Do Cayman Islands companies need annual audits every year? How long does it take?

Hello, after almost all offshore archipelago companies are registered, in order to ensure legal operation, all registered companies must undergo annual examination [i.e., annual inspection] within the specified time. OnMAN is no exception, and Cayman companies have a specified time frame to complete the annual inspection.

Failure to do so will result in fines and delisting.

Example 1: For a company established in May 2018, the annual review must be completed by March 2019 at the latest.

Example 2: For a company established in December 2018, the annual review can be carried out before March 2020.

Information required for the annual examination of the Cayman company: a scanned copy of the full set of information for the company's first registration, and then arrange the annual inspection fee.

The process of handling the annual examination of the Cayman company: pay the annual examination fee, submit the ** documents, and the documents will be issued in about 25 working days, and the annual review will be completed.

Cayman companies are required to have an annual review every year, and there will be corresponding penalties if the annual review is overdue.

The process of registering a company:

1. The industrial and commercial bureau verifies the name of the mausoleum (generally 3 working days, and the time is uncertain if the name is repeated) 2. Yinzi Verification Bank opens a temporary deposit settlement account to handle the capital and goes to the accounting firm to handle the capital verification report (generally 5 working days).

3. Go to the Industrial and Commercial Bureau to apply for a business license (7-10 working days) 4. Go to the Quality and Technical Supervision Bureau to apply for the organization ** certificate (3-5 working days) 5, and then the tax bureau to handle the tax registration certificate (3 working days) 6. Finally, to open a general account in the bank, it will take at least 7 working days for the People's Bank of China to approve it.

The normal time is about 25 working days.

The process of registering a company:

1. The name of the industrial and commercial bureau is verified (generally 3 working days, the time is uncertain if the name is repeated) 2. The bank opens a temporary deposit settlement account for capital deposit and goes to the accounting firm to handle the capital verification report (generally 5 working days).

3. Go to the Industrial and Commercial Bureau to apply for a business license (7-10 working days) 4. Go to the Quality and Technical Supervision Bureau to apply for the organization ** certificate (3-5 working days) 5, and then the tax bureau to handle the tax registration certificate (3 working days) 6. Finally, to open a general account in the bank, it will take at least 7 working days for the People's Bank of China to approve it.

For details, please feel free to consult me, we are a ** industrial and commercial license company, which can provide registered capital and address.

Process of registering a Cayman company:1.At least one of the company's directors and shareholders must be registered to form a Cayman tax exempted company;

2.The minimum investment is US$ 1, however, the usual registered investment amount is US$ 50,000;

3.It takes 25 working days for the company to be established, you can complete the registration and get all the relevant documents, and our company has a ready-made company to choose from;

4.It can be listed and traded in Hong Kong, Singapore and the United States** trading market;

5.After the company is established, it can engage in any legal business activities in any country in the world;

6.The meeting of the directors of the company can be completed by proxy attendance;

7.The company may apply for the change of directors, shareholders and key cadres of the company at any time;

8.You can open a bank account in the name of the company, set up a trust, open a letter of credit, bill of exchange, and transfer a letter of credit.

The registered address of the registered Cayman company must be in the Cayman Islands, and the company does not need to have local shareholders and directors, and does not need to hire a local secretary, but it must appoint a Cayman company or individual (with Cayman residency status) as the registered person. The process of registering a Cayman company is as follows:

1. Submit the company name.

2. Determine the list of directors and shareholders.

Why register company in Cayman Islands.

