On 8 June 2016, the Limited Liability Companies Law, 2016 (the Law) was enacted. It is expected that the Law will come into force later this month.
Once the Law becomes effective, a new class of Cayman Islands entity, the limited liability company (LLC), will be available for use by clients seeking to establish fund and corporate structures in the Cayman Islands. It will also be possible to convert existing exempted companies into LLCs, and to migrate US LLCs to Cayman.
The Law is the culmination of many months of development in which Ogier was centrally involved. Please reach out to your usual Ogier contact for more details and find below a link to our prior client advisory which elaborates on the characteristics and features of the LLC in more detail.