Further to our previous advisories, we are pleased to announce that the much anticipated Limited Liability Companies Law, 2016 will come into force on Wednesday 13 July 2016 as the Cayman Islands Government gazetted the commencement order for the LLC Law last Friday 8 July 2016.
The Cayman Islands Shipping Registry (“CISR”) has issued a new alternative set of requirements for yachts that wish to operate commercially in the Caribbean under Shipping Notice No. 02/2016 Rev 1 (the “Shipping Notice”).
The Cayman Islands Government published the Limited Liability Companies Law, 2016 (the “LLC Law”) by way of Extraordinary Gazette on 8 June 2016 and it is expected to be brought into effect toward the end of June. As readers will be aware from our previous briefings on this topic, the LLC Law allows for the introduction and establishment of limited liability companies (“LLC’s”) similar in structure to that of the Delaware LLC.
A recent decision of the Grand Court may affect role of developers of strata corporations in the Cayman Islands, particularly where the strata development forms part of a larger resort complex, perhaps incorporating timeshare apartments or a hotel.
The appeal in Rhone Holdings concerned a petition presented by limited partners for the winding up of a Cayman Islands exempted limited partnership, which had been struck out by the Grand Court as contrary to an express term of the partnership agreement not to present such a petition.
The Cayman Islands Government has published a “green bill” for a Law to provide for the formation and registration of Limited Liability Companies: and to provide for incidental and connected purposes (the “LLC Bill”) when enacted into law this will create a new type of Cayman Islands vehicle, the limited liability company (an “LLC”).
The recent Grand Court judgment in Re Harbinger Class PE Holdings (Cayman) Ltd clarifies two issues arising in petitions to wind up a company on the just and equitable ground on the basis it has lost its substratum. First, the applicable test for whether there has been a loss of substratum and secondly the appropriate approach to determining the principal or main object of a company with an unrestricted objects clause in its constitution.
The British Virgin Islands (“BVI”) is one of the leading offshore funds jurisdictions, attracting investment managers and investors worldwide. The management of investment funds and client accounts in, or from within the BVI (whether by way of providing discretionary, or non-discretionary investment advice), requires prior regulatory approval from the BVI Financial Services Commission (the Commission”).
Further to our previous advisory CRS: Preparing for 31 December 2015 and Beyond, the TIA has announced that the CRS Regulations have been published and enacted into Cayman Islands law last week. The first schedule to the CRS Regulations is the CRS itself (or more specifically the Common Standard on Reporting and Due Diligence for Financial Account Information) and it comes into force in the Cayman Islands on January 1, 2016. The second schedule sets out excluded/non-reportable accounts.
The BVI Government and the private sector have developed two new regulated fund structures to cater for family and friends structures and start up investment managers, both of which are less regulated than Professional Funds and Private Funds and offer simplified opportunities to pool investments on a more cost-efficient basis. The new fund structures can be constituted as either a company or a limited partnership.