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Q：
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Is an exempted company need to prepare accounts?
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A：
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Exempted companies are required to keep proper books of account with respect to its receipts and expenditures, sales and purchases of goods and assets and liabilities. The accounts must give a true and fair view of the status of the Company.
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Q：
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Does the accounts of exempted company need to be audited?
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A：
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The Cayman Islands Companies Law does not require the accounts of the exempted company be audited or filed to Companies Registry.
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Q：
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Does exempted company need paying tax in Cayman Islands?
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A：
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The offshore income of exempted companies is not subject to any income, withholding or capital gains tax in the Cayman Islands. With respect to return of investment (e.g. dividends) received on the shares held by shareholders, these are not subject to any taxes in Cayman Islands, nor subject to any estate or inheritance taxes in the Cayman Islands.
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Q：
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Does the exempted company need to hold annual general meeting each year?
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A：
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No. There is no requirement for exempted company to hold annual general meeting unless prescribed in the Articles of Association.
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Q：
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When should I renew my exempted company?
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A：
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Starting from the subsequent year after incorporation, exempted companies must file an annual return together with the appropriate annual filing fee to the Companies Registry in January of each year. In other words, companies incorporated in December still have to be renewed in following January.
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Q：
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What do I need to provide for the annual renewal other than payment?
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A：
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An exempted company is required to file the Annual Return to the Companies Registry. In addition, certain documents and information related to the company’s business, beneficial owners and directors may need to be provided for annual compliance purpose.
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Q：
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How can I confirm and prove my exempted company is validly existing?
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A：
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The company may apply a Certificate of Good Standing issued from the Companies Registry which is a proof that company is legally exist.
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FAQ
