💼 Amended law set to boost Cayman's financial sector

Financial Services Minister André Ebanks has announced that the Companies (Amendment) Bill, 2024, which was gazetted last week, will be presented to parliament next month. The bill is expected to enhance the local financial services sector in response to changing market dynamics. The new legislation will introduce innovative commercial changes, including a new procedure for reducing share capital in certain circumstances. This will lower costs for companies and reduce the time involved for the process. The bill will also provide a more flexible approach for the passing of a written special resolution. 📈

The Companies (Amendment) Bill, 2024 will also allow conversions of a limited liability company or foundation company to an exempted company, providing flexibility for Cayman structures dealing with changes in circumstances. It will also permit the re-registration of an exempted company as an ordinary company. Two other bills, the Local Companies (Control) (Amendment) Bill, 2023 and the Merchant Shipping Bill, 2023, will also be presented at the next meeting of parliament. These bills will allow the Cabinet to set prudential matters and update Cayman's maritime legislative framework to align with international standards, respectively. Until the parliament meets, the public can lobby for changes to the legislation or raise questions and comments by contacting their local MP. 🏛️