Amendments Would Clarify LLC Responsibilities, Maintain Standards

Grand Cayman, 16 August 2022 – Existing limited liability companies (LLCs) would no longer have to file a certificate of amendment on membership changes with the Companies Register, as one of the key proposed changes in the Limited Liability Companies (Amendment) Bill, 2022.

While changes would no longer be filed with the Companies Register, the amendment also would require LLCs to maintain, at their registered offices, the names and addresses of their members in their register of members, and the nature of their voting rights; and to provide this information upon demand to the Companies Register.

Lastly, because penalties for failure to provide beneficial ownership information are now covered in the Cayman Islands' beneficial ownership administrative fines regime, the amendment proposes to remove the penalties provision in the current LLC Act, thereby removing the duplication.