Cayman Islands allows brief waiver period for companies to submit director and officer details
The Companies (Amendment) Law 2015 will enter into force on 2 November 2015. This amendment law, which passed in the legislative assembly last 12 August, requires companies to notify the Cayman Islands Registrar of Companies of changes in the information contained in the register of directors and officers, within 60 days of the change.
The amendments to the Companies Law include:
- Increase of timeframe of notification to 60 days, previously at 30 days;
- Reduced timeframe of notification from 90 days to 60 days regarding the first appointment of any directors of newly incorporated entities;
- Penalty fees imposed on the breach of obligation to notify of USD 609.76 per company and USD 3,048.80 for five or more companies.
In preparation for the transition to the amendment law, the Registrar of Companies have provided a waiver period from 1 September 2015 until 5 pm of 30 October 2015. During the said waiver period, the Registrar of Companies will not impose penalty fees for late filing of changes to directors and officers of companies, regardless of when the changes were made, and how many late changes are submitted. In addition, penalty notices that have been issued to and incurred by companies prior to the start of the waiver period, but have not been paid, will be cancelled.
After the waiver period, the amended law will be strictly enforced. Changes made within the waiver period but with the Registrar of Companies after 30 October, will incur the penalty fees in accordance to the amendment law.
Companies are encourage to inform in a timely manner, their registered representatives or agents regarding any changes to their respective register of directors and officers to comply with the amendments and avoid imposition of any penalties due to late filing.