The Amendments make certain information relating to companies and limited liability companies more accessible and increase penalties for those who fail to fulfil the requirements of the beneficial ownership registration.

The Registrar of Companies in the Cayman Islands is required to provide information upon receipt of a written request from the Anti-Corruption Commission, the Cayman Islands Monetary Authority, the Financial Crimes Unit of the Royal Cayman Islands Police Service, the Financial Reporting Authority, the Tax Information Authority and any competent authority (as defined in the Proceeds of Crime Law) which is assigned responsibility for monitoring compliance with money laundering regulations under the Law. The information must be required to discharge any function or exercise any power of the requesting authority under specified laws.

The following Laws have been amended to require the following:

Companies Law

  • the register of members will now disclose:
    • the number and category of shares held by each member; and
    • a statement about whether each relevant category of shares held by any member carries “voting rights” and, if so, whether such rights are conditional.
  • If any changes in the directors or officers, the Company is required to notify the Registrar of Companies within 30 days of the change.
  • The Registrar of Companies will make a list of directors and alternative directors of a Company (if any) for public inspection upon payment of USD 50 (this provision is not yet in force).

Limited Liability Companies Law

  • The Registrar of Companies will make a list of the managers of an LLC available for inspection by any person (upon payment of the prescribed fee) (this provision is not yet in force).

Given the popularity of Cayman exempted companies in Asia, corporate service providers and their clients need to be aware of the changes to the Companies Law in particular and re-assess how these companies are administered.

Once the provisions relating to public inspection of a company’s list of directors and alternate directors (if any) and an LLC’s list of managers come into force, we will provide a further update.

Twitter LinkedIn Email Save as PDF
More Publications
29 Apr 2024

Cayman Islands Grand Court Orders Disclosure Despite PRC Data Security Law Concerns

The Cayman Islands Grand Court has recently ordered disclosure of documents in on-going court procee...

8 Apr 2024

Whose crypto is it anyway? – the status of cryptocurrency as ‘property’ under BVI and Cayman law

In recent years, a number of courts have grappled with the question of whether cryptocurrency is “...

8 Apr 2024

Electronic dissemination of corporate communications by Hong Kong listed issuers from an offshore perspective

In June 2023, The Stock Exchange of Hong Kong Limited published consultation conclusions to its cons...

20 Dec 2023

Focus on COMI

Schemes of Arrangement are often used as a successful restructuring tool, whether by way of a scheme...

16 Aug 2023

Bondholder Litigation Under the Spotlight in the Offshore Jurisdictions

Can an ultimate beneficial owner of notes file a winding up petition against the issuer? In this ar...

3 Feb 2023

Offshore Private Funds and Offshore Managers: Divergent Regimes in the Cayman Islands and the British Virgin Islands

Consideration should be given and appropriate advice should be sought as to what would be the most a...

27 Sep 2022

Similar but Different

While the basic features of the trust remain, there are some notable differences in how trusts can b...