The Cayman Islands beneficial ownership regime
("Regime"), which came into force on 1
July 2017, has been revised by amending legislation which partially
came into force on 19 February 2020.
The Regime requires Cayman Islands companies
("Companies"), limited liability
partnerships ("LLPs") and limited
liability companies ("LLCs") to
establish and maintain beneficial ownership registers unless they
are exempt. Please see our
previous advisory for further details in relation to the
Regime.
The amending legislation introduces an obligation for corporate
services providers ("CSPs"), enhances
the powers of the competent authority and refines the ownership
percentage thresholds.
The Companies (Amendment) Law, 2020 (the
"Amendment") amends the Companies Law
(2020 Revision) (the "Companies Law")
with the intention of improving the effectiveness of the Regime and
facilitating compliance.
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.