Cayman's Beneficial Ownership Regime19/07/2017
The information below does not constitute and should not be taken as legal advice. If you would like legal advice please email your usual Harneys contact.
In March 2018 the beneficial ownership legislation was amended.
Companies registered with the Cayman Islands Monetary Authority as Excluded Persons pursuant to the Securities Investment Business License Law are no longer exempt.
Companies exempt from establishing a Beneficial Ownership Register are now required to file a written confirmation specifying the applicable exemption.
Harneys Fiduciary is required to file particulars of beneficial owners or any exemptions with the Competent Authority on a monthly basis.
Does this apply to my company?
If your company is incorporated or registered by way of continuation in the Cayman Islands it is legally obliged to:
- establish and maintain a Beneficial Ownership Register; or
- provide written confirmation and particulars of the basis of its exemption.
What must the company do now?
A director of the company must sign the Beneficial Ownership Declaration and include particulars of its beneficial owners or any applicable exemption to Harneys Fiduciary at UBOPlatform@harneys.com as soon as possible.
Please liaise with your usual Harneys contact if you have not received a Beneficial Ownership Declaration form. For assistance with completing the Beneficial Ownership Declaration, please visit our FAQs.
What happens if the company is non-compliant?
A company that has not complied with its legal obligations by 1 July 2018 is in breach of the law and may be subject to fines and/or restrictions. Its officers may also be subject to fines and/or imprisonment terms.
For further information on the consequences of non-compliance please visit our FAQs.
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