Key deadline approaching for Cayman Islands Beneficial Ownership regime

Cayman Islands companies and LLCs1 are reminded that they have until 29 June 2018 to prepare their register of beneficial ownership, if they are in scope, or confirm which exemption applies to them and update their Cayman corporate services provider with those details.

Companies’ corporate services providers then have to file details from the register or of the relevant exemption with the competent authority in the Cayman Islands. The Cayman Islands government confirmed this week that those filings must be done by 29 June 2018 at the latest, to allow time for the data to be processed to meet Cayman’s obligation to have the system populated by 30 June 2018. Registers of beneficial ownership are not publicly available.

As Cayman Islands companies and LLCs either have to maintain a register or confirm the exemption they are relying on, action is required, unless the company has already complied.

Please see our related guide at right for details of the exemptions that are available, including for regulated investment funds, and the requirements in practice if a register has to be maintained.

 

1 Limited liability companies established under the Limited Liability Companies Law (LLC Law)