Company register in Cayman Islands is officially open

From October 1, 2020 the registers of companies and limited liability companies (LLCs) prescribed by the Companies (Amendment) (No.2) Law 2020 and the Limited Liability Companies (Amendment) (No.2) Law 2020 of the Cayman Islands are officially active

The laws were introduced in response to the Financial Action Task Force (FATF) recommendation and are following the principles already set out by the Fifth Anti-Money Laundering Directive (5AMLD) enacted by the European Union.

For a fee as low as USD 61, the register will offer the following information to the public:

1. the company name;
2. its registered office;
3. its share capital;
4. names and addresses of initial shareholders or members and the amount of their subscription;
5. the execution and filing dates of its memorandum of association;
6. company number;
7. the nature of its business and the date of its financial year-end.

For LLCs now there is no obligation to keep the register up-to-date in case of a change in the shareholding base, and the same will be true for limited liability partnerships when the Limited Liability Partnership Law 2017 is fully implemented.

SOURCE: www.cima.ky