Our client release of January, 2016 reported on the proposed introduction of a limited liability company structure in the Cayman Islands. We can now further report that the Limited Liability Companies Law, 2016 (the "LLC Law") was published on 8 June 2016. Full implementation of the LLC Law will require a commencement order (the "Order") which is expected to be issued and to bring the LLC Law into effect by the end of June 2016.
Once fully implemented, the LLC Law will allow clients to form new limited liability companies and to convert, merge or even migrate other existing corporate structures into the form of a Cayman Islands limited liability company. The background to the introduction of the limited liability company in the Cayman Islands and our commentary on the circumstances in which clients may seek to take advantage of this innovative development are set out in our original release which is available by following the link below.
We will issue a further release once the Order has been made and the LLC Law brought into effect. In the meantime, for further information please contact any member of the team at Dillon Eustace.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.