1 September 2015
OVERVIEW - CURRENT LAW
The Companies Law of the Cayman Islands (the "Law") currently require all Cayman companies:
- to file with the Cayman Islands Registrar (the "Registrar") details of any changes in director(s) and officer(s) within thirty (30) days of the change
- to maintain at their registered office in the Cayman Islands a register containing the names and addresses of director(s) and officer(s)
A penalty of CI$1,000 (US$1,219.51) and a further penalty of CI$100 (US$121,95( per day is imposed for late reporting of changes in director(s) and offier(s), subject to a maximum of CI$1,500 (US$1,829.27) per appointment.
EXTENSION OF NOTIFICATION PERIOD AND REDUCTION OF PENALTIES
With effect from 2 November 2015, the Companies (Amendment) Law 2015 (the "Amendment Law") will change as follows:
- companies will have sixty (60) days to notify the Registrar of any changes in director(s) and officer(s);
- the maximum penalty per company will be reduced to CI$500 (US$609.76) per company; and
- where the same breach occurs in respect of five or more companies, the maximum penalty will be capped at CI$2,500 (US$3,048.78)
WAIVER (AMNESTY) PERIOD: 1 SEPTEMBER 2015 TO 30 OCTOBER 2015
Furthermore, the Registrar will not impose any penalty fees for the late filing of changes to director(s) and officer(s) with the Registrar during an "amnesty" period of 1 September 2015 to 30 October 2015 (the "Waiver Period"). This Waiver Period applies regardless of when the changes being submitted were made, and how many late changes are submitted. In addition, unpaid penalty notices issued prior to the start of the Waiver Period will be cancelled. However, after the Waiver Period, the filing requirements and penalties imposed by the Amended Law will be strictly enforced by the Registrar.
THE WAVIER PERIOD WILL COMMENCE ON 1 SEPTEMBER 2015 AND END AT 5PM (CAYMAN ISLANDS TIME) ON 30 OCTOBER 2015
Should you wish to take advantage of the Amnesty and report and/or amend any changes, please do not hesitate to contact us.
(852) 2574 8289
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