COVID19: Extensions for Cayman Annual Returns Coming to an End
The Cayman Islands’ Registrar of Companies and Exempted Limited Partnerships has previously extended the deadline for entities to complete their annual returns to 30 June 2020. This applied to all companies, including limited liability companies, foundation companies, and exempted limited partnerships. There were no penalty fees associated with the extensions for filing annual returns.
However, there has been no further extension to the previously announced deadline of 30 June 2020, and penalties are now applied in respect of annual return filings for Cayman Islands entities. Where the annual fees and/or annual returns remained outstanding on/after 1 July 2020, penalties are due at 33.33% of the annual fee with an increase in penalties to 100% of the annual fee on 1 October 2020.
Entities are only in good standing with the Registrar once all filings (i.e. annual return and economic substance notification) have been made and the required annual fees including any penalties paid.
If you have any questions or would like to discuss how we can support your entity, please get in touch with your usual IMS/CFS/SHCS contact.
IMS is one of the longest established company management firms in the Cayman Islands. IMS is licensed by the Cayman Islands Monetary Authority to provide independent directors, company management and incorporation, mutual fund administration, captive insurance and trust services. For more information about our services, please contact us.
Disclaimer: this publication does not constitute legal or professional advice and should not be relied on as such.