Cayman Islands Ushers In New LLC Law

The Cayman Islands’ competitiveness has been enhanced by the introduction of a new limited liability company law, says Jude Scott, CEO of Cayman Finance, the island’s financial services promotional agency.

According to the Cayman Islands Ministry of Financial Services, the new Cayman LLC is similar to a Delaware limited liability company: “It is a business vehicle with separate legal personality, like a Cayman Islands exempted company. However, it has certain features and flexibility akin to a Cayman Islands exempted limited partnership – including, the nature of a member’s interest in an LLC, the manner in which accounts are maintained, and with parties having substantial freedom of contract among themselves to determine the LLC’s governance and other internal workings,” it explained.

Scott said: “This new LLC law will give our industry a competitive advantage in the international market and enhance the critical role we play in the global economy … It is the most recent example of Cayman’s constant focus on evolving our industry to anticipate and meet the ever-changing needs of our clients.”

 

News Source: Low Tax

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