Cayman Islands CIEC

An exempted company is registered on a subscriber's declaration that its operation will be conducted mainly outside the Cayman Islands. Exempt companies require at least one director. An exempt company may not carry on business in the Cayman Islands unless such business directly contributes to the company's overseas business. Furthermore, the exempt corporation cannot issue an invitation to the Cayman Islands to subscribe for its shares or bonds.
Exempt companies cannot hold land in the Cayman Islands unless approved by the Financial Secretary of the Cayman Islands.