The names of directors of Cayman companies will be made available for inspection from the 1st of October in the Cayman Islands, a measure that covers not only ordinary resident companies and non-resident companies but also exempted companies and foreign companies.
The General Registry has revealed that it will have dedicated kiosks and terminals for the inspection, which must be made in person and cannot be carried out online. Each search will cost $50 and will only reveal the names of a company's directors but no further personal details.
The new service follows amendments to the Companies Law approved by the Legislative Assembly in July. The changes require the registrar "to make a list of the names of the directors and alternate directors of a company available for inspection by any person".
We are anticipating that there may be a lot of enquiring minds"
Registrar General Cindy Jefferson-Bulgin said even though it is difficult to predict the volume of inspections, the registry must be prepared to avoid long lines of people waiting.
"We are anticipating that there may be a lot of enquiring minds. We have to be adequately prepared for that," added Deputy Registrar Donnell Dixon, Cayman Compass reports.
In its report released in March, the CFATF noted that certain basic information such as the registered address and status of a company is available to the public through the General Registry's website for a small fee.