1 May 2020
The Cayman Islands Ministry of Financial Services announced on 20 April 2020 an extension of the deadline for beneficial ownership filling in order to take into account a new definition for beneficial ownership.
Beneficial Ownership Filings Extended to Capture New Definition
Industry is advised that the deadline for beneficial ownership (BO) filings has been further extended to 15 May, with submissions needing to capture the new legal definition for BO. BO filings, previously due Monday, 20 April, can be submitted electronically via the CAP system.
The timing of the filings is in line with the new definition of a beneficial owner in the Companies Law and the Limited Liability Companies Law coming into effect on 15 May. Instead of "more than 25%" of the shares or voting rights in a company, a beneficial owner will be an entity with "twenty-five per cent or more" of the shares or voting rights in a company.
As a result, entities and corporate service providers are reminded to update their internal protocols to account for the new parameters.
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