As an old offshore company registration place, the reason why Cayman company registration attracts the favor of many investors is mainly based on the following reasons:

1. Cayman, together with Bermuda and the British Virgin Islands, is known as the world's three largest offshore company registration places, which are the places with the largest number of offshore company registrations in the world, and the Cayman company law has a benchmark status;

2. Listing may be one of the most important reasons for the well-known Cayman company, the Cayman company is well-known by enterprises, due to the fact that many domestic enterprises have overseas listing structures, there is no lack of Cayman companies, and registered Cayman companies have become one of the few territories that can be listed in Hong Kong and Singapore in North America and Asia;

3. HKEX consultants are more experienced in the operation of Cayman companies and are more quick to apply for listing approval;

4 Cayman Islands is the fifth largest financial center after New York, London, Tokyo and Hong Kong, is a famous offshore financial center and tax haven, the reason why the registration of a Cayman company is so attractive, mainly because of its financial policy, foreign exchange in and out of Cayman freely, the departments of the financial information of investors is tight-lipped to the bottle;

5There is no tax on the registration of a Cayman company, whether it is for individuals, companies or the trust industry. So the Cayman Islands is known as a real tax haven;

6. The cost of registering a company is relatively low, and the annual maintenance fee is also relatively low;

7. If the company type is exempted, the name of the company is not required"limited"(i.e. "limited").

Cayman Company Name Search Sign Agreement Preparation of Company Registration Documents Signature of Client Declaration Documents Company Registration Completed.

Registration can be completed in 30 days.

The registration application takes 25 days.

The general process is: first consult the registration authority, sign a cooperation, and the application is successful. After that, it will be the annual review.

Simple things don't think complicated, I consulted [Eagle Fly International].

The Cayman company registration time is generally 20-25 working days.

Requirements to register a Cayman company.

The registered capital of a Cayman company is generally US$50,000. The capital can be divided into 50,000 shares. One dollar per share. There are no restrictions on the shareholders of a Cayman company. It can be a natural or legal person of any nationality.

Cayman company name.

There are no special requirements for a company name, and unless it is licensed, the company name cannot appear in the words trust, mutual fund (**), insurance, or reinsurance.

After the establishment of the company, it will not operate in Cayman. Companies are not required to declare and pay any taxes. (in addition to the annual license fee).

Requirements for the second year:

There is no need to file an annual return.

Companies are not required to register their annual financial reports with the Companies Registry.

**All companies are required to pay the annual fee for the second year by 31 December of the current year (even if the company is incorporated on 31 December).

Information provided by the customer.

The name of the registered Cayman company (English name).

The nature of the company's business (what kind of business it operates).

The proportion of shares allocated to the shareholders of a Cayman company (more than one shareholder).

A copy of the ID card or passport of each shareholder or director. Proof of residential address or utility advice or bank report slip.

Bank credit certificate in Chinese and English or accounting certificate in Chinese and English or lawyer certificate in Chinese and English for each shareholder (required).

No matter when a Cayman company is incorporated, it must go through the annual examination before January 31 of each year, otherwise it will be regarded as overdue.

Example 1: A company established in May 2018 must do an annual review before January 31, 2019.

It is worth noting that the date of the annual examination of the Cayman company is not the time of registration, and the annual examination will be carried out in the second year after the registration of the Cayman company.

Annual examination information of Cayman company.

1. Cayman company registration certificate;

2. Articles of Association of Cayman Company;

3. One complete set of documents for the establishment of the Cayman company.

Penalties for overdue annual examination of Cayman companies.

If the deadline is overdue, the company will be penalized by the local tax bureau, and in severe cases, your business will be forcibly deregistered and the company's property will be confiscated.

Pay the amount of the fine according to the time of the annual review.

Notes when deregistering a Cayman company:

1. The cancellation of the Cayman company shall be carried out within 3 months of the company's validity period;

2. The company's bank account needs to be cancelled;

3. Pay the company's privilege tax before canceling the Cayman company;

4. Before the cancellation of the company, it is necessary to publish the cancellation announcement.

In order to ensure the legal operation of the Cayman company, the Cayman company must complete the annual review within the specified time, and the time of the annual review is as if before January 30 of each year, otherwise it will face fines and removal from the list.

If a Cayman company fails to conduct an annual examination for more than one year, it will be forcibly removed from the Cayman Islands**, and the company's assets will be owned by the Cayman Islands**, and the longer the annual examination is overdue, the greater the amount of the fine.