Directors registered with the Cayman Islands Monetary Authority under The Directors Registration and Licensing Act (Revised) as a result of being appointed as a director of a 'covered entity' are imminently required to either renew or cancel their registration.
In general, this affects directors of investment funds registered under the Mutual Funds Act and investment managers registered as a 'registered person' under the Securities Investment Business Act (Revised). It does not affect directors of investment funds registered under the Private Funds Act.
Renewal - Directors of covered entities who remain in office on 1 January 2023 and will remain so for all or part of 2023, must pay 2023 renewal fees of US$853.65 on or before 15 January 2023. Payments received after 15 January 2023 will incur penalties.
Renewals and cancellations should be made and paid for through CIMA’s portal by using the login credentials previously supplied upon registratio
|15 January 2023||Annual Fees & Declarations|
CIMA Registered and Licensed Entities and Directors are required to pay their Annual Fees and file Annual Declarations with CIMA.
For Director Registrations, this should be done by the registered/licensed director via the CIMA director portal: https://gateway.cimaconnect.com/
|31 January 2023||General Registry Fees|
Cayman Islands General Registry (the “Registry") annual Fees, Annual Returns and Economic Substance Notification (ESN) filings are due.
Cayman Islands entities must pay their annual fees to, and file their annual return with, the Registry. Penalties begin to accrue from 1 April 2023.
Cayman Islands registered companies (including foreign companies registered in the Cayman Islands), LLCs and LLPs, and all Cayman Islands general and limited partnerships (including exempted limited partnerships) registered after 30 June 2022 must file their economic substance notification (ESN) with the Registry. An entity must file its ESN before it can file its annual return with the Registry.
|30 April 2023||Registration for Financial Institutions||Entities that are classified as Financial Institutions under CRS and FATCA who started business between 1 May 2022 and 29 April 2023 must Register online on the DITC Portal.|
|30 June 2023|
CIMA Annual Audited Accounts and FAR
|CIMA registered mutual funds and private funds which have a 31 December 2022 financial year end must file their annual audited accounts and fund annual return with CIMA.|
|31 July 2023||CRS/FATCA Reporting||Entities that are classified as Financial Institutions under CRS and FATCA must file their annual report online on the DITC Portal.|
|1 September 2023||Liquidation/Termination Filings||Year-end termination plans for defunct and liquidating entities should be arranged. Entities active beyond 31 December 2023 will be liable for 2024 annual fees. Contact Stuarts for further guidance.|
|15 September 2023||CRS Compliance||Entities that are classified as Financial Institutions under CRS must file the annual CRS Compliance Form online on the DITC Portal.|
|12 months following the previous financial year end||Economic Substance Return|
Relevant Entities carrying on a Relevant Activity or an Entity claiming the Tax Residency Exemption must file its Economic Substance Return (“ESR”) annually 12 months following the previous financial year end online on the DITC Portal.
(i.e. if an entity has a 31 March 2022 year end it must file its ESR by 31 March 2023 or if an entity has a 31 December 2022 year end it must file its ESR by 31 December 2023.)
See Forms and Online Portal Access at the Cayman Islands Department for International Tax Cooperation (DTIC) here.
The CRS has updated its Reportable Jurisdictions which can be accessed here.
Should you require any assistance with your obligations please contact your usual Stuarts attorney or Jonathan McLean at firstname.lastname@example.org.