Companies Amendment And Merchant Shipping Laws Published

• Published date: 27 March 2024
• Subject Matter: Finance and Banking, Transport, Financial Services, Marine/ Shipping
• Law Firm: Cayman Islands Government

Grand Cayman, 20 March 2024 - The Companies (Amendment) Act, 2024 and the Merchant Shipping Act, 2024 have been published following Her Excellency the Governor Jane Owen's assent to the legislation.

The Merchant Shipping Act, 2024 is in effect while the Companies (Amendment) Act, 2024 will be in effect following a commencement Order in due course.

The Companies (Amendment) Act, 2024 is designed to enhance financial services by introducing these commercial enhancements.

• a new procedure for reducing share capital in certain circumstances, to lower costs for companies and reduce the time involved for the process;
• allowing limited liability and foundation companies to convert to exempted companies, to provide flexibility for Cayman structures dealing with changes in circumstances; and
• allowing re-registration of exempted companies as ordinary companies. Upon re-registration, these ordinary companies will be subject to the resident (also called local) companies regime.

The Merchant Shipping Act, 2024, repeals and replaces the Merchant Shipping Act (2021 Revision). It brings the Cayman Islands' maritime legislative...