The Cayman Islands Companies Law requires that a company notify
the Registrar of Companies when there is a change to the
particulars contained in its Register of Directors and Officers.
Penalties apply for late filings.
The Companies (Amendment) Law 2015, which will come into force
on 2 November 2015, rationalises those penalty provisions. Under
the amended law, a CI$500 maximum penalty per company will apply to
a company for late filing. A maximum aggregate penalty of CI$2,500
will apply where a late filing occurs in respect of the same
director on five or more companies.
As a practical example, if the entire slate of 8 directors on a
company changed and the filing with the Registrar was late, the new
penalty would be capped at CI$500, rather than the full cost of 8
individual penalties. Similarly, if one director on the boards of 8
companies changed, the maximum aggregate penalty would be CI$2,500,
rather than the aggregate cost of the penalties against all 8
The Ministry of Financial Services has advised that in
preparation for the new provisions, an amnesty period will be
offered. Between 1 September and 5 p.m. on 30 October, the
Registrar will not impose any penalties fees for the late filing of
changes to the Register of Directors and Officers. This waiver
applies regardless of how late the filings are or how many there
may be. If a company was issued a penalty notice before 1 September
but it has not yet been paid, that penalty is treated as
Appleby welcomes the amendments to the penalty structure and the
amnesty period. We consider these actions to be a noteworthy
example of industry stakeholdersand government working together for
the betterment of the Cayman Islands financial services
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.
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