Most Read Contributor in Cayman Islands, September 2016
In order to ensure that the law is upheld, procedural changes
for the Local Companies (Control) Licence Law (LCCL) will come into
effect on 1 September 2016.
The LCCL requires foreign investors to publish ads that solicit
Caymanian participation in their potential business endeavours. In
these ads, Caymanians are asked to inform the foreign investor of
their interest, in writing; however, as of 1 September, Caymanians
also must supply a copy of that letter directly to the Trade and
Business Licensing Board.
Also, when submitting their applications to the board, foreign
investors must include copies of the two local newspaper ads,
published in accordance with section 11 (4) (e) of the law, that
solicited Caymanian participation.
'These procedural changes will help the board to know if the
applicant has complied fully with the LCCL', said Minister of
Commerce Wayne Panton.
LCCL applications must be submitted in person at the Business
Licensing Counter, on the first floor of the Government
Administration Building. The counter is open Mondays to Fridays,
between 9:00am and 4:00pm. In addition to the two newspaper ads,
applications must be accompanied by due diligence such as a police
clearance, copies of passports, references, and the relevant
Letters from Caymanians are to be addressed to the Trade and
Business Licensing Board, c/o the Department of Commerce and
Investment, Government Administration Building, 133 Elgin Avenue
Suite 126, Grand Cayman, Cayman Islands.
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.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Failure to comply with company law in Hong Kong can be very expensive for businesses. In a highly dynamic business and regulatory environment such as Hong Kong, it is challenging for business owners to remain fully aware of the latest legal requirements.
In our article " Characteristics of the Commercial Agency Law of the United Arab Emirates" published with Mondaq on 27.09.2016, we outlined the general applicability of the UAE Commercial Agency Law (Federal Law No. 18 of 1981 including its amendments).
Confidentiality of corporate documents and information is one of
the key attractions of incorporating a company in the BVI. A
company search of the BVI Registrar of Corporate Affairs will only
disclose certain information and documents.
Luxembourg's Companies Act ‘reform bill' includes new rules for conversions of company types and introduces the S.à r.l.-S.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).