Cayman Approves Limited Liability Companies Bill, 2015

On 6 May 2016, the Limited Liability Companies Bill, 2015 (the Law) was approved by the Legislative Assembly of the Cayman Islands.  It is expected that accompanying regulations (including fee schedules) will be published soon and that the Law, will come into force by the summer.

Once the Law is enacted (by way of a separate commencement order), a new class of Cayman Islands entity, the limited liability company (LLC), will be available for use by clients seeking to establish fund and corporate structures in the Cayman Islands. The introduction of the LLC is a response to demand from the investment funds and financial services industry and will reinforce the position of the Cayman Islands as the leading jurisdiction for offshore investment funds and offshore corporate and SPV structures.