Why Set Up Your Business in Cayman Islands?
In the growing competitive world of today, more countries and economies are taking a huge leap forward in making it easier for foreign businesses to set up shop in their country. This has changed the business arena and now businesses are always in search of countries that offer flexible policies including lower startup capital requirements, tax exemptions, among others. The Cayman Islands have left no stone unturned to become the country of choice for businesses from across the globe.
Located in western Caribbean, the Cayman Islands is one of the countries that are tax exempted. The island is a popular tax haven and therefore, an ideal place to set up your business. There are a number of off shore companies already working in the Cayman Islands and more businesses are setting them up in the islands every single year. Why are so many businesses moving to the Cayman Island? Read below and you will know why.
A Supportive Environment for Business
You will be amazed to know that there are more businesses than people that are registered in Cayman Island. The island has a stable economic and political climate. You will get to experience in Cayman Island modern infrastructure, easy exchange controls and communication systems so good that they can be compared with any in the world. In Cayman Island, there is a responsive and business friendly government, a very lucrative environment for business, and a sound legal system that makes it one of the best places in the world for setting up your business.
One of the major factors that set Cayman Island apart from other countries in the world is the absence of any and all direct taxations. There is no corporate or personal income tax and you also won’t have to pay taxes on your gains and profits that you get from your investments. In the Cayman Island, there is no property tax as well making it a good choice for establishing your business.
Accessibility and Location
Located in the Caribbean and made of three islands, it takes just an hour to reach Miami via air. Also, there are more than 50 flights every week from the US, UK and Canada to the Cayman Island, making it easy to travel to and from the country.
If you are planning to set up your business in the Cayman Island, you will get the additional advantage of having a highly educated workforce. Communicating is also not an issue as English is the official language here. You will also find people of different nationalities if you like a diverse workforce in your company.
It is understandably difficult to set up your business in an entirely new country, however, if you plan to establish your business in the Cayman Islands, you will find it much easier than other countries. And, with a supportive government and warm and happy people, setting up your company in Cayman Islands will not be a wrong choice.
For further information and guidance regarding the procedures for setting up business in Cayman Islands, send an email to [email protected] or visit George R. Ebanks Ltd T/A “George Ebanks Consultancy & Bookkeeping” ‘s Website.