Cayman Islands Llc
“Data controller” is defined as the person who, alone or jointly with others, determines the purposes, conditions and manner in which personal data is processed. Data controllers who are not established in the Cayman Islands must nominate a representative who is established in the Cayman Islands. The representative will bear the obligations under the DPL as if they were the data controller. Meanwhile, the Government has also amended a number of existing laws to extend to virtual assets. These include amendments to the Mutual Funds Law (“MF Law”) and the Securities Investment Business Law (“SIB Law”), which are expected to come into force at the same time as the VASP Law. For up to date information on Cayman, property and market spotlights, design ideas, global lifestyle trends that are coming to Cayman.
Derek is admitted to practice in the Cayman Islands, Grenada, Jamaica, St. Kitts and Nevis, St. Vincent and the Grenadines, and the United Kingdom. He was a founding partner of the firm HSM Chambers, retiring in June 2019, and enjoys the very rare distinction of having been ranked by the authoritative guide of Chambers and Partners in two jurisdictions namely Jamaica and Cayman, and in two different practice areas. In 1997, upon the retirement of Sir Vassel Johnson, CBE, JP., Lemuel was named Managing Director of Montpelier Properties Limited and holds several Directorships within this group.
Publications & Resources
The transfer price that determines the amount of the charge for technical services creates tax risk, which I will discuss further in a later post. Importantly, the Cayman Government’s intention has been to provide for appropriate regulation without stifling innovation. As such, it should help to maintain Cayman’s position as an attractive domicile for legitimate virtual asset businesses. In particular, the definition of “securities” now includes virtual assets which can be sold, traded or exchanged immediately or at any time in the future that could potentially be covered by Schedule 1 of the SIB Law.
We give students the advantage of obtaining rigorous degrees validated and supervised by highly respected UK universities. Due to our size, we offer small group teaching, individual attention and a genuine open-door policy. This is truly the ideal environment for a budding lawyer to study and thrive under the supervision of our dedicated academic team. Access breaking news, comment and unrivalled data-rich analysis about the stories happening in the legal market by subscribing to The Lawyer today. Latest news and analysis from Litigation Tracker, including In Court this Week and Judgments of Note. We understand that multi-jurisdictional transactions require a highly coordinated service.
Corporate & Finance
We continue to see an increase in the use of hybrid and NAV facilities in both the private equity and hedge fund space. Exempted companies and exempted limited partnerships are still the most popular entities across all business areas, but we also see an increasing use of limited liability companies as a result of advantageous hybrid features taken from both the company and exempted limited partnership regimes. The firm has an experienced corporate, finance and investment funds practice, which is partner-led and commercial in its approach. It advises clients globally on corporate finance and public equity transactions, private equity, joint ventures, fund set-ups and general corporate and commercial work. The team comprises senior lawyers with professional backgrounds at major international law firms. Janet’s practice spans corporate, intellectual property, banking and finance law.
These regulations removed the reference to section 9 of the Companies Law from part of the definition of “domestic company” so that companies limited by guarantee will no longer be automatically classified as domestic companies unless they otherwise satisfy the criteria for a domestic company. A Relevant Entity can satisfy the ES Test in relation to a Relevant Activity if it outsources the relevant CIGA to another person in Cayman and is able to monitor and control the carrying out of the CIGA by that other person. The Amendment Law provides that the person to which the CIGA is outsourced may be required to verify within 30 days, the information relating to its services, which has been provided to the TIA by the Relevant Entity. The Amendment Law, which came into force on 12 February 2020, was introduced primarily to expand section 7 of the ES Law which relates to the requirement for Relevant Entities to provide information to the TIA.
A move to the Cayman Islands would give you excellent global experience, and provide you with a hugely rewarding career. Dale joined Boddens in February 2019 as Managing Partner of Bodden & Bodden and Managing Director of Bodden Corporate Services. Dale was previously a Partner at a prominent offshore law firm in the Cayman Islands where he represented both private and institutional clients in all aspects of commercial/corporate law and financing transactions for over 20 years. He is also highly versed in local immigration matters, including permanent and independent means residency as well as the establishment and licencing of local businesses. Ms. Jacob qualified into the structured finance division of the law firm, Appleby, focusing on CLOs, bond issuances, securitisations and subscription financing. She later practiced as an attorney with another leading law firm, Ogier, in the funds division where her focus was on fund and private equity launches and providing on-going general and corporate legal advice for her clients.
