(c) Legal system:
The law of the Cayman Islands is based on English common law, together with local statutes appropriate for both international and local business. The Government has an active agenda to enact legislation to enhance Cayman’s position as a leading international financial centre.
The total population of the Islands was estimated to be 52,830 at the end of 2009. Approximately 45% of the population is of mixed racial origin, the remainder being of European, African or Asian (few but increasing) descent. Over 95% of the population lives in Grand Cayman. There is no significant racial disharmony.
The official language is English, although there are an increasing number of people, mainly from nearby Caribbean islands and from South and Central America, who also speak Spanish.
The unit of currency is the Cayman Islands dollar (CIS), which is divided into 100 cents. Parity is fixed at CIS 1.00 = US$1.20. The Cayman Islands dollar therefore floats against all other currencies not fixed to the US dollar.
(f) Foreign investment:
The Government’s objective is to achieve a steady rate of growth in the two major industries, tourism and finance. The Government is receptive to ideas for creating employment and expanding the economic base of the Islands, and foreign investment is welcomed except in areas already well served by locally owned enterprises.
The Islands generally have full employment and a high cost of living which can be a major limiting factor in the establishment of new businesses, although work permits are normally obtainable for projects approved by the Government.
(g) Business climate:
The development of the Cayman Islands as an international financial centre has led to a sophisticated business environment with a full range of services including banks, trust companies, lawyers, accountants, insurance managers, mutual fund managers and administrators, and all the expected support services.
The Islands use the imperial system of weights and measures.
CAYMAN ISLANDS OFFSHORE COMPANIES
All companies are governed by the Companies Law (the latest version of which is the 2010 Revision).
The Cayman Islands Companies Law was passed in 1960 and is based on the 1929 and 1948 English Companies Act, and has since been extensively amended. Six types of companies are recognised by the law: