A limited liability company, or LLC, enjoys great popularity among entrepreneurs and other because of the protections it offers the individual owners. Chief among these protections is the fact that an LLC's creditors are unable to hold its owners personally liable for the company's debts. For business operators who want to form a company whose main purpose is holding assets, establishing an LLC in the Cayman Islands is ideal because that nation does not assess taxes on LLC assets.
Choose a name for your Cayman Islands LLC. The name may not contain the words “royal”, “imperial”, “empire”, “municipal”, “chartered”, “mutual fund”, “Chamber of Commerce”, “Building Society”, “co-operative”, “assurance”, “bank” or “trust” unless you have the necessary permits or licenses to operate such a business. In addition, your company's name must be distinguishable from the name of any business organization registered in the Cayman Islands. To search the database of all businesses registered in the Cayman Islands, you must sign up for a free account on the Cayman Islands Global network, or CIGnet.
Once you've determined your company name, you must register it. The Cayman Islands General Registry only permits online registration of LLCs, for which you must establish an account with the Cayman Online Registry Information System, or CORIS. In mid-2014, the cost of setting up a CORIS account is CI$125 per user.
Submit articles of association for your LLC via CORIS. This is the step that registers your company, and carries a fee of between CI$600 and CI$2,968, depending on your firm's capitalization.
Cayman Islands' law requires that all registered companies have a registered agent physically present in the Caymans. This person will receive subpoenas or legal process when necessary. If you or another responsible officer of the company will not be domiciled in the Caymans, you should contact the Cayman Islands Chamber of Commerce to find the name and address of a registered agent.
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