All registered, professional and corporate directors registered or licenced with the Cayman Islands Monetary Authority ("CIMA") are reminded that they are required to pay their annual 2017 registration and licence fees to CIMA on or before 15 January 2017.
Payment of Annual Registration and Licence Fees
Under the Directors Registration and Licensing Law, 2014, as amended (the "Law"), all directors registered or licensed with CIMA are required to pay annual fees to CIMA to maintain their respective registrations or licences.
In order to maintain good standing, each registered, professional or corporate director registered or licenced under the Law, must renew their registration on or before 15 January 2017. Failure to pay the requisite annual fee by this date will result in a penalty surcharge of one-twelfth of the annual fee for every month or part of a month that the fee remains outstanding.
In addition, if there is any change to the information provided to CIMA for a registered or licenced director, such director must provide the updated information to CIMA within 21 days of the change. Significant penalties apply for non-compliance.
Fees Payable and Online Process
The annual fees for 2017 are as follows:
- Registered Director, CI$700 (US$853.65)
- Professional Director, CI$3,000 (US$3,658.48)
- Corporate Director, CI$8,000 (US$9,755.96)
Payment of annual fees can be processed online through CIMA's dedicated website
Surrender of Licence or Registration
Should a registered or licensed director wish to surrender their registration or licence on the basis that they are no longer acting, or no longer wish to act, they must resign from all directorships and surrender their registration/ licence prior to 1 January 2017.
In order to avoid the 2017 fees becoming due and payable registered, professional or corporate directors will need to complete the surrender process prior to 1 January 2017. The following surrender fees will be payable:
- Registered Director, CI$600 (US$732)
- Professional or Corporate Director, CI$800 (US$975.60)
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.