The BVI vs Cayman Islands: Which is better for an offshore company?

Actually the BVI and Cayman Islands are very similar in their company formation and corporate governance laws. Both have been affiliated to the British Crown and have their own separate legal codes. The British Virgin Islands is a self-governing territory which has been granted its own constitution and operates as a democratic parliamentary representative government. Cayman Islands which is a territory of the United Kingdom is operated as a self-governing territory. Both the BVI and Cayman Islands have a common law legal system and both have their own separate judicial structures.  Each have their own corporate laws, accounting standards, and tax laws. The applicant company must appoint a local resident in the territory to act as a resident agent. The person acting as a resident agent will act as an intermediary between the local government, courts and the company. The resident agent will also be responsible for maintaining records and handling the day to day affairs of the company.