Most Read Contributor in Cayman Islands, September 2016
The Ministry of Financial Services advises that The Companies
(Amendment) Law 2015 will commence on Monday, 2 November 2015.
This amendment law, which was passed in the Legislative Assembly
on 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. It also establishes a CI$500 maximum penalty per company
for a breach of that obligation, and an aggregate penalty of
CI$2,500 where the same breach occurs in respect of five or more
In preparation for the transition to the amendment law, the
Registrar of Companies will not impose penalty fees for the late
filing of changes to directors and officers of companies. This
waiver period will commence on Tuesday, 1 September 2015, and end
at 5pm on Friday, 30 October 2015.
The Registrar of Companies will not impose any penalty fees for
the late filing of changes to directors and officers of companies
that are filed with the Registrar of Companies during the waiver
period, regardless of when the changes being submitted were made,
and how many late changes are submitted. In addition, penalty
notices that have been issued prior to the start of the waiver
period, but have not been paid, will be cancelled.
It should, however, be noted that after the waiver period, the
amendment law will be strictly enforced by the Registrar of
Companies. Penalty fees shall be imposed in accordance with the
amendment law, including against companies where changes in
directors and officers occurred during the waiver period but are
filed in a late fashion with the Registrar of Companies post the
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Confidentiality of corporate documents and information is one of
the key attractions of incorporating a company in the BVI. A
company search of the BVI Registrar of Corporate Affairs will only
disclose certain information and documents.
When pursuing a debt, it is common to add a claim for interest on the monies due.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).