Chris Humphries
Clients are reminded of the following important filing dates for Financial Institutions (FIs) under the CRS and FATCA Regime and Economic Substance regime filings with the Tax Information Authority in the Cayman Islands. Additionally, clients are...
A new law has been proposed in the Cayman Islands to permit the formation of a new type of vehicle, an exempted limited liability company (“ELLC”).
The Cayman Islands ELLC would be similar in many respects to a Delaware Limited Liability Company, an entity having separate legal personality (like a Cayman Islands exempted company) but with certain features of a Cayman Islands exempted limited partnership (in the sense that such a company would not be limited by shares nor by guarantee but rather by reference to members capital accounts and capital commitments with freedom of contract amongst the members as to determining the internal workings of the company.
The current Cayman Islands fund structures on offer (an exempted company, an exempted limited partnership or a unit trust) were generally not designed for the purpose of being fund vehicles but rather have been adapted to work as fund vehicles. There are features of these existing structures that are not always optimal for fund vehicles, in certain cases and ELLC may be better suited.
We will update you further on the progress of this new structure.
