One Year Old And Boldly Striding Forward
Arguably the most prominent non-regulatory legal
development in the Cayman Islands in recent times has been the
introduction of limited liability companies
("LLCs"). LLCs became available after the corresponding
enabling legislation, the Limited Liability Companies Law
("LLC Law"), came into effect in July 2016.
In the intervening period, LLCs have been newly formed and
otherwise come into existence by way of mergers, conversions and
inward migrations. There were in excess of 600 LLCs registered
in the Cayman Islands as at the end of August 2017.
The registration statistics, together with a detailed analysis
of the purposes for which the over 300 LLCs that we have registered
have been employed, support our initial expectations when drafting
the LLC Law; namely that LLCs would be a helpful additional
structuring option that would complement traditional Cayman
vehicles, notably the exempted company and exempted
