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The law on the Registry of beneficiaries entered into force in Cayman Islands


				03.08.2017
						

Cayman Islands in the run-up to the automatic exchange of tax information implement international standards of transparency. So, previously a law was already promulgated, obliging the owners of companies to register their personal data and to provide full information on the availability of property in the country.

In accordance with the new edition of the Companies Act (IBC), as well as the Law on Limited Liability Companies (LLC), since July 1, 2017, personal data and ownership of beneficiaries of companies (non-residents and residents) owning Share in the share capital of the company 25 or more percent. The level of influence of the beneficiary on the company's activities and the distribution of authority to manage the company of the entire management should also be indicated.

Failure to comply with these requirements is assigned a penalty. The law sets aside a period of one year for the compilation of registers. The law provides for a number of exceptions: some types of corporate structures are not required to register in the register.

All information must be stored in the office of a registered agent acting on the basis of the State license of the Cayman Islands. Only the controlling bodies will be able to familiarize themselves with the materials of the register only on the basis of an official request, indicating specific details of interest.

Source: http://www.caymanfinance.gov.ky/portal/page/portal/pruhome/pressroom/2014/beneficial-ownership-companies

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