Please see below update from the Ministry of Financial Services, Commerce and Environment.
The Cayman Islands limited liability company (LLC) regime is in operation today, following the 8 July publication of The Limited Liability Companies Law, 2016 (Commencement) Order, 2016; and today’s publication of underlying related regulations.
It is anticipated that this new Cayman Islands business vehicle will give the financial services industry a competitive advantage through increased versatility in the international market.
An LLC is similar to a Delaware limited liability company. It is a business vehicle with separate legal personality (like a Cayman Islands exempted company), but with certain features and flexibility akin to a Cayman Islands exempted limited partnership (including, with reference to 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 amongst themselves to determine the LLC’s governance and other internal workings).
General Registry is communicating directly with its online system subscribers regarding details and instructions on the initial operations of the Registry’s new LLC online system, including the complete LLC fee schedule.
The Ministry of Financial Services thanks the Financial Services Legislative Committee; the LLC sub-committee, which included representatives from Maples, Walkers and Campbells; and the General Registry for the time and efforts they dedicated to the preparation of the Limited Liability Companies Law, 2016.
The Ministry also is grateful for local and international industry input, including Cayman Finance’s timely management of the industry consultation regarding the merits and technical aspects of the Limited Liability Companies Law, 2016.