wills and probate.

SEE AD PAGES 40 & 107

Boddens Building 6, 2nd Floor, Governors Square 23 Lime Tree Bay Avenue

Corporate Management Services

• Registered office; • Incorporation of Local, Exempt and Special Economic Zone Companies; • Registration of overseas companies; • Trade and Business and operational Licensing; • Assisting in the establishing of bank accounts for corporate clients; • Legalisation, notarisation and apostilling documents and • Dissolution and Striking off of Companies

+1 345 949 7366 info@fcs.ky www.rc.com.ky/corporate-services

5th Floor, Queensgate House, 113 South Church Street, George Town PO Box 1994 Grand Cayman KY1-1104 Cayman Islands

Tel: (345) 943 0303 or (345) 623 0303 Email: hello@boddens.ky www.boddens.ky Boddens, through Bodden & Bodden and Bodden Corporate Services Ltd, offers highly personalised legal and corporate services. Boddens specialises in real estate, immigration—including permanent residency by investment, wills and estates, aircraft and shipping, financing, and corporate and commercial matters, and provides company management, business licensing, and intellectual property services.

Broadhurst LLC 40 Linwood Street, George Town Tel: (345) 949 7237 Email: info@broadhurstllc.com

Campbells Floor 4, Willow House, Cricket Square, GT Tel: (345) 949 2648 www.campbellslegal.com Campbells is a leading offshore law firm established over 50 years ago. From their offices in the Cayman Islands, the British Virgin Islands and Hong Kong, they provide comprehensive corporate and litigation advice and services to clients worldwide in relation to Cayman Islands and British Virgin Islands law.

SEE AD PAGE 170

Carey Olsen Willow House, Cricket Square, Elgin Avenue Tel: (345) 749 2000 Email: cayman@careyolsen.com www.careyolsen.com Carey Olsen is a full service offshore law firm. Their lawyers in the Cayman Islands combine a global perspective with deep local knowledge. The team has been hand-picked to bring together leading specialists in investment funds, corporate and commercial, finance, insolvency, dispute resolution, trusts, private wealth and local business licensing.

SEE AD PAGE 51

Collas Crill 2nd Floor, Willow House, Cricket Square, GT Tel: (345) 949 4544 Email: cayman.enquiries@collascrill.com www.collascrill.com Collas Crill is an offshore law firm with offices in Cayman, BVI, Guernsey and Jersey advising both local and international clients in a full range of legal services. SEE AD PAGE 169

Conyers SIX, 2nd Floor, Cricket Square, GT Tel: (345) 945 3901 Email: cayman@conyers.com

Dentons 3rd Floor, One Capital Place, GT Tel: (345) 745 5000 Email: info.ky@dentons.com

Forbes Hare Suite 2201, Cassia Court 10 Market Street, Camana Bay Tel: (345) 943 7700 Email: cayman@forbeshare.com

FrancisGrey Suite 2206, Cassia Court, Camana Bay Tel: (345) 815 2800 Email: cayman@francisgreylaw.com www.francisgreylaw.com FrancisGrey is a specialist Corporate and Commercial Cayman Islands law firm. The firm provides services in the areas of investment funds, banking and finance, intellectual property, regulation, trusts and private client, family law, conveyancing and employment law.

SEE AD PAGES 68 & 73

Harneys 3rd Fl, Harbour Place, 103 South Church Street Tel: (345) 949 8599 Email: cayman@harneys.com

HSM 68 Fort Street, George Town Tel: (345) 949 4766 Email: info@hsmoffice.com www.hsmoffice.com HSM is a full-service law firm and their lawyers advise on the principal areas of corporate and commercial litigation, insolvency, property, private client and trusts. They have specialist lawyers handling business establishment in the Cayman Islands and related employment, Kobre & Kim Suite 3207, 9 Forum Lane, Camana Bay Tel: (345) 749 4000 www.kobrekim.com

Loeb Smith 5th Fl, Zephyr House, 122 Mary Street Tel: (345) 749 7590 Email: info@loebsmith.com www.loebsmith.com Loeb Smith is an offshore corporate law firm which delivers high quality Partner-led professional legal services to investment fund managers, in-house counsels financial institutions, onshore counsels, banks, companies, and private clients to find successful outcomes and solutions to their day-to-day issues and complex, strategic matters.

