Industry is advised that commencement orders approved by Cabinet on 26 March have widened the scope of beneficial ownership in the Cayman Islands.
The Companies (Amendment) Law, 2020 (Commencement) (No.2) Order, 2020 and the Limited Liability Companies (Amendment) Law, 2020 (Commencement) (No.2) Order, 2020 correlate to legislation passed in the Legislative Assembly on 31 January 2020.
As a result, the definition of a beneficial owner in the Companies Law and the Limited Liability Companies Law will change on 15 May from “more than 25%” of the shares or voting rights in a company to “twenty-five per cent or more” of the shares or voting rights in a company.
The Ministry appreciates the additional effort that industry will give into addressing the new definition and the administrative challenges during these uncertain times. At the same time, the Ministry is committed to ensuring the jurisdiction meets international obligations that will ensure the continuity of the financial services sector as a whole.