Banking in Cayman
Starting a Company in the Caymans is a snap. Over 8,000 companies get registered every year. There is something here called "The Company Registry" which is really a one-stop shop. The staff there is extremely helpful and will guide you through the reporting requirements and various company structures offered here.
Essentially there are five basic types of companies which may be registered in Cayman: resident companies, non-resident companies, exempted companies, limited duration companies, foreign companies and segregated portfolio companies. Regardless of which type of company you incorporate, you may do so with members' liability limited by shares or by guarantee, as unlimited companies, or as non-profit organizations.
You could do all the work yourself but everything can be handled and papered at a reasonable price by one of the many professional firms licensed for this purpose. So WWMD? Hire a firm to handle it. This leaves more time for drinking mojitos on the beach. Remember, there is a lot of competition in Cayman for your business so I urge you to negotiate a good price for yourself.