SEE AD PAGE 41

Maples Group Ugland House, South Church Street, GT Tel: (345) 949 8066 www.maples.com The Maples Group, through its leading international law firm, Maples and Calder, advises global financial, institutional, business and private clients on the laws of the British Virgin Islands, the Cayman Islands, Ireland, Jersey and Luxembourg. With offices in key jurisdictions around the world, the Maples Group has specific strengths in areas of corporate commercial, finance, investment funds, litigation and trusts.

McGrath Tonner 5th Floor, Genesis Building, George Town Tel: (345) 623 2740 Email: info@mcgrathtonner.com www.mcgrathtonner.com McGrath Tonner is a full service law firm serving the local and offshore market: Litigation and dispute resolution, corporate law, matrimonial and family law, wills and probate, trusts, real estate conveyancing, immigration, judicial review, employment, criminal litigation, licensing and debt collection. SEE AD PAGE 69

Mourant 94 Solaris Avenue, Camana Bay Tel: (345) 949 4123 Email: caymanislands@mourant.com

Ogier 4th Floor, 89 Nexus Way, Camana Bay Tel: (345) 949 9876 Email: cayman@ogier.com or www.ogier.com Ogier is a leading law firm advising on Cayman, BVI, Guernsey, Jersey and Luxembourg law. Ogier has had a presence in the Cayman Islands for over 25 years. Legal services for the corporate and financial sectors form the core of its business, alongside private wealth, local legal services and integrated corporate administration services.

Phoenix Legal 20 Genesis Close, The White House, George Town, Grand Cayman Tel: (345) 929 4701 Email: lisa@phoenixlegal.ky www.phoenixlegal.ky Phoenix Legal specialises in family practice law: adoption and children’s legal arrangements, divorce, guardianship and receivership applications, pre and post nuptial agreements, protection from domestic violence, wills, probate and administration applications.

SEE AD PAGE 121

Priestleys Attorneys-At-Law 2nd Fl, Caribbean Plaza, 878 West Bay Road Tel: (345) 946 1577 Email: info@priestleys.ky

Ritch & Conolly LLP Attorneys-At-Law 5th Fl, Queensgate House, South Church Street Tel: (345) 949 7366 Email: info@rc.com.ky

Sinclairs 3rd Floor, Genesis Building Genesis Close, George Town Tel: (345) 743 2626 Email: info@sinclairsoffshore.com www.sinclairs.com.ky Sinclairs is a boutique law firm of Englishqualified lawyers with over 20 years’ experience in the Cayman Islands. Practical, cost-effective advice and representation is offered in: litigation and insolvency, corporate and commercial transactions, IP and employment law. Sinclairs is a registered trademark agent and licensed by CIMA to undertake company incorporations and the full range of corporate services. Notarial services also offered.

Stuarts Walker Hersant Humphries Kensington House, 69 Dr. Roy’s Drive, GT Tel: (345) 949 3344 Email: info@stuartslaw.com

Symons & Symons 4 Tropic Centre, 18 Earth Close Tel: (345) 745 7529 www.symonsandsymons.com

Travers Thorp Alberga 2nd Floor, Harbour Place 103 South Church Street, George Town Tel: (345) 949 0699 Email: info@traversthorpalberga.com www.traversthorpalberga.com TTA advise on all types of offshore entities including hedge funds, private equity, corporate and partnership vehicles, asset and structured finances, cryptocurrencies and ICO’s, capital markets, general corporate and commercial matters, and private client. In addition, their matrimonial department deals with family law including divorce, financial provision, child custody and cross border asset tracing.

SEE AD PAGE 117

Walkers (Cayman) 190 Elgin Avenue, George Town Tel: (345) 949 0100 Email: info@walkersglobal.com www.walkersglobal.com Walkers provides legal, corporate, fiduciary, regulatory and compliance services to global corporations, financial institutions, capital markets participants and investment fund

managers. SEE AD PAGE 39

Legal Befrienders 87 Mary Street, 2nd Floor Apollo House West Tel: (345) 945 8869 or www.frc.gov.ky Free legal advice is offered on issues such as domestic violence, divorce and immigration at the Legal Befrienders Clinic every Tuesday from 5pm-6.30pm. You can either call or visit the Clinic where qualified attorneys offer advice on a walk-in, first come first serve basis.

