The following Private Client guidance note provides comprehensive and up to date legal information covering:
The Foundation Companies Law, 2017 came into force on 19 October 2017, enabling the establishment of foundation companies (FC) in the Cayman Islands. Its uniqueness stems from the combination of company and traditional trust and foundation features. For general information on foundations, see the Practice Note: Private foundations—a summary.
A Cayman Islands FC is not a new entity; it is indeed a new form of company incorporated under the Companies Law (Revised). Like any other Cayman Islands companies, an FC can be a company limited by shares or a company limited by guarantee with or without share capital. An FC with separate legal personality owns assets in its own name and has all the powers and capacity unless it is restricted by its constitution. It can be set up for purposes, or for persons, or both. The day-to-day operation of an FC is managed by its board of directors.
There are several distinctive features for an FC. First, once it is incorporated, an FC can cease to have members at any time, provided this is permitted by its memorandum and there is a person acting as a supervisor who has the right to attend and vote at general meetings. Having no members will not affect the existence of an FC. Once there are no
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