The Cayman Islands is one of the few places in the world where there are more registered businesses than people. The islands have long been considered a tax haven, with no direct corporate taxes levied on businesses. There is also no personal-income tax, no sales tax, no capital-gains tax, and no wealth tax. No minimum wage exists on the islands.
The British firms with the highest number of companies registered in the Cayman Islands – according to analysis of Companies House files by ActionAid in October 2011 – are:
37 RBS Group
24 Lloyds Banking Group
20 International Power
17 Standard Chartered
10 Man GroupAnd successive British governments have tolerated this situation.