China Offshore Summit - Oct 2011

transcript

Presented by Chief Officer, Dr Dax Basdeo

Ministry of Finance (Financial Services)

China Offshore Summit, Shanghai, China

27th October 2011

The Cayman Islands Stability, Quality, Integrity

Location and Proximity

Status

Capital

Population

Currency

Legislation

British Overseas Territory

George Town, Grand Cayman

55,672 (2009)

Cayman Islands Dollar, fixed to USD

(KYD$1=US$1.20)

Based on UK Common Law

Cayman Islands at a Glance

Government at a Glance

Head of State

HRH Queen Elizabeth II

HRH Representative

HE the Governor,

Mr Duncan Taylor, CVO

Elected Leader

Premier, the Hon. W McKeeva Bush, OBE JP

Form of Government

• Executive: The Governor presides over Cabinet, whose advice must be taken except in matters of defence, external affairs, internal security, the police and the civil service

Form of Government

• Legislative: 15 elected members representing the Islands' six districts; Cabinet members and the Premier are elected by the 15 members

• Judicial: Three resident judges, three magistrates and more than 140 Justices of the Peace, some of whom serve as lay magistrates

Judicial:

Financial Services Division

• The aim of the Financial Services Division (FSD) is to more efficiently handle high-profile, complex and document-heavy commercial disputes arising out of the financial services industry in the Cayman Islands

Judicial:

Financial Services Division

• The FSD operates out of a suite of modernised courtrooms, judges' chambers and party conference rooms

• Up-to-date technology enables the use of Livenote (or similar software systems) and video conferencing facilities

Economy at a Glance

Nominal GDP

GDP per Capita

Major Industries

Taxation

US$3.102 billion

US$56,488 (2009)

Financial Services, Tourism

Tax neutral; consumption-based duty system

Leading Financial Services Sector

• Stable investment environment

• Aa3 credit rating by Moody’s

• 2009 Bond issue was 4-times over-subscribed

• Strong infrastructure and support services

• Commitment to integrity

• OECD White-listed jurisdiction

• 27 TIEAs agreements signed (including China)

Financial Services Sectors

• There are more than 8,000 registered funds and

Cayman maintains a leading global position in the

hedge fund market

• Broad range of structures available to operate

funds in an environment that is stabilised by the

clarity of the Mutual Funds Law

• Market access, flexible fund structures, positive

investor perception and a tax-neutral environment

contribute to Cayman’s competitive edge

Companies and Partnerships

• Current registrations now reaching more than

85,000 companies

• Access to Registry data is limited, except where

assistance under one of Cayman’s many

international cooperation channels is required

• Registration of names in a foreign script is

permitted as well as having dual names on a

certificate

• Cayman based companies can merge with

foreign companies that are not registered locally

Banking & Trusts

• Just under 250 banks licensed under the Banks

and Trust Companies Law (2007 Revision),

including branches of 40 of the world’s 50 largest

• Regulatory oversight of the banking industry is

conducted within the Basel Core Principles

• International assets booked through banks in the

Cayman Islands stood at US$1.762 trillion (as at 31

December 2010)

Vessel Registration

• Category 1 British Registry, the Cayman Islands Registry is

qualified to register vessels of all sizes and classes, from

yachts to supertankers

• Cayman has earned "white list" categorization by the

European Port State Control system and by the US Coast

Aircraft Registration

• The Cayman Islands Aircraft Registry is the registry of

choice for many owners and management companies

with corporate aircraft ranging from Cessna Citation,

Gulfstream, Embraer, Airbus and Boeing Business Jets

Insurance

• 725 captive insurance companies licensed in the

Cayman Islands, the predominant portion is

healthcare captives

• A popular product offering is the segregated

portfolio company structure, which caters to small-

to-medium sized insurance companies looking to

establish a captive, but who are unable to meet the

specified capital requirements individually

Cayman Islands Stock Exchange

• First offshore stock exchange to be granted

‘approved organisation status’ by the London Stock

Exchange (1999)

• First (and still only) offshore exchange to become a

member of the Intermarket Surveillance Group (2001)

• Affiliate member of the International Organisation of

Securities Commissions; designated by the UK

Inland Revenue as a ‘recognised stock exchange’

• More than 3,000 issues approved for listing (mainly

mutual funds and debt listings)

Accolades

• Cayman Islands recognised as The Banker’s

“Leader of Specialist International Financial

Centres” for 2 consecutive years (2010)

• International Monetary Fund (2009) report:

“Cayman’s legal framework is comprehensive, the

money laundering offense is in compliance with the

requirements of the UN Conventions”

• US Government Accountability Office and

Department of Justice acknowledged Cayman as

on of their best partners, due to excellent record of

cooperation (2008)

Contact Information

Department of Commerce and Investment PO Box 10087

Grand Cayman KY1-1001

Cayman Islands

+1 (345) 945-0943

Financial Services Secretariat

www.caymanfinance.gov.ky

+1 (345) 244-2278

Presented by Chief Officer, Dr Dax Basdeo

Ministry of Finance (Financial Services)

China Offshore Summit, Shanghai, China

27th October 2011

The Cayman Islands Stability, Quality, Integrity