Ordinary companies can be designated as either resident or non-resident. Resident companies are used for onshore domestic enterprises and are subject to the provisions of the Local Companies Control Act.
A non-resident company is an ordinary company which holds a non-resident company designation issued following a formal undertaking that the company does not intend to carry on business in the Cayman Islands. This is an alternative to the more commonly used exempted company. However, non-resident companies do not benefit from the special features of exempted companies, see pdf document.
These are specifically designed for the offshore industry. An exempted company is the vehicle that would normally be recommended to clients wishing to establish a Cayman company for offshore business. Unless licensed to carry on business in the Islands, the business of an exempted company cannot be carried out in the islands, except in furtherance of the business carried on outside the islands (i.e. they can sign/agree contracts and exercise powers from here for carrying on its business outside the islands). There are a number of other options for Cayman Islands incorporated or registered entities and further information on the following vehicles can be provided on request:
- Exempted Limited By Guarantee Companies
- Limited Liability Companies
- Foundation Companies
- Exempted Limited Duration Companies
- Exempted Segregated Portfolio Companies
- Exempted Limited Partnerships
- Exempted Special Economic Zone Companies
- Foreign Company and Partnership registrations