Independent Directors - Cayman 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, independent directors have taken up the mantle of supporting the asset management industry. In 2014, the Cayman Islands Monetary Authority (CIMA) introduced its Directors’ Registration Act. In 2020 the Cayman Islands Government approved important amendments to the Private Funds Act 2020 and the Mutual Funds Act 2020 that will increase the number and categories of closed-ended and open-ended Cayman investment vehicles required to register with the Cayman Islands Monetary Authority (CIMA). These laws require

Corporate & Commercial Law Specialists Investment Funds Banking & Finance Financial Services Regulation Trusts & Private Client Conveyancing Employment Law

T] 345 -815-2800 F] 345-947-4728 E] cayman@francisgreylaw.com W] www.francisgreylaw.com

Suite 2206, Cassia Court 72 Market Street, Camana Bay P.O. Box 32302 , CI, KY1-1209

more fund administration, Director oversight, audit requirements and general regulatory oversight to a large number of previously unregistered Investment Funds.

Most new hedge funds have at least a majority of independent directors on their boards, many of whom are seasoned professionals based in Cayman. A few well known firms of independent directors based in Grand Cayman include the Carne Group, Cayman Management, HighWater, ICG Management Limited, Waterstone, Waystone and law firms, such as the Maples Group, Ogier and Walkers.

Cayman had come under pressure from institutional investors and overseas regulators (such as the International Organisation of Securities Commissions (IOSCO)) to enhance its regulatory regime in relation to governance and anti-money laundering monitoring. By taking these steps Cayman stays competitive with Dublin and Luxembourg, as it seeks to strike a balance between being sufficiently regulated, without the regulations being

Cayman Management Ltd. Tel: (345) 949 4018 Email: enquiries@caymanmanagement.ky www.caymanmanagement.com Provides independent director services, specialised professional “outsourced services” in support of ongoing compliance with Economic Substance requirements as well as affordable company registration and incorporation services for local and international companies and investment vehicles. Other services include: shipping, yacht and aircraft registration, fund services and advisory services. Their affiliate CSI International Underwriting (Cayman) Limited offers captive insurance management services

to clients. SEE AD PAGE 75

Waystone Suite 5B201, 2nd Fl, One Nexus Way Camana Bay Tel: (345) 949 2777 Email: clientsolutions@waystone.com www.waystone.com Waystone offers high-quality fund governance through experienced independent professionals, supported by advanced governance technology. Their independent professional directors are assisted by a specialist team of fund governance professionals who review each governance transaction, applying practical considerations based on their extensive experience.

Commercial Insurance Brokers

Commercial Property • Group Health • Executive Homes • Strata • Liability

(345) 945 0030

www.briatgroup.com | info@briatgroup.com

SEE AD PAGE 43

OPENING BUSINESS ACCOUNTS To open a business bank or trust account in the Cayman Islands, you will need to complete a very detailed application, as well as provide the following information:

> Full incorporation paperwork > Written request to open a new account on company letterhead giving an overview of the business (e.g. clients, number of staff and how revenue is generated) and reason for needing the account > Bank references from a current bank > Certificate of Incorporation, certified by a

Notary Public > Articles and Memorandum of Association, certified by a Notary Public > Annual report, financial statements, auditors reports or business plan > Certificate of Good Standing, if business is older than one year > Register of Members, Officers and Directors, certified by the registered office or a Notary

Public > The identity of each ultimate beneficial owner, director and signatory; this must be supported by a certified copy of their passports and proof of residential address > If the business is conducted within the

Cayman Islands, a copy of the current Trade and Business licence > Professional reference from an accounting or law firm and a professional reference from a bank that indicates a good relationship of over three years > Nature and dollar volume of anticipated transactions, including source of funding of initial and subsequent deposits. This can be provided from a copy of the Business Plan

if the company is new or latest Financial

Statements if the company is already operating > Tax declaration form > All directors, members and signatories to supply all information needed for a personal bank account, including certified copy of partnership agreement. If there are more than a nominal number of shareholders, the bank requires identification and references for the principal shareholders who own 10% or more of the shareholding, directors and officers responsible for the operation of the account. Companies incorporated in other countries require notarised documents to verify the bona fides of the company. Each bank in Cayman will have a minimum amount required to open a business account.

OTHER FORMALITIES

Work Permits All businesses will require work permits and/or other relevant permissions for any non-Caymanian staff engaged in gainful employment in the Cayman Islands. Details of such requirements can be found in the Immigration chapter.

