Investors who are placing newspaper advertisements seeking
Caymanian participation in business endeavours must ensure that the
ads also direct persons to the Trade and Business Licensing
Section 11 (4) (e) of the Local Companies (Control) Licence Law
(LCCL) states, among other conditions, that the Board must consider
efforts made by the foreign companies to obtain Caymanian
participation in business ventures before granting an LCCL.
Therefore, as proof of seeking Caymanian participation, the
Board requires foreign investors to publish the ads in the local
press. As of 1 September 2016, the ads must instruct Caymanians to
submit a separate copy of their letter of interest in the business
venture directly to the Board.
LCCL ads must indicate that letters from Caymanians should be
copied 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
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.
According to the Board, the procedural changes to the LCCL
application process will encourage compliance with the law. The
Board added that applications with incorrect ads will not be
LCCL applications must be submitted in person at the Business
Licensing Counter, on the first floor of the Government
Administration Building, Mondays to Fridays, between 9:00am and
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 fees.
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.
The Panamanian Law 52 of October 27, 2016 (the "Law"), which relates to accounting records and the annual franchise tax of Panamanian entities (corporations and foundations), came into effect on 1 January 2017.
Following the successful introduction of ‘failure to prevent' offences in the areas of bribery and tax evasion, the UK government is priming another possible corporate offence with a call for evidence launched on 13 January 2017, to end on 24 March 2017, on ‘corporate liability for economic crime'.
In many of my writings I try to bring together my fascination for history with my professional and academic interest in the law.
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