The Cayman Islands began developing into a major international financial centre in the 1960’s, and now has over 100,000 companies registered with the Registry of Companies. The Companies Registry has played an integral part in the development of the Cayman Islands as a highly ranked financial centre in the international business community. The growth continues at a steady pace with an average of 10,200 new companies registered each year over the past ten years. The registration and control of companies is governed by the Companies Law, the Limited Liability Companies Law and the Foundation Companies Law. Its administration is conducted by the Registrar of Companies and staff. The shareholders or members of companies may have limited or unlimited liability.