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Changes to limited liability companies proposed

Updated: Apr 9

Existing limited liability companies (LLCs) would no longer have to file a certificate of amendment on membership changes with the Companies Register, as one of the key proposed changes in the Limited Liability Companies (Amendment) Bill, 2022.

While changes would no longer be filed with the Companies Register, the amendment also would require LLCs to maintain, at their registered offices, the names and addresses of their members in their register of members, and the nature of their voting rights; and to provide this information upon demand to the Companies Register.

The proposed amendment will also, to avoid duplication, remove penalty provisions in the LLC Act, because penalties for failing to provide beneficial ownership information are now covered in Cayman’s beneficial ownership administrative fines regime.

“These three amendments are in line with global regulatory requirements set by the Financial Action Task Force (FATF) for fighting financial crimes, while clarifying the LLCs’ responsibilities in relation to maintaining and providing beneficial ownership information,” the Minister of Financial Services and Commerce André Ebanks said.

Ebanks will present the Bill at the next sitting of Parliament.

IMS is one of the longest established company management firms in the Cayman Islands. IMS is licensed by the Cayman Islands Monetary Authority to provide independent directors, company management and incorporation, mutual fund administration, captive insurance and trust services. For more information about our services, please contact us.

Disclaimer: this publication does not constitute legal or professional advice and should not be relied on as such.

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