| Cayman Islands | ADGM |
How long does it take? | 5 to 7 working days from submission (unless fast track is paid for) | 7 to 10 working days from submission |
What is the process? | Online incorporation on the Clara platform. Purchase the formation package and submit the KYC documents on Clara. | Online incorporation on the the Clara platform. Purchase the formation package and submit the KYC documents on Clara. |
Is my company required to carry out certain activities to demonstrate economic substance? | Yes - click here to read more. | No, economic substance requirements no longer apply since the introduction of corporate tax in the UAE. |
What are the tax considerations? | Tax free jurisdiction | Tax free jurisdiction, however the UAE has introduced corporate tax. Exemptions and minimum thresholds apply. |
Am I required to have a director who is a resident in the jurisdiction? | No | No. However a UAE resident or GCC National is required to be appointed as an Authorised Signatory. Clara can provide a nominee service for an annual fee. |
Are multiple classes of shares allowed? | Yes | Yes |
Are there restrictions on shareholders or capital? | None | None |
Law | Common Law | Common Law |
Audited Accounts | Not required unless:
| Not required unless:
|
Other points to consider | All companies in the Cayman Islands renew on 31 December regardless of the date of incorporation. | Companies registered in the UAE must register for corporate tax with the Federal Tax Authority within 3 months of incorporation. Annual filings (even if no tax is payable) are required. |
