CIMA Directorship Registration Renewal - 2016

 

Under the Cayman Islands’ Director Registration and Licensing Law, 2014 (the “Law”) all directors of (i) a mutual fund registered with the Cayman Islands Monetary Authority (“CIMA”) or (ii) a company with an exemption from CIMA under the Securities Investment Business Law (2015 Revision) (“SIBL Exempted Company”) must register with CIMA prior to appointment. 

Annual renewal

Each year in order to maintain good standing, directors must review their registration information and notify us of any changes so we can deal with the renewal and submit the annual fee.  The annual fees for a registered director are US$853.65.

Any change to a Director’s information must be updated and provided to CIMA within 21 days of the change to avoid penalties.

Should a director no longer be acting on behalf of a registered fund or SIBL Exempted Company and wish to cease to be a registered director then they must resign from all relevant directorships and surrender their current license/registration prior to 1 January 2016.  A de-registration fee of US$731.71 will apply. Note that any failure to surrender such registration prior to the start of the next calendar year will result in the 2016 fees becoming payable.

For further information on the registration process, please contact:


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