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Form a Cayman Islands Foundation

11.600,00 $

Set up a Cayman Islands Company

Foundation companies are legal entities formed under the Foundation Companies Act, 2017, and may be incorporated with or without share capital.

Generally, foundation companies are formed without share capital and limited by guarantee (without issuing shares).

A limited by guarantee foundation company may have members (who agree to guarantee the debts of the company at the time of liquidation up to a certain amount, generally USD 1). However, there is no obligation to have members (if at least one supervisor is appointed). The members shall not have any rights to dividends or profits of the foundation but shall have a vote in the general meeting of the foundation. Details of the members, if any, are not shown in any public register.

The management of the Foundation rests in the board of directors, whose details are available in the public register upon payment of a fee ($60)

The management of the Foundation is supervised by the Board of Supervisors, who also have voting rights in the general meetings of the Foundation. The Foundation shall have at least one supervisor or one member. Details of the supervisors are not shown in the public register.

The Foundation Companies Act, 2017 of the Cayman Islands as well as provisions of the Companies Act of the Cayman Islands applicable to Foundation companies provide that a Foundation Company must be managed by a board of directors, who may be individuals or corporate bodies.

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Description

Note that our incorporation and annual corporate service fees are “all-included fees”, and cover all the required services to incorporate a Cayman Islands Foundation, and keep it in good standing, as well as government fees and duties, disbursements such as courier fees, and assignments such as the preparation of a certificate of incumbency, and the notarization of documents, which are generally required for opening bank accounts.

Cayman Islands Foundation Formation – USD 11,600.00 (All Included)

  • Drafting the articles of association of the Foundation company customized to your specific governance needs
  • Fulfilling the role of the subscriber, first member and secretary of the Foundation.
  • Preparing the resolutions, and appointments of Directors, Supervisors, Members, Beneficiaries
  • Preparing Supervisors and Director’s Acceptance Letters
  • Filing Memorandum of Association and Articles of Association with the General Registry
  • Settling the General Registry Incorporation Fee and Articles’ Stamp Duty
  • Preparing and filing the Register of Directors and Officers, with the General Registry
  • Preparing the Register of Members and Register of supervisors
  • Preparing and executing a Certificate of Incumbency and a Certified set of documents
  • Providing corporate secretary (required by law)
  • Providing corporate registered office services (required by law)

Time to form

We prepare all the incorporation documents and file the company with the General Registry within one day. At the time of filing your company with the General Registry, there are two procedures available:

  • Standard Procedure: It may take for the Cayman General Registry 3 to 5 business days to process the company registration, and issue the certificate of incorporation and stamped M&AA.
  • Express Procedure: The Registrar of Companies will process the registration of the company in 1 day, upon payment of an additional ‘express’ fee of USD 1300 to the Cayman General Registry (Government Fee).

Nominee Services (Optional)

  • Nominee Director – USD 5000.00 per annum
  • Nominee Supervisor – USD 5000.00 per annum
  • Nominee Member – USD 5000 per annum

Please note that a foundation must have at least 1 supervisor or 1 member (meaning that when nominees are used, either 1 nominee member or 1 nominee supervisor suffices, unless for any specific reason both are needed.

If a Notarized General Power Of Attorney to be designated as attorney-in-fact is required, there is an additional one-time fee of USD 700.00 (Optional)

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