Dictionary
exempt company
a company that does not have to pay tax or act according to the usual regulations of the country in which it is established
Under Gibraltar's Exempt Company programme, more than 8,000 offshore firms do not have to pay income tax.
American English
- tax-exempt company
Phrase Bank
- Exempt companies are prohibited (=not allowed) from doing business in the Cayman Islands other than from pursuing offshore business.
Additional Notes
- Common to all exempt companies are the carrying on of business outside the incorporating jurisdiction, rapid formation, secrecy, broad powers, low cost, low-to-zero taxation and minimal filing and reporting requirements.