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But to be fair, none of those hedge fund’s employees are employed by the caymans entity, and the only reason they are not in the US (at least for US hedge funds) is to accept non-taxable us investors and foreign investors, U.S. taxable investors typically invest through a Delaware LP.

Do you have more info about the $100/month to keep a business there? Is that a third-party service or is it an official fee to keep a company on the register?

I see your point, but do you actually know any big, international startups that are incorporated there? I only know if Brave (the browser).