With our decades of experience in offshore law, we can advise you on the formation, regulation or disputes around private capital, hedge and mutual funds. The legal services we provide for foreign investors who open a company in the Cayman Islands are one of the pillars of our activity. Our company incorporation services is suited to our client’s needs and the industry in which the future business will activate. The fast-track process allows for easy, and, in some cases, same-day services related to business formation – an important feature for investors who wish to start a business. Foreign investors from the United States can rely on us as being one of the Cayman law firms that offers complete guidance on the FATCA updates and rules. The Foreign Account Tax Compliance Act is a special reporting mechanism in place for submitting data on the financial accounts that are held by US nationals to the US Internal Revenue Service .
Why Are The Cayman Islands Considered A Tax Haven?
She also advises on matters relating to Overseas Territories sanctions orders and restrictive measures and serves as counsel to the Cayman Islands Mutual Legal Assistance Authority under the Mutual Legal Assistance Act. “Client feedback published by Legal 500 just last week highlighted Alex’s commercial approach and proactive solutions to complex issues which fits well with our collaborative ethos and standards of excellence in client service.” We have links with specialist family lawyers in other jurisdictions and strong working relationships with mediators, counsellors, social workers, child-psychologists and expert accountants both locally and abroad.
We will help you register offshore company in the Cayman Islands quickly and legally. And we will also provide assistance with business registration in the Cayman Islands. The Cayman Islands court does, however, have discretion to impose a moratorium on a blanket or a case-by-case basis. In practice, the court would only exercise its discretion if there was any doubt about the company’s solvency. A secured party holding a fixed charge will, notwithstanding that a winding up order has been made, be entitled to enforce his security without the leave of the Cayman Islands court and without reference to the liquidator. However, if the security created by the relevant security document is treated as a floating charge, then debts preferred under Cayman Islands law will have priority over the secured party on a liquidation of the company or LLC.
The CRS is similar in form and substance to the US IGA. It will be necessary to assess any exempted company’s activities and to classify it under FATCA/CRS regardless of the location of its activities or its shareholders, to determine if any notification and reporting requirements exist. We can provide advice as to these matters in any particular circumstance and assist with an exempted company’s compliance with such obligations. Unless falling within an exemption, an exempted company must maintain a beneficial ownership register at its registered office and must take reasonable steps to identify any “registrable turkish citizenship persons” whose details must be entered in such register. Ms. Reynolds appears regularly as an advocate in Cayman courts in cases involving high value and complex international trust and investment fund structures. She has taken leading advisory and acting roles in an array of litigation in this area, including advising on the collapse and liquidation of the largest private equity structure in the Middle East. Lisa was previously an Associate with a leading local firm where she advised on conveyancing and real estate development, secured lending and intellectual property matters for 12 years.
Valuations may be performed by a qualified independent third party in a non-high-risk jurisdiction or the fund’s administrator. The general partner, manager or other operator of the fund also may perform valuations if the valuation function is independent of portfolio management or potential conflicts of interest are properly identified and disclosed to investors in the private fund. If a registered private fund’s valuations are not performed by an independent third party as provided in the Private Funds Law, CIMA may require the private fund to do so, or have the valuation performed by the fund’s auditor.
Furthermore, we are delighted to share the news of Stonehage Fleming’s acquisition of Maitland’s Private Client and Corporate Services business. Our newly placed office ensures local capability and on-site expertise to assist you in dealing with your requirements under the PFL. Please do not hesitate to contact your relationship manager or one of our experts below to discuss how we can help prepare your fund entities for these changes in regulation. N.B. As with cash monitoring, the manager resident permit turkey or operator can act as safekeeper provided title verification function is independent from the portfolio management function; potential conflicts of interest must be properly identified, managed, monitored and disclosed to the investors of the private fund. With a globally competitive investment fund fee structure and most of the world’s 50 largest banks present, Cayman Islands are also the top domicile for international hedge funds and home to the Cayman Islands Stock Exchange .
In addition to the amendments noted above, there is one further significant amendment in the Companies Law, 2019 that is not yet in force. This amendment requires the Registrar to make available the names of the directors and alternate directors of a Cayman company on payment of a fee of CI$50/US$61. Further information will be provided once the implementation date for this amendment is known. The Companies Law, 2019, the Limited Liability Companies Law, 2019 and the Limited Liability Partnerships Law Law, 2019 each amend their respective principal laws to enact changes to the filing, maintenance and availability of information in respect of such Cayman entities. New innovations and technologies are disrupting the business environment, and organizations that want to remain competitive must embrace innovation or risk being left behind.
