Please note that Vantage and ViewPoint are rolling out a standard configuration for the new Cayman Foundation entity type which commenced in October 2017. Details of the new entity type are being finalized and will be released at the back end of July. The register templates for Cayman Foundations will follow shortly thereafter.
The Cayman Foundation may have the following characteristics:
- Like a regular Exempted Company, a Foundation Company will be a Company under Cayman Islands’ law
- Have a Certificate of Incorporation and Memorandum of Association
- Option to be limited by shares or by guarantee
- Can exist without Members after incorporation (Supervisor is required if there are no Members).
- Cannot distribute dividends or assets to its Members
A Foundation Company must have:
- Members (shareholder, guarantee member)
- Board of Directors and Officers
- A Cayman-qualified Company Secretary
A Foundation may also feature:
- Supervisor (to oversee its Board of Directors)
- Interested Persons (such as Member, Supervisor, Founder, other persons so named)
- Register of Directors
- Register of Interested Persons
- Register of Supervisors
- Register of Members by Shares
- Register of Members by Guarantee
- Register of Mortgage and Charge
ViewPoint has updated the base entity configuration for Cayman and has released register templates.
If you would like more information about the new entity type or need to set it up in your environment, please don’t hesitate to contact us.