Company Law and Beneficial Owner Regime

  • The Companies (Amendment Law) 2017; [Read]
  • The Beneficial Ownership (Companies) Regulation 2017; [Read]
  • The Limited Liability Company (Amendment) Law 2017; [Read]
  • The Beneficial Ownership (Limited Liability Companies) Regulations 2017 [Read]

 

Economic Substance Legislation

  • The International Tax Co-operation (Economic Substance) Law, 2018 [read]
  • The International Tax Co-operation (Economic Substance) (Prescribed Dates) Regulations, 2018 [read]
  • The International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2019 [read]
  • The International Tax Co-operation (Economic Substance) (Amendment of Schedule) (No. 2) Regulations, 2019 [read]

 

Cayman Islands Resources

  • Cayman Islands Resources  Economic Substance Guidance v2.0 [read]


 

 

 

Legal Rules to introduce Beneficial Owner Regime

 

Effective from 1st July 2017, Cayman Islands Companies or Limited Liability Companies (the Legal Rules) are under a legal obligation to set up a beneficial ownership register (the BO register), identify registrable persons, send out notice to obtain confirmation of their status and particulars, and record the required particulars and any relevant change thereafter, and periodically upload the current information to a centralized search platform maintained by the Cayman Islands authorities.

 

Grace Period and Sanctions

 

The applicable companies or LLCs have a grace period of one year commencing from 1st July 2017 to implement the above requirements. Non-compliance with the legal rules relating to the BO Register will result in fines and criminal penalty.

 

See detailed information [Read]