The Companies Law of the Cayman Islands (as revised) (the
"Law") currently requires all Cayman
to maintain at their registered office in the Cayman Islands a
register containing the names and addresses of directors and
to file with the Cayman Islands Registrar of Companies (the
"Registrar") details of any changes in
directors and officers within thirty (30) days of the change.
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
directors and officers, subject to a maximum of CI$1,500
(US$1,829.27) per appointment.
Important Note: For filing purposes, alternate directors are
treated, and filings have to be made, as if they were
directors. Therefore, please include alternate directors in
Extension of Notification Period and Reduction of
With effect from 2 November 2015, the Companies (Amendment) Law
2015 (the "Amendment Law") will change
this as follows:
companies will have sixty (60) days to notify the Registrar of
any changes in directors and officers;
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
Waiver (Amnesty) Period: 1 September 2015 to 30 October
Furthermore, the Registrar will not impose any
penalty fees for the late filing of changes to directors and
officers with the Registrar during an "amnesty" period of
1 September 2015 to 30 October 2015 (the
"Waiver Period"). This
"amnesty" 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 Amendment Law
will be strictly enforced by the Registrar.
THE WAIVER PERIOD WILL COMMENCE ON 1 SEPTEMBER 2015 AND END AT
5PM (CAYMAN ISLANDS TIME) ON 30 OCTOBER 2015
To take full advantage of the Waiver Period, we recommend that
Cayman Islands companies verify details of any changes in directors
or officers have been provided to their registered office in the
Cayman Islands as early as possible and before the end of the
Waiver Period. This will allow any changes which have been
overlooked to be filed with the Registrar without incurring
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).