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The Law is designed to enable the Cayman Islands Monetary Authority (“CIMA”) to, amongst other things, approve or deny applicants for registration or licensing as directors and retain detailed information on directors for the purposes of both assisting overseas regulatory authorities and carrying out its own regulatory functions.
The Cayman Islands is a leading offshore financial centre (also known as a tax haven), and financial services form a significant part of the economy of the Cayman Islands. Accordingly company law forms a much more prominent part of the law of the Cayman Islands than might otherwise be expected.
The Cayman Islands Department of Commerce & Investment, formerly known as the Cayman Islands Investment Bureau (until 2010), is a government agency that was established to promote investment in the Cayman Islands. The department offers several free services to foreign investors seeking to establish a business in the Cayman Islands.
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The current Constitution of the Cayman Islands, the fourth written constitution for the Cayman Islands since 1959, was established by "The Cayman Islands Constitution Order 2009" of 10 June 2009, and came into force on 4 November 2009, by a proclamation published by the governor of the Cayman Islands.
The law of the Cayman Islands is a combination of common law and statute, and is based heavily upon English law. Law in the Cayman Islands tends to be a combination of the very old and the very new. As a leading offshore financial centre , the Cayman Islands has extremely modern statutes dealing with company law , insolvency , banking law ...