Accounting & Audit for Cayman Islands Company

Many years of experience in servicing various organizations and the experience of our employees allows us to solve any professional tasks with maximum benefit for our customers.

Since self-accounting takes a lot of time, and it is expensive to maintain a full-time accountant, we can offer you both one-time services and full professional accounting support for your company.

Qualified personnel who are ready to take care of the bookkeeping and tax accounting of your foreign company, as well as cooperation with independent auditors and with the tax authorities of other states at your disposal.

General accounting information Cayman Islands Companies

The most popular form of business in Cayman Islands for foreign entrepreneurs is an exempted company.

Exempted company is a company whose operations conducted mainly outside the Islands.

Every exempted company in Cayman Islands shall cause to be kept proper books of account including, where applicable, material underlying documentation including contracts and invoices with respect to all sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place, all sales and purchases of goods by the company and the assets and liabilities of the company.

Based on this definition, each company is required to keep the following documents:

• Copies of official bank statements for all bank accounts of the company;
• Contracts under which the activity was conducted;
• Invoices, acts, set-offs;
• Statutory documents of subsidiaries and associated enterprises;
• Contracts for the purchase of shares/interests in subsidiaries and associates;
• Copies of financial statements of subsidiaries and associates;
• Promissory notes and other financial obligations;
• Brokerage statements on securities;
• Copies of accounting books;
• Other documents reflecting the company’s activities.

A company may keep its books of account at any place other than at its registered office or at any other place within the Islands. However it is obliged to make them available in electronic form or any other medium at its registered office upon service of an order or notice by the Tax Information Authority.

Books of account shall be preserved by the company for a minimum period of five years from the date on which they are prepared.

Directors of Cayman Islands companies are personally responsible for keeping accounting records, as well as for the fact that they give a true and fair view of the company‘s financial position and explain its transactions. Failure to comply with the requirements for keeping accounting records established by law is a violation and may result in fines or prosecution.

Please contact your consultant regarding volume of accounting records keeping.

Exempted companies registered in Cayman Islands are not required to submit annual audited financial statements to the government authorities. However, you may need to prepare audited financial statements in various cases:

• for the purposes of compliance with the CFC legislation;
• for opening a bank account or for updating company data in your bank;
• for business estimation (for example, for sales purposes);
• for internal purposes of management and business owners.

Reporting deadlines

In January of each year each exempt company must submit an annual report to the Registrar, which confirms that the company did not conduct activities on the territory of the Islands, and that the requirements of the Companies Law were complied with.

Tax reporting

If the company does not operate in the territory of Cayman Islands, then it is not obliged to register with the local tax authority and receive a taxpayer number, just as it is not obliged to pay any income taxes.

Our services

Since it is required to keep books of accounts, we are ready to offer our accounting services.

We provide a full range of services related to the preparation of accounting reports and audit.

Having partnerships with a wide range of agents, we have acquired a unique practice of cooperation through a network of partners on the issues of our clients’ companies with government institutions and auditors.

Get advice before getting started

Despite the fact that the Cayman Islands refers to offshore jurisdictions, companies obliged to keep books of accounts. Thus before starting the registration of a Cayman Islands company, we recommend that you get advice from lawyers and auditors regarding the subsequent administration of the company.

Basic fees for our services

SERVICES	PRICE[1]
Yearly accounting services
Preparation of dormant management accounts (for companies that did not operate in the reporting period)	1.800 USD
Preparation of reports for a company that has started operating	100-400 USD per hour
Additional services
Audit report in accordance with IFRS	100-400 USD per hour
Consultations, communication with auditors and government agencies	100-400 USD per hour

[1] The price is shown without VAT. UAE VAT rate –  5%.