Most Read Contributor in Cayman Islands, September 2016
Local companies have three weeks left to take advantage of the
waiver period offered by the Cayman Islands Registrar of Companies,
whereby the late filing of changes to directors and officers of
companies will not result in penalty fees.
The waiver period commenced on Tuesday, 1 September 2015, and
ends at 5pm on Friday, 30 October 2015. The Registrar will not
impose any penalty fees for the late reporting of director and
officer changes filed with the Registrar 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.
The waiver period is being done in preparation for the
commencement of The Companies (Amendment) Law 2015 on Monday, 2
November. The law, which was passed in the Legislative Assembly on
12 August, requires companies to notify the Registrar 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
After the waiver period ends, the amendment law will be strictly
enforced by the Registrar. 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, post the
For more information, interested persons can call 946-7922 or
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.
Failure to comply with company law in Hong Kong can be very expensive for businesses. In a highly dynamic business and regulatory environment such as Hong Kong, it is challenging for business owners to remain fully aware of the latest legal requirements.
In our article " Characteristics of the Commercial Agency Law of the United Arab Emirates" published with Mondaq on 27.09.2016, we outlined the general applicability of the UAE Commercial Agency Law (Federal Law No. 18 of 1981 including its amendments).
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.
Luxembourg's Companies Act ‘reform bill' includes new rules for conversions of company types and introduces the S.à r.l.-S.
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).