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Industry Updates

The Cayman Islands Introduces a New Vehicle: the Limited Liability Company

18 Dec 2015

The Cayman Islands published a bill for a new law on 18 December 2015 to allow for the formation of a new Cayman Islands vehicle: the limited liability company (an "LLC"). 

The introduction of the LLC responds to requests from the investment funds industry.  It takes its inspiration, in part, from the Delaware limited liability company. 

The flexible nature of the vehicle means that it will also be well-suited to a broad range of general corporate and commercial applications. 

The introduction of the LLC is expected to further cement the Cayman Islands' position as the domicile of choice for offshore investment funds and structuring vehicles. 

Following the publication of the "green bill" on 18 December 2015 (the "Bill"), it is expected that the Bill may become law as early as January 2016, although will not enter into force until a separate commencement order is published.  This is expected during the first half of 2016. 

Maples and Calder has been at the centre of this initiative from inception, working closely with the Cayman Islands Government and industry participants, and is ideally placed to advise with respect to LLCs. 

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