The Cayman Islands has now enacted the Limited Liability Companies Law, 2016 (the "LLC Law") with effect on 8th July, 2016.
Under the LLC Law it will now be possible to form a limited liability company ("LLC"), merge or consolidate one or more LLCs, reregister an exempted company as an LLC or re-domicile a foreign company into the Cayman Islands as an LLC. The addition of the LLC to the suite of existing legal structures available in the Cayman Islands has been broadly welcomed, by the financial services industry in particular.
We have previously reported (January, 2016) on the introduction of the limited liability company in the Cayman Islands together with its key features, benefits and the formation process. An update to that release was published in June, 2016. Links to both prior releases are available below.
Limited Liability Company Structure – Update
The Limited Liability Companies Bill, 2015
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
