Other Services
Our other services include establishment and administration of limited partnerships, vessel registration and virtual office services. Click on the relevant links for more information.
Vessel Registration
A large proportion of the world’s luxury yachts are registered in the Cayman Islands, and IMS has assisted many of these in this process. We have experienced professionals well versed in all aspects of vessel registration enabling us to provide an efficient and reliable service which meets all regulatory requirements.
Limited Partnerships
Limited partnerships may be registered in the Cayman Islands either under the Partnership Law (for an Ordinary LP) or under the Exempted Limited Partnership Law (for an Exempted LP). IMS has extensive knowledge of the features of both structures and their key advantages, and can assist clients with the legal requirements, formation and on-going management.
Virtual Office
At IMS we recognise that for many clients it is not practical, cost effective or convenient to maintain their own physical office on the Islands. As a consequence IMS makes available its extensive resources to clients in order that they may continue their day to day activates in a professional manner without the need or cost of a physical presence.
Vessel Registration
Cayman has been a popular base for the registration of foreign owned vessels for many years and conventions adopted by the Islands mean that a Cayman registered vessel owned by a Cayman company enjoys all the privileges afforded to the British Flag and full international recognition while benefiting from the tax free status and shipping laws of the Cayman Islands. A large proportion of the world’s luxury yachts are registered in the Cayman Islands, and IMS has assisted many of these in this process. We have experienced professionals well versed in all aspects of vessel registration enabling us to provide an efficient and reliable service which meets all regulatory requirements.
The following are among the more significant developments in Cayman:
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Adoption of part 2 of the UK Merchant Shipping Act enables ships registered in the Cayman Islands to fly the Red Ensign, with only majority ownership being “British” owned.
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Cayman Islands has secured full convention status, with power to issue full convention certificates e.g. Solas, load line, Marpol, etc.
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Creation of a Survey department, which, with support from the UK Department of Transport, ensures compliance with international convention certificates.
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Transitional arrangements in existence regarding survey, whereby existing class certificates are acceptable in the interim.
The benefits of registering in the Cayman Islands are as follows:
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Red ensign flag entitles ships to the protection of the British Royal Navy.
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Full assistance of the British consular service worldwide, which is especially useful in connection with crew matters.
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Expedited registration is available and the registry can act on scanned or faxed documents, subject to receiving originals within 7 days.
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No mandated crew qualifications for pleasure yachts in private use.
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Registration and annual tonnage fees are very competitive.
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High quality local expertise in the fields of banking, company management, legal and accounting services.
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Excellent international communications by fax, telephone and telex.
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Absence of exchange controls.
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No income, corporate or capital gains taxes exist in the Cayman Islands.
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Political stability and full British Overseas Territory status.
To find out more about vessel registration, including details of applicable fees and how IMS can leverage its expertise to your advantage please email us at contactus@ims.ky.
Limited Partnerships
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It is generally accepted that for a partnership to be established, there must be two or more persons or entities carrying on business with a view to profit. In the case of an exempted limited partnership (ELP), the general partner must conduct the business (subject to certain defined exceptions) whilst the limited partners merely contribute capital and/or expertise. Subject to the foregoing, the limited partners generally receive the benefit of liability which is limited to the amount of their interest in the ELP. Profits are allocated amongst the partners in accordance with the provisions of the partnership agreement.
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A significant characteristic of a Cayman Island exempted limited partnership (ELP) is that a limited partner’s interest can be redeemed at any time without requiring dissolution of the ELP, subject only to a clawback of such redemption proceeds (plus simple interest at 10% per annum, or at such rate as may be stated in the partnership agreement) should the ELP become insolvent within 6 months. The amount to be clawed back would be such sum as is necessary to settle any debt or obligation of the ELP incurred during the period that the limited partner’s contribution formed part of the assets of the ELP.
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The Exempted Limited Partnerships Law, as amended, also allows partnership interests to be used as security by limited partners, and allows limited partners to lend to an ELP, thereby enabling flexible funding structures.
Establishing an Exempted Limited Partnership
An ELP is formed by means of a partnership agreement. The ELP is registered in the Cayman Islands by way of a filing with the Registrar together with certain other documentation. There are also various continuing obligations that must be complied with, which we can assist with once the partnership is established.
Virtual Office
At IMS we recognise that for many clients it is not practical, cost effective or convenient to maintain their own physical office on the Islands. As a consequence we offer a virtual office service utilising our modern offices and leading technology. IMS makes available its extensive resources to clients in order that they may continue their day to day activities in a professional manner without the need or cost of a physical presence. We have built redundancies into our own systems, including a robust disaster recovery plan, which means we can provide unrivalled reliability when it comes to virtual office services.
Virtual office services include but are not limited to:
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Receptionist services
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Voice mail and answering services
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Email and website hosting
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Mail forwarding
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Professional and mailing address
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Business meeting space
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On site amenities – fax, copier & printing, internet access and conference call facilities.
With modern facilities and state of the art technology clients benefit from a professional environment without the cost, and ensures that clients can focus on matters that are of the utmost importance – maximising their business potential. Contact us today at contactus@ims.ky to find out more.