Following a significant consultation process, the Cayman Islands is to amend its Companies Law, with a view to enhancing the competitiveness of its financial services industry.
In tabling the The Companies Law (Amendment) Bill, 2011, Premier and Finance Minister McKeeva Bush stressed the anticipated benefits the country's local industry is to reap, with new opportunities for growth expected.
The Bill's drafting was participated in by the Ministry of Finance, the Registrar of Companies, and the Cayman Islands Monetary Authority.
Provisions include:
Commenting on the amendments, Bush said:
"The process by which these amendments were prepared reflects [the] government’s renewed partnership with the private sector, which has been instrumental in soliciting the views of industry and providing input into the drafting process".
"These amendments are the end result of an extensive consultation process, aimed at addressing client and market-driven issues that have arisen in practice. It is expected to increase the attractiveness of the Cayman Islands as a domicile for corporate entities and maintain our competitive edge".
In tabling the The Companies Law (Amendment) Bill, 2011, Premier and Finance Minister McKeeva Bush stressed the anticipated benefits the country's local industry is to reap, with new opportunities for growth expected.
The Bill's drafting was participated in by the Ministry of Finance, the Registrar of Companies, and the Cayman Islands Monetary Authority.
Provisions include:
- Amendments to the Cayman Island's merger provisions;
- Changes to treasury shares, share redemption and repurchase, and paperless share transfer;
- Updates to foreign company provisions;
- Special resolutions permitting different thresholds for different matters;
- The permitting of company names in a foreign script; and
- Segregated Portfolio Companies – namely, portfolio names, director’s liability, segregation of assets and termination of SPCs.
Commenting on the amendments, Bush said:
"The process by which these amendments were prepared reflects [the] government’s renewed partnership with the private sector, which has been instrumental in soliciting the views of industry and providing input into the drafting process".
"These amendments are the end result of an extensive consultation process, aimed at addressing client and market-driven issues that have arisen in practice. It is expected to increase the attractiveness of the Cayman Islands as a domicile for corporate entities and maintain our competitive edge".
