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Cayman's Beneficial Ownership Regime

19/07/2017

Legislation

The Cayman Islands government recently passed legislation which requires certain types of Cayman Islands companies to establish and maintain a Beneficial Ownership Register. For more information on the Cayman Islands Beneficial Ownership Regime please click here

What must the company do now?

Step 1
  • Determine if the company is within scope of the regime. If you require further assistance please get in touch with your usual Harneys contact. 
  • If the company is within scope (ie no exemptions apply) please proceed to Steps 2 through 5. 
  • If an exemption applies, please send an email to UBOPlatform@harneys.com confirming same in order to be removed from our mailshot list.

Step 2
  • The company must obtain information on its beneficial ownership and determine which are “registrable persons”. 

Step 3
  • The company must complete the draft Beneficial Ownership Register provided to you by Harneys.
  • If the company does not have any registrable persons, or does not yet have the information or is making further enquires then this should be noted on the Beneficial Ownership Register.  
  • For further information and guidance on how to complete the Beneficial Ownership Register please visit our FAQs.

Step 4
  • A director of the company must sign the Letter of Instruction provided to you by Harneys.

Step 5
  • The following documents must be completed and emailed to Harneys at UBOPlatform@harneys.com as soon as possible:
    • Beneficial Ownership Register; and
    • Letter of Instruction.

For further information and guidance please visit our FAQs

Click here to view a flow chart of who is required to maintain a BO register. 

This information does not constitute and should not be taken as legal advice. If you would like legal advice please contact your usual Harneys contact.

Client Communication

For more information on the Cayman Island Beneficial Ownership Regime, including previous guides sent to our clients, please click on the links below.

Cayman's new beneficial ownership regime to take effect on 1 July 2017

Cayman Islands proposes introduction of beneficial ownership registers

Harneys Fiduciary 

Harneys Fiduciary provides its clients with communications on a monthly basis.  If you would like more information on Harneys Fiduciary or any of the corporate services we provide please click here

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