Fortunately, there are places in the world where running your own business is simple, straightforward, and not burdened with dozens of taxes and fees. Such places are called tax havens in the media and the Cayman Islands are usually given as an example. Why is doing business in the Cayman Islands so profitable?
Don't want to pay unnecessary taxes? Set up a company in the Cayman Islands
The Cayman Islands is a place where entrepreneurs can finally breathe a sigh of relief and focus on what is most important to them – the development of their company. Why are the Cayman Islands such a profitable place to do business? It results directly from the fact that the Cayman Islands are formally an overseas territory of the United Kingdom. Interestingly, these islands are under the sovereignty of the Crown, but they are not subject to Commonwealth law. Thanks to this, the Cayman Islands have the most friendly conditions for running and developing a business. The Cayman Islands have become one of the largest international offshore financial hubs in the world. They are also the fifth largest banking centre in the world. Such favourable conditions have led more and more entrepreneurs and investors to establish companies in the Cayman Islands. In the wilton mcdonald cayman investor anonymity is a big advantage.
What are the main advantages of doing business in the Cayman Islands?
The popularity of the Cayman Islands as a place to do business results from many benefits. These include:
• no income tax,
• high anonymity,
• complete lack of accounting obligations,
• no value added tax.
It is also worth pointing out which companies can be set up in the Cayman Islands. These are:
• ordinary companies,
• exempt companies,
• foreign companies.
Exempt companies enjoy the greatest tax benefits. What's more, there is a 20-year security in the form of a tax exemption guarantee in the event of a sudden change in regulations. However, all companies registered in the Cayman Islands are required to have a registered address on the island.
If you want to learn more about establishing a company be sure to contact wilton mcdonald cayman islands.