Employee Entitlements Cayman’s current Labour Act (2011 Revision), sets out the minimum entitlements that must be provided by an employer to its employees. There is no requirement for the employer to provide a contract of employment, but the terms and conditions of the job are required to be set out in a statement and provided to the employee shortly after commencing employment. Essentially, the minimum terms and conditions for leave, set out in the Labour Act, include two weeks annual vacation, increasing up to three weeks after four years and four weeks after 10 years of service. This is in addition to the (approximately) 11 public holidays scattered throughout the year. Employees are entitled to 10 paid sick days each year and 12 weeks maternity leave (20 days of which are at full pay and a further 20 days at half pay). Nine weeks adoption leave is available for female employees (of which 15 days are at full pay). Upon termination of employment by the employer, there is an entitlement to severance pay, equal to one week’s pay for each completed year of service. There is a statutory unfair dismissal scheme which provides compensation equal to one week’s pay for each completed year of service.

Health Insurance & Other Benefits Employers are required to ensure that all employees, their unemployed spouses and dependents have health insurance. Employees are also entitled to a pension plan. Similar to other parts of the world, employers may offer enhanced benefits to prospective employees and it is not uncommon to see employers offering enhanced vacation leave, relocation expenses, additional pension contributions, bonus options, upgrades to premium health insurance and private school fees.

It can be very expensive to move household items to Cayman and different employers will have more or less generous relocation packages, so review the offer of employment carefully. Many employers offer attractive health insurance packages for their employees. See the list of Health Insurance Providers in the Health & Wellness chapter.

BUSINESS SERVICES

Advertising Agencies, Social Media Consultants & Web Design Services The Cayman Islands has a great selection of creative agencies providing exceptional advertising, marketing, branding and public relations services, that can provide you with the right tools to promote your business on-Island. These include BB&P Brand Interactive (Email: simon@bbandp.

com), Hark Marketing Agency (Tel: (345) 936 0193), MC2 (Tel: (345) 946 1220), Massive Media (Tel: (345) 947 6677), Netclues Inc. (Tel: (345) 925 2222), Not Your Standard Agency (Tel: (345) 745 6972), Savage

Consulting (Tel: (345) 326 3333), Social Grace (Tel: (345) 328 1552), Tower Marketing (Tel:

• Independent Director Services

• Specialist corporate services for Funds and Investments Managers

• Captive Insurance management and advisory service • Full corporate registration and representation services for all local, and international business undertakings

• Yacht, Shipping and Aircraft registration and representation services

A professional service, delivered with that extra personal touch

www.caymanmanagement.com | (345) 949 - 4018 Governors Square, Grand Cayman, Cayman Islands

Bookkeeping & Accounting Services

HLB Berman Fisher Tel: (345) 928 4751 Email: lauren@bermanfisher.com www.bermanfisher.com Qualified accountants and CIMA registered auditor providing reviews, outsourced professional accounting, interim CFO and advisory services to both local and offshore clients. Services include audit, review, compilation, payroll, accounting (corporate, personal and strata), financial statement preparation, agreed upon procedures, company valuations, liquidation and forensics. HLB Berman Fisher also provides training and coaching to finance teams along with implementation of policies and procedures and transition to cloud based accounting platforms.

SEE AD PAGE 74

Omni Cayman Tel: (345) 547 4473 Email: info@omnicayman.com www.omnicayman.com Omni Cayman are Certified QuickBooks Pro Advisors offering professional accounting services. They have a team of qualified professionals with over twenty years’ experience in the Cayman market. The team members have gained their experience working for Cayman’s top firms such as Deloitte, KPMG and BDO. Omni provides full service professional outsourcing, as well as individual and corporate US Tax filing and consulting services. SEE AD THIS PAGE Business Insurance If you run a business it is important that you are fully protected for your property, business interruption and liability exposures whether it is caused by fire, hurricane or injury losses. To find the right insurance for your business, call the qualified advisors at one of Cayman’s top insurance providers on page 144 or see below for companies who specialises in business related insurance products.

