Cayman foundation companies: key words

A Cayman company that the Registrar has declared to be a foundation company under section 5 of the Foundation Companies Act. Source

The purposes set out in a foundation company's memorandum. They may, but need not, benefit other people. Source

A foundation company's memorandum and articles of association, but not its bylaws. Source

Extra rules a constitution can provide for. Directors must follow them as far as the law and the constitution allow, but they are not part of the constitution. Source

A person, other than a member, who has an unconditional right under the constitution to attend and vote at general meetings. Source

A person who will or may benefit from a foundation company carrying out its objects. Unless the constitution says otherwise, a beneficiary has no rights over the company. Source

Someone licensed or permitted under Cayman's Companies Management Act to provide company management services. A foundation company's secretary must be one. Source

A member or supervisor, someone with the right to become one, or anyone the constitution declares to be one. Source

A company whose members promise to pay up to a set amount if it is wound up. It may, but need not, also have share capital. Source

A Cayman company registered as exempted because its objects are to be carried out mainly outside the Cayman Islands. Source

A group that makes decisions through votes by holders of its token, often with no formal corporate structure. Source

Forming a legal entity, such as a foundation company, to act as a DAO's formal legal representative or operating body. Source

The yearly notice every Cayman company gives the Tax Information Authority, saying whether it carries on a relevant activity. Source

Under Cayman's Beneficial Ownership Transparency Act, an individual who owns or controls 25% or more of the shares or votes, or otherwise has ultimate effective control. Source

Under Cayman's VASP Act, issuing virtual assets, or exchanging, transferring or keeping them safe for others as a business. Source

Where a company's official records are kept. For a foundation company, it is its secretary's business address. Source