Where the proposed activities of a company are to be carried out mainly outside of the Cayman Islands - offshore - the registrants can apply for registration as an exempted company.

Features of such companies include the following:

An exempted company is not required to keep a register of members open for public inspection (a requirement for resident and non-resident companies).
An exempted company is not required to hold an annual general meeting in the islands (which resident and non-resident companies must).
An exempted company may alter its Memorandum and Articles of Association without restriction, but must notify the Registrar of any changes.
An exempted company may offer shares to the public in Cayman if listed on the Cayman Islands Stock Exchange (CSX).
An exempted company may issue shares with nominal or no par value.
The annual return to the Registrar requires a declaration that:
no changes, other than those notified to the Registrar, have been made in the Memorandum of Association;
the provisions of the Companies Law have been observed
the company’s operations have been mainly outside the Cayman Islands; and
all bearer shares are kept by an approved custodian.
An exempted company is not required to include the word "Limited" or the abbreviation "Ltd." after its name.
The Registrar must give one month’s notice before taking action to strike off an exempted company.
An exempted company may express its capital in any currency or in multiple currencies.

Transfer by Continuation
The Companies Law permits the registration of a company with limited liability and share capital which is incorporated in a foreign jurisdiction whose laws permit or do not prohibit the relocation of the company to become a Cayman Islands exempted company. The company must be constituted in a form or substantially a form which could have been incorporated as an exempted company limited by shares.

The application must be accompanied by an undertaking that notice of the transfer has been or will be given within 21 days to the secured creditors of the registrant. If the company is required to be licensed under any law, e.g., the Banks and Trust Companies Law, the Insurance Law, or the Companies Management Law, then it is prohibited from carrying on its business in or from within the Cayman Islands unless it has obtained the requisite license.

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