This advisory provides guidance for those directors who have registered with the Cayman Islands Monetary Authority (CIMA) in accordance with the Director Registration and Licensing Law, 2014 (as amended).
Should you renew or cancel your registration?
You must pay 2018 renewal fees if:
a) as at January 1, 2018, you will remain appointed as a director of a covered entity that will carry on its business for some or all of 2018; or
b) as at January 1, 2018, you will remain appointed as a director of a covered entity that has not completed its de-registration process with CIMA on or before December 31, 2017.
You must cancel your registration if you wish to avoid 2018 fees on or before December 31, 2017. This may occur because you have resigned or been removed as a director, or because the company has successfully completed its de-registration from CIMA on or before December 31, 2017.
You may choose to pay 2018 renewal fees even though you will not remain appointed as a director of a covered entity as at January 1, 2018, if you know or expect that you will be appointed as director of a covered entity during 2018.
What are the fees and deadlines for payment?
Renewal: payment of US$853.65 must be made between January 1 and January 15, 2018, inclusive. Payments received after January 15, 2018 will incur late payment penalties.
Cancellation: de-registration and the payment of the cancellation fee of US$731.71 must be made on or before December 31, 2017. If payment of the cancellation fee is received after that date CIMA will charge full registration fees (without any offset) and penalties will accrue if such registration fees are not then paid in full on or on or before January 15, 2018.
How to renew or cancel?
Log on to CIMA's portal https://gateway.cimaconnect.com/ by using the login credentials previously supplied to you on registration.
If you have forgotten your password, please use your email and the "forgot password" link on the home page to reset. Follow the instructions to make your payment.
a) Relevant director must access the CIMA Director Portal at the following link - https://gateway.cimaconnect.com/
b) Once the director has logged into the portal, he/she will need to follow the online instructions to de-register with CIMA. This will include paying the de-registration fee.
c) In addition to the online de-registration, the individual will need to submit online a copy of his/her resignation letter (if the director is resigning) and a letter to CIMA confirming the following information:
(i) that he/she has resigned as a director of all covered entities;
(ii) that he/she no longer plans to act as a director on covered entities;
(iii) that if he/she would like to act on any other covered entity or wish to resume directorship services after he/she has surrendered his registration, he/she will need to re-apply under the Director Registration and Licensing Law, 2014.
If a director is not resigning from the covered entity but is planning to de-register with CIMA (eg the fund plans to deregister with CIMA) a resignation letter would not need to be submitted but the director would still need to submit a letter to CIMA with the confirmation set forth above.
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.