The government has deferred the payment of annual fees for corporate entities registered in the Cayman Islands until 30 June. The measure came into effect on 26 March. It applies to all companies, including limited liability companies and foundation companies.
The deadline for annual fees for exempted limited partnerships and their annual return filings has also been extended until 30 June.
The Ministry of Financial Services announced on 25 March that the annual return filing for all companies has been pushed back to 30 March.
Companies and exempted limited partnerships that fail to file their annual returns or to pay their annual fees by the 30 June deadline will be subject to penalties as of 1 July.
“The decision taken today by the Government once again demonstrates our commitment to supporting business continuity of the financial services industry during these challenging times,” Financial Services Minister Tara Rivers said in a press release. “These measures taken to defer filing and fee payment obligations will help to mitigate the risk of late filings and fee payments as a result of any interruptions to normal operations that the industry may be experiencing at this time.”
She said the ministry will continue to remotely engage and consult with local financial services industry representatives.
“The Cayman Islands Government will continue to work to support the continuity, viability, and strength of our industry, and the role that the Cayman Islands plays in facilitating legitimate international financial transactions during this global pandemic,” Rivers added.
In addition to the fee deferrals and filing extensions, the Registrar of Companies and the Department for International Tax Cooperation implemented several measures, including the virtual certification of documents, the extension of beneficial ownership submissions and the extension of Economic Substance Notification filings.