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Cayman based partner Ian Gobin discusses exempted funds with Claire Cummings from Cummings Law. Key features included:
- Lower set-up costs and lower operational costs, therefore ideal for start-up managers looking to set-up a cost effective Cayman Islands Fund;
- No more than 15 investors who have the right, as a majority vote, to appoint and remove the operator of the Fund – i.e. the directors in a corporate structure
- Not regulated by the Cayman Islands Monetary Authority (CIMA), therefore no CIMA registration or annual fees of the Fund or its directors; and
- No requirement for an Auditor to be appointed in the Cayman Islands to undertake the audit or its sign-off, save that investors may well expect as auditor to be appointed and they can be located anywhere.
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.
