Further to our eAlert published in April of this year, we are pleased to advise that the Exempted Limited Partnership Law, 2014 (ELP Law) is now in force. It is anticipated that its related regulations (Regulations) will come into force in the near future and that the Regulations will:
- prescribe the "recognized jurisdictions" for the purposes of defining a "foreign limited partnership" in section 42(1) of the ELP Law;
- detail the fees payable by exempted limited partnerships and foreign limited partnerships and certain administrative fees payable by these entities;
- prescribe the form of tax exemption undertaking for the purposes of section 38(3) of the ELP Law; and
- prescribe the form of translation certificate to be produced upon registration of exempted limited partnerships and foreign limited partnerships with a dual foreign name.
The ELP Law is a welcome addition to Cayman Islands legislation and will be of particular interest to the financial services industry.
Our previous eAlert published in April of this year explains the implications of the key changes to the ELP Law. You may download this eAlert here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
