The Cayman Islands Changed Beneficial Ownership Reporting Rules

Reporting for companies operating in the Cayman Islands becomes easier. In particular, a number of organizations will be exempted from the need to submit accounting documents on beneficial ownership. Legal entities that have received the status of a “registered person” in the Cayman Islands will be exempted from this obligation.

Today, the number of “registered persons” in the Caymans is approximately 3,000. Previously, these companies were called “excluded persons”. A “registered person” has the right not only to submit reports in a simplified manner but also to be engaged in investment activities without obtaining a license.

Also, there are requirements for compliance with the status of “registered person” on the Caymans. To obtain it, the organization must notify the Cayman Islands Monetary Authority (CIMA) and pass an audit. Regarding personnel requirements, a legal entity must have at least one corporate director or two executives or managers who meet the CIMA qualification requirements.

Law&Trust offers services for clients operating in the Cayman Islands. We will help you obtain the status of a “registered person” and tell you more about its advantages.