One of the questions we receive regularly from our clients
(existing and potential) is whether they can set up an LLC in
Cayman. "Hi, my name is Jim and I'd like an LLC
please". This is a natural question for clients in North
America as LLCs seem to be the preferred vehicle of choice for
almost any purpose and so why should there be any other choice? For
example, the vast majority of funds set up in the United States are
LLCs, incorporated in Delaware, and every client is familiar with
them and how they work.
We often find that the overlay of having the straight company
concept in Cayman leads to some confusion. Cayman does not
currently have the LLC concept and sticks to the regime of a
company based on English Law. "We have them, why don't
you?" is what we typically hear. Traditionally, our long
legacy as a British colony (you can imagine how a Scotsman writing
this may grumble) has caused us to follow English Law (yes,
Scottish Law is better, Donoghue
–v–