Briat Insurance Tel: (345) 945 0030 Email: info@briatgroup.com www.briatgroup.com Business insurance services: Commercial business insurance solutions including property, liability, business interruption, as well as specialty insurance products for professional

services. SEE AD PAGE 74

CG Britcay BritCay House, 236 Eastern Avenue, GT Tel: (345) 949 8699 Email: info_ky@cgcoralisle.com www.cgcoralisle.com CG Britcay can design business insurance plans that provide wide ranging cover, including property, asset and profit protection, as well as protection against the potential legal liabilities of running a business. SEE AD PAGE 147

Anti-Business Fraud Hotline Civil servants and members of the public have a whistle-blower hotline which they can use to anonymously report government fraud or any breaches in ethics. The number for the toll-free hotline is Tel: 1 (800) 534 1111. All calls to this hotline are monitored and answered overseas by a KPMG trained operator. Callers can expect to receive a tracking number, which can then be used as a reference if they need to make a follow-up call. People can also make a report by emailing fraud@kpmg. co.za and they can visit the Anti-Fraud Policy website at www.fraud.gov.ky if they require more information. All claims of fraud or allegations will be investigated by Cayman’s Internal Audit Services. The authorities strongly discourage frivolous or malevolent tips.

Custom Printing

Compass Media 319 Shedden Road, George Town Tel: (345) 949 5111 Email: printshop@compassmedia.ky www.compassmedia.ky Compass Media’s on-island print services include brochures, business forms, programmes, catalogues, perfect-bound and saddle-stitched magazines and books, letterheaded stationery, calendars, bookmarks and educational materials. They also offer bespoke products with bright foil and raised and patterned print, with personalisation down to a single recipient. SEE AD PAGES 45 & 77

Office Supplies, Printers & Electronics

Alphasoft Tel: (345) 949 8251 Email: sales@alphasoft.com.ky Alphasoft is an authorised dealer and service provider for Hewlett-Packard (HP) hardware.

Cayman Business Machines Ltd/PBS Group 49 Hospital Road, George Town Tel: (345) 949 8642 www.grouppbs.com CBM/PBS are the authorized partners for Xerox, Solutions, Lenovo, SMART, L3 Securities, Cisco, Oracle, TrippLite, Data Card and NCR.

Tel: (345) 623 5475 www.kirkoffice.ky Kirk Office has been helping businesses work smarter for over 25 years. With over 6,000 items in stock and over 30,000 available in their catalogue, they offer a great selection of office products, computers, document solutions, office furniture and even IT support. Kirk Office offers easy online ordering through their webstore, plus fast and free delivery island-wide. They also offer custom printed stationery, folders, stamps and business cards, as well as printing/copying services.

SEE AD PAGE 78

Office Supply Ltd. Marquee Plaza, 36 Lawrence Boulevard, SMB Tel: (345) 946 1200 Email: info@officesupply.ky With over 8,000 sq ft and open from 8am6pm Monday-Saturday, Office Supply, have an extensive range of products and a team of helpful staff. Their retail store carries everything from office furniture to copiers, printers, tablets and computers, to stationary and art supplies. They have an in-house technology support team for all your business on-site and remote computer needs.

Conference & Meeting Facilities A host of large international conferences are held in Grand Cayman at The Ritz-Carlton,

the Marriott and the Kimpton Seafire Resort. There are also a handful of very professional and well presented places that can host smaller conferences or business meetings often with catering options. These places include Cannon Place (Tel: (345) 945 3517), the Caribbean Club (Tel: (345) 623 4500),

Cayman Conference Centre (Tel: (345) 949 5511 or email: operations@mpcl.ky), The

Cayman Islands National Museum on the Waterfront in GT (Tel: (345) 949 8368 or email: PLDdirector@museum.ky) with the Museum accepting donations in exchange for the use of their facilities and Sunshine Suites (Tel: (345) 949 3000 or email: sales@sunshinesuites.com). Disaster Recovery Services Disaster recovery options in the event of a hurricane, fire or cyber-attack/virus include preserving critical material and hard drives in a separate secure physical site to allow you to restore your business back to its full operational capacity as soon as possible. Cayman also has world-class facilities for cold storage of cryptocurrencies and corporate data recovery services.

Deloitte Tel: (345) 949 7500 www.2.deloitte.com/ky

Strategic Wealth Preservation (SWP) Tel: (888) 445 1977 Email: info@swpcayman.com www.swpcayman.com

IT Services & Support

Cayman Mac Store Tel: (345) 943 4763 Cayman’s Apple authorised reseller and service provider, with a full range of Apple products.

