Category Archives: Client Advisories

Limited Liability Companies Law, 2016 to be in force 13 July 2016

11 Jul 2016

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.

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Commencement of the Limited Liability Companies Law, 2016

09 Jun 2016

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.

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Cayman Islands New Fund Vehicle (LLC) and Common Reporting Standard Update

05 Jan 2016

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”).

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Harbinger of Change to the Loss of Substratum Test Applicable to Cayman Islands Companies

01 Dec 2015

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.

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British Virgin Islands: The Approved Manager

16 Nov 2015

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”).

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Start Preparing: The Common Reporting Standard Regulations Enacted into Cayman Islands Law

04 Nov 2015

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.

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British Virgin Islands: New Regulated Investment Funds Introduced

02 Oct 2015

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.

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