Cayman companies are required by Law to maintain and file beneficial ownership information, in line with international standards and commitments to combat money laundering, tax evasion and terrorist financing. This regime is aimed at improving the exchange of information between Cayman and international regulatory, enforcement and tax authorities. Once filed, the information will be stored on the Cayman Islands Government’s centralised beneficial ownership platform.
A beneficial owner of a company:
- holds, directly or indirectly, more than 25% of the shares or voting rights in the company;
- or has the right to appoint or remove a majority of the company’s board of directors.
- if no individual in the company meets these conditions, the beneficial owner is the person who (directly or indirectly) has significant influence or control over the company, through either direct or indirect ownership. This does not apply if such control is solely in the capacity of a manager, director, or adviser.
Non-compliance with the requirement to file beneficial ownership information can result in
- your company can be struck off the Companies Register; and
- the assets of your company can be vested with Government
- Amongst other penalties