The Covid-19 pandemic brought a new way of working, forcing experimentation with remote work for multiple companies, which allowed business associates to nurture corporate relationships, regardless of location. With this transition it allowed Entrepreneurs to pivot and broaden their horizons by moving their companies overseas. By migrating offshore many businesses are finding tax breaks and ways to increase their profitability. However, making the transition can be daunting, so we’ve prepared a short checklist to help you prepare for a seamless move.
Contact Cayman Enterprise City (CEC)
CEC’s Global Mobility team has over 10 years experience in setting up foreign investors within the Cayman Islands. This means the team knows exactly what needs to be done. Another positive, is the service comes priced in one package, which means no additional hidden fees and no back and forth of what's needed. The CEC team can help you easily satisfy all incorporation requirements by sending you an easy to follow checklist of required documents. Once received the team will take care of the whole registration process for you and your staff, so you don’t need to deal with hassle paperwork. Not only this but we left the best part for last, no traveling is required during this process. All can be done online!
Learn About Life in the Cayman Islands
So what is it like living in the Cayman Islands? It’s been named “The Friendliest Place on Earth to Live.” Expect to be welcomed by an international community that relishes an upscale and active lifestyle. Grand Cayman is truly cosmopolitan and has earned a reputation as the "Culinary Capital of the Caribbean". It also boasts luxury resorts, fabulous real estate, and top-notch housing, schools, and medical facilities.
After the offshore company is registered, and all staff are set up with a work permit, the CEC team will continue to support by answering any Cayman Islands questions that may have come up; such as bank account set up, applying for a local driver license, moving your pet abroad and much more. We’ve also made it easier for you by creating an eBook that will help answer more questions about living in the Cayman Islands as well as allocated a whole lifestyle section on our website so you and your staff will fully know what to expect.
Preparing for Financial Differences
While the Cayman Islands is a tax-free oasis for business owners, personal taxes for employees are a separate matter. A tax professional can advise employees how to stay current with their home country’s tax laws. People from pretty much every country except the US can earn their wages in Cayman tax free, however US citizens can earn in the region of the first US$90,000 tax free. You’ll also want to ensure that all your business i’s are dotted and t’s are crossed before relocating to the islands, and that again is where CEC comes in with the helpful answers. Plus CEC can put you in touch with expert tax advisors to advise in such matters.
While many offshore jurisdictions offer similar advantages and benefits, there is no one jurisdiction that fits all. The Global Mobility team will discuss your needs and goals and ask you the right questions to help determine if setting up in Cayman is right for your business. Book a free consultation today.