Megan Wright
Clients are reminded of the following important filing dates for Financial Institutions (FIs) under the CRS and FATCA Regime and Economic Substance regime filings with the Tax Information Authority in the Cayman Islands. Additionally, clients are...
Our latest update provides a reminder of the applicable 2023 deadlines for Cayman Islands regulated mutual funds and registered private funds intending to cease to carry on business and wishing to deregister with the Cayman Islands Monetary Authority (“CIMA”).
Notification should be provided to CIMA within 21 days of ceasing carrying on business as a fund (being the date stated within resolutions to deregister or appointment of a liquidator). The fund must complete and file its final audit before the deregistration documents can be filed with CIMA. It should be noted that the fund will be liable for registration fees until it is deregistered by CIMA and CIMA may impose administrative fines on funds which fail to provide notification within the prescribed 21 day period.
In order to avoid the 2024 annual registration fee, the fund's final audit should be completed and filed with CIMA on or before 31 December 2023 so that the executed deregistration documents can be filed by 31 December 2023.
If you need assistance or would like further information, please contact Megan Wright at megan.wright@stuartslaw.com
The latest Rule on the Cancellation of Licences or Certificates of Registration for Regulated Mutual Funds and Registered Private Funds issued by CIMA in August 2022, can be found on the CIMA website.
