The Foundation Companies Law - Cayman Islands

Further to our previous client advisory, the Foundation Companies Law (the “Law”) has now come into force effective 18 October 2017. As previously noted, the Law has introduced a new type of company, the foundation company (the “Foundation”), which can function like a civil law foundation but in the form and with the benefits and familiarity of a company. As well as being utilised as a trust alternative for succession planning and charitable and philanthropic objects, it is expected that Foundations will also be used in place of traditional exempted companies for various purposes including private trust companies and protectors or enforcers (in relation to other trusts or fiduciary structures) and special purpose “orphan” vehicles in finance and other such transactions.

 

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BRITISH VIRGIN ISLANDS
Lucy DiggleSenior CounselT +1 345 914 4250lucy.diggle@walkersglobal.com

CAYMAN ISLANDS
Lucy DiggleSenior CounselT +1 345 914 4250lucy.diggle@walkersglobal.com

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