The Cayman Islands Government has now agreed a Model 1 IGA with, and has entered a new Tax Information Exchange Agreement with, the US government. This new arrangement stands to significantly simplify FATCA compliance for Cayman Islands financial institutions, including for hedge funds, private equity funds, banks, trust companies, structured finance vehicles, and insurance vehicles. Our local team of partners and senior lawyers possess deep knowledge and experience that enables us to provide full-service commercial advice, on matters of Cayman law and international law, to financial, institutional, business, and private clients.
You own a Cayman incorporated company conducting on a relevant entity from a Hong Kong branch. Since Hong Kong branch pays corporate taxes on all of the branch’s income in Hong Kong relating to the relevant entity, the branch is regarded as a tax resident outside Cayman. Laura has over 16 years of legal experience and has been practicing as an attorney in the Cayman Islands for more than 13 years. She represents clients in all areas of family law, including separation and divorce, residence and contact orders, domestic violence, child maintenance, and removal applications. In addition to the Authority, the Department of Commerce and Investment is a public sector supervisor with responsibility for monitoring compliance with the AML/CFT framework specifically for real estate agents and brokers, and precious metals and stone dealer .
Any exempted company may be created as or converted into a segregated portfolio company . Income and other property of an SPC not attributable to any portfolio constitute the general assets of the SPC. One or more classes of shares may be designated to each portfolio and the proceeds of issue allocated to such portfolio. Payments in respect of portfolio shares may only be paid to the extent that they can be financed out of such portfolio.
In the Cayman Islands, a virtual asset is defined as a digital representation of value that can be electronically traded and used for investment purposes. Phase two, which is expected to come into force in June of 2021, provides for license requirements. Indeed, Phase two will include a licensing turkish citizenship by investment and virtual asset issuance approval process that will begin when the appropriate clauses and aspects of the VASP Law come into effect. Ltd, the Court of Appeal reversed the Grand Court’s decision not to strike out a petition to wind up ABC brought on just and equitable grounds.
Cayman’s political stability, strong jurisprudence, commitment to modern legislation and ability to attract world class professionals are key components in its performance. The territory is a well-respected and regulated financial centre with a stable and business-friendly government. Charing is a legal assistant in the Litigation Department of our Hong Kong office. Hamid is a senior associate in our Litigation, Insolvency & Restructuring group and has extensive experience dealing with large-scale multi-party cross border disputes. As the work is based on the English legal system, you need to be fully qualified as a solicitor/barrister in England & Wales or the Commonwealth with excellent academics, and have a minimum of 3 years’ PQE order to be granted a work permit.
Only people who have been preauthorized to enter the Cayman Islands can travel there, and they must quarantine at home or in a government or private facility. The Truman Bodden Law School of the Cayman Islands (“TBLS”) has been affiliated with the University of Liverpool (“UoL”) since the mid 1980’s and is believed to be the longest standing international affiliate partner of the University. Situated in the centre of the capital, George Town, opposite the Courthouse and in view of the Legislative Assembly, TBLS has been at the heart of the provision of legal education in the Cayman Islands since its creation in 1982. The Law School has been located in its existing premises since January 2005 when its relocation was prompted by Hurricane Ivan which struck in September 2004, rendering uninhabitable its former premises.
Persons who don’t offer crypto-asset services but use related technology may also volunteer to apply for a sandbox license. The Cayman legislators consulted and engaged extensively with domestic financial industry stakeholders throughout the development of the new legislation. Passed on 25 May 2020 by the Legislative Assembly, the laws have been promulgated only a month before the June plenary of the Financial Action Task Force, during which the FATF will review member countries’ implementations of its Recommendation 16 Travel Rule. Rather, the Court confirmed that the correct test to be applied is the irreducible minimum amount that could safely be assumed the dissenters would receive in any event without venturing into disputed issues of fact or valuation.
- The exceptions are large former state-owned enterprises like PetroChina or China Life, which list the Chinese incorporated parent company.
- No other information is required to be made available to the public by an exempted company, although its register of mortgages and charges may be inspected by any shareholder or creditor of the company.
- While the Cayman Islands’ CRTP Law is based on the UK CRTP Act, the significant difference is that under the CRTP Law, a third party can only enforce a contract when the contract expressly provides that right.
- In order to register a trade mark or patent with CIIPO you must apply through a local agent.
- “Our global operating model providing fund administration, global custody services and depositary offering will address these operational requirements with one trusted service provider, engaging with the client in their time zone,” says Sullivan.
- Every field of law has its own set of rules and best practices, so you need to make sure you’re dealing with attorneys with specific experience in your type of case.