Compass Print Shop

Your local print shop at the Compass Centre in George Town offers unique and custom print products for any business. Locally owned, no shipping required, with hassle-free service.

• Flyers • Brochures • Presentation folders • Personalised promotional products • Booklets • Magazines • Soft cover publications • And more

Whatever it is you have in mind, talk to our experienced print team about how we can help you create bespoke products to support your business.

Creative Tech (Business Solutions) Suite 101 Cannon Place, North Sound Rd Tel: (345) 946 8324 Email: info@creativetechltd.com Creative Tech offers IT infrastructure, Document Solutions, Conferencing Systems, A/V Systems and Automation.

Kirk ISS 67 North Sound Road, George Town Tel: (345) 623 4730 www.kirkiss.ky Kirk ISS provides IT solutions and support for businesses of all sizes. They are a 4-time Microsoft Partner of the Year and Goldlevel partner with HPE Aruba Networks, Mitel, Cisco, Microsoft and Fortinet. With over 100 certifications across networking, cybersecurity, servers, storage, cloud, communications and even managed IT services, Kirk ISS supports virtually every area of the IT department. SEE AD THIS PAGE

Office Supply Ltd. Marquee Plaza, 36 Lawrence Boulevard, SMB

Everything for the workplace.

Reliable Service. Trusted Advice.

Office Supplies Office Equipment Computers & IT Support Office Furniture

In-House Service Centre

67 North Sound Rd. kirkoffice.ky 623-5475

Tel: (345) 946 1200 Email: info@officesupply.ky Large selection of office supplies plus gaming laptops from HP, Asus, Dell, Razor and MSI, personal and business laptops and computers including Acer, HP, Dell, Asus, Lenovo and Toshiba. Also specialising in Monitors of all sizes and they stock a large selection of Sharp and HP Printers as well as back to school supplies. They have a full IT support and service centre that offers inhouse or off-site repairs.

Notary Public/Justice of the Peace Notary Public or Justice of the Peace (JP) services are available either through law firms or from independent operators. JPs do not charge, but they can only certify local documents. Have your passport or driver’s licence handy when you need their services as they need to verify your details and write your passport number in their records. (Visit www.judicial.ky to find a list of all Notary Publics and JPs that are in good standing, however, the website does not list any email or phone numbers.) You will be expected to pay a Notary Public in the region of CI$25 per stamp, though some charge less if it is just a simple matter. Some will also charge a call-out fee if you want them to visit you to notarise documents. Please note that since COVID-19 digital notarisations are accepted. Here are some active Notary Publics you may contact:

Baysyde Biz 27 Duxies Lane, West Bay Tel: (345) 917 5756 Email: baysydebiz@gmail.com Baysyde Biz is available 24 hrs, 7 days a week (by appointment) for document notarisation. They also provides assistance in preparation, submission, tracking and collection of documents including banking, corporate, immigration, legal, personal and more.

Sinclairs Tel: (345) 745 7529 Email: info@sinclairsoffshore.com www.sinclairs.com.ky The dynamic and rapidly growing Sinclair Group offers practical, responsive and cost effective Cayman business solutions, including notarial services through its two notaries. The standard charge is CI$25/US$30 per notarised document.

Office Automation & Electronics

Creative Tech (Retail Division) Shops 6, Bay Town Plaza, West Bay Road Tel: (345) 946 8324 Email: info@creativetechltd.com Creative Tech offers Conferencing Systems, A/V Systems and Automation, Video Walls, Workflow Application Solutions, IT Infrastructure, and Document Solutions.

The Security Centre Limited Tel: (345) 949 0004 Email: info@security.ky From conventional locks, to cuttingedge systems, The Security Centre has a comprehensive range of products and services designed to cover all your commercial security requirements. They are open Monday to Friday

8am-5pm. SEE AD PAGES 183, 195 & 242

Payroll Services

Baraud Tel: (345) 945 1781 Email: payroll@baraud.com www.baraud.com Baraud has a team of qualified accountants offering a range of outsourced payroll and HR services to meet your business needs. They take control of the full payroll life-cycle with the highest levels of confidentiality, including on-boarding of employees, issuing salary payments, paystubs as well as statutory health and pension administration.

Professional Training See the Education chapter for information on training and educational opportunities.

Tax Advice Receiving professional tax advice may be essential when running a multijurisdictional operation in the Cayman Islands, as certain countries require special reporting. Tax advisors in the Cayman