The role and significance of offshore business in the Сayman Іslands. Еconomic and legal research

This work analyzes the role and significance of the offshore business of the Cayman Islands through the prism of economic and legal research. The emphasis is on establishing the content of the concepts of offshore business and offshore zones. The importance of the existence of offshore business, its tax policy and the important role of this dynamic industry as a component of the global economy are indicated. It is noted that the popularity of such business is characterized by the presence of transnational companies, the development of global financial markets, demand for offshore business services in developed countries and the use of modern information technologies. The issue of the positive aspects of offshore business is studied using the example of the Cayman Islands and the possibility of using such offshore jurisdictions for domestic business is substantiated. It is indicated that offshores do not disappear from the world arena, but change their policy of using them. It is noted that there are representatives of domestic business in the specified offshore zones. This can be explained by the desire to reduce the tax burden, security of asset ownership, protection against raiding, simplicity of conducting international business, preparation and submission of reports without administrative obstacles, insignificant costs of maintaining a company due to the absence of requirements for real economic presence (substance) in certain offshore jurisdictions, access to foreign investment, both for the purpose of attracting investor funds and for the purpose of participating in target assets, etc. It is emphasized that, according to scientists, the use of offshore jurisdictions will change its nature, and offshore companies will be used to a greater extent as personal holdings of residents of Ukraine, with appropriate reporting on such companies and, if necessary, taxation according to new rules. It is emphasized that the Cayman Islands are included in the list of large financial centers, have the 5th largest banking center, which is a provider of high-quality services, and financial services are regulated by the Currency Administration (CIMA - regulates the country's financial services industry). It is indicated that when registering a company in the Cayman Islands, corporate directors and officers may be non-residents, emphasizing that corporate law allows for a company with one director and founder (individual or legal entity) + minimum reporting and auditing requirements. An important detail is also noted that in the Caymans, taxes on corporate income, capital gains, profits, dividends or capital transfers may be zero when certain conditions are met. It is emphasized that Ukraine has problems with insufficient transparency in company management, which may be a reason for transferring business offshore. In Ukraine, there are restrictions on the withdrawal of capital abroad, which may encourage entrepreneurs to look for other ways to protect their assets. The features of de-offshoring in Ukraine indicate a difficult economic and political situation in the country, which encourages entrepreneurs to look for means of protecting their assets abroad.