News and Publications

Offshore Corporate Services

  • Licensing Requirements for Virtual Assets in the Cayman Islands

    On 25 May 2020 the Cayman Islands government passed The Virtual Asset (Service Providers) Law, 2020 (“VASP Law”), which provides a legislative framework for the conduct of virtual assets business in the Cayman Islands and for the registration and licensing of persons providing virtual asset services. The VASP Law is

  • New Administrative Fines for Breach of Regulatory Laws

    New Administrative Fines for Breach of Regulatory Laws

    As previously reported, the Monetary Authority Law gives CIMA the power to impose administrative fines under the Monetary Authority (Administrative Fines) Regulations (2019 Revision) as amended for breaches committed by persons (entities and individuals), under the following laws (and associated regulations and rules): a. Anti-Money Laundering Regulations (2020 Revision) (as

  • Cayman Islands – The New Regulatory Regime for Private Funds

    Cayman Islands – The New Regulatory Regime for Private Funds

    The Private Funds Act, 2020 (the "Law") came into force on 7th February 2020 and introduced a requirement for the registration of closed ended funds (typically, investment funds which do not grant investors with a right or entitlement to withdraw or redeem their shares or interests from the fund upon

  • Undertaking Voluntary Liquidations of Cayman Islands’ Entities prior to 31 December 2020

    Undertaking Voluntary Liquidations of Cayman Islands’ Entities prior to 31 December 2020

    Voluntary liquidations generally As the conclusion of 2020 approaches, it is time for persons with Cayman Islands companies and/or limited partnerships to give some thought to whether or not they have Cayman entities which they are no longer using and wish to liquidate prior to the end of 2020 in

  • Duties of Directors of a Cayman company

    Duties of Directors of a Cayman company

    What are the duties of a Director of a Cayman Islands’ company? The constitutional documents of a Cayman Islands company, the Memorandum of Association and the Articles of Association (“Articles”), set out the governance rules and the powers of the Directors of the company. However, the Directors also owe fiduciary

  • Cayman Economic Substance and Its Impact on Fund Managers

    Cayman Economic Substance and Its Impact on Fund Managers

    Cayman Economic Substance and Its Impact on Fund Managers The Securities and Investment Business (Amendment) Law 2019 (the "SIB Amendment Law") and the Directors Registration and Licensing (Amendment) Law, 2019 were both passed by the Cayman Islands Government on 18th June 2018. Cayman Economic Substance and Its Impact on Fund

  • Economic Substance requirements for Cayman Islands companies

    Economic Substance requirements for Cayman Islands companies

    The Cayman Islands International Tax Co-operation (Economic Substance) Law, 2018 (the “Economic Substance Law”) came into effect on 1 January 2019. The Economic Substance Law will be implemented, including by further regulations and guidance to be provided, by the Cayman Islands Tax Information Authority (“TIA”). All international offshore financial centres

  • What Guidance for Cayman Companies Undertaking an ICO?

    What Guidance for Cayman Companies Undertaking an ICO?

    As at the date of this publication, there is still no specific regulation in the Cayman Islands addressing ICOs and blockchain technology. However, several of the existing laws and regulations are applicable to blockchain start-up companies and their pre-ICO and ICO operations. Also, a recent series of statements have been

  • The benefits of Segregated Portfolio Companies for Investment Purposes

    The benefits of Segregated Portfolio Companies for Investment Purposes

    Once registered under the Cayman Islands Companies Law, a segregated portfolio company (“SPC”) can operate segregated portfolios (“SPs”) with the benefit of statutory segregation of assets and liabilities between portfolios. The principal advantage of an SPC over a standard exempted company is to protect the assets of one portfolio from

  • Foundation Companies can now be incorporated in the Cayman Islands

    Foundation Companies can now be incorporated in the Cayman Islands

    With effect from 19 October 2017, it is possible to incorporate Foundation Companies in the Cayman Islands. The Foundation Companies Law, 2017 (the “Law”) allows for the formation and/or registration of a new Cayman Islands corporate vehicle: the Foundation Company. A Foundation Company will be governed by the Companies Law,