Cayman Islands General Update and New Filing Deadlines

 

Cayman Update

Further to our previous update, the Cayman Islands have taken a strong stance against COVID-19 and our number of cases remain low. The airports are closed, a nighttime curfew has been introduced together with a daytime soft lock-down and all non-essential businesses across the three Islands have now closed their offices. The Cayman Islands Financial Service Sector continues to show its strength and resilience with most businesses remaining operational having moved to remote working environments.

The Cayman Islands was featured in Forbes earlier this week which outlines the various proactive steps the Cayman Islands has taken to contain the virus: Forbes Article.

Stuarts Update

Stuarts has moved into a full remote working environment. Our technology systems are robust and allow us to work seamlessly and continue to deliver our responsive and world class service. We are holding client and other meetings by audio or video conferencing and otherwise it is business as usual.

While we are working remotely, we do have a number of security procedure in place to make sure that your data is secure including a dual authentication process, restriction of access to local drives and an extensive internal data security infrastructure.

Filings Update

The Government has extended the following deadlines:

  • Beneficial Ownership Filing. An extension to the 23 March 2020 deadline for filing has been granted. The new filing deadline is 20 April 2020.
  • Economic Substance Notification Filing. An extension to the 31 March 2020 deadline for filing has been granted. The new filing deadline is 30 June 2020.
  • Annual Return Filing. An extension to the 31 March 2020 deadline for filing has been granted. The new filing deadline is 30 June 2020.
  • Register of Directors & Officers. A 30 day extension has been granted to file any changes made on or after 1 March and no penalties will be incurred for filings made before 30 April.
  • Filing amended memorandum and articles of association. Changes made on or after 1 March will not incur any penalties as long as filings are made before 30 April.
  • Filing a change of registered office. A 30 day extension has been granted to file.

The Cayman Islands Monetary Authority has extended the following deadlines:

  • Dormant Account Filings. An extension to 30 April 2020 has been granted.
  • Bi-Annual Filings. An extension to 30 June 2020 deadline for filing has been granted for Bi-annual forms. The new filing deadline is 31 July 2020.
  • Audit Financial Statements/FAR Submissions. There is no extension on current deadlines however a 30 day extension may be granted on a case by case basis

The full list of CIMA’s extensions can be viewed here: https://www.cima.ky/upimages/commonfiles/ListofFilingExtensions_1585070451.pdf

The Department of International Cooperation has provided the following update:

  • Economic Substance Reporting. Economic Substance obligations continue and the notification filing deadline has been extended to 30 June 2020 (as noted above).
  • FATCA/CRS/AEOI. No changes to deadlines have been granted at this time. The international landscape is continuing to be monitored and changes may be made at a future date.
  • Portal. The new online portal for filings is progressing well and will be a single portal for all Department of International Cooperation reporting.

*Notarisation of Documents. The Register of Companies and Cayman Islands Monetary Authority will accept affidavits or other documents that have been certified/notarized online or utlising audio-video technology during this time.

Please reach out to Chris Humphries or Jonathan McLean should you have any enquiries regarding your Cayman entities.


Read PDF of Virtual Assets - New Cayman Islands Law Proposed


If you would like further information please contact:


Chris Humphries
Managing Director
Tel:(+1 345) 814 7911
chris.humphries@stuartslaw.com


Jon Mclean
Partner
Tel:(+1 345) 814 7930
jon.mclean@stuartslaw.com