Financial services ministry increases remote working efficiency

Minister Tara Rivers during a tour of the General Registry in 2017.

The Ministry of Financial Services and its related entities have instituted changes to increase the efficiency of operations to support the work of the financial services industry during the coronavirus pandemic.

Most of the changes relate to the registration of company details with the Registrar of Companies and the filing of intellectual property through the Cayman Islands Intellectual Property Office. According to a press release, both sections of the General Registry department have increased the amount of staff able to work remotely.

The Registrar of Companies has indicated that while processing times and response rates are not the same as before COVID-19, both have improved in recent days.

“Given the current environment, it is more important than ever that the ministry and its departments operate as efficiently as possible,” Financial Services Minister Tara Rivers said in the release. “Increasing the number of staff able to remotely assist with registrations and filings is critical to facilitating business continuity during these challenging times as the world grapples with this pandemic.”

In addition, the ministry maintains the ability to create necessary financial services legislation, through the Department of Financial Services Policy and Legislation, and address tax-related matters, through the Department for International Tax Cooperation (DITC). The DITC continues to address queries, with a reasonable response time, the ministry said.

The ministry’s usual engagement with local and international stakeholders is ongoing, and progress continues to be made to address the international obligations as required.

The Cayman Islands Monetary Authority is also using remote working to maintain its functionality.

Rivers said, “I commend the efforts of the ministry and related departmental staff, and CIMA during these unprecedented times. Many people put in long hours and work tirelessly to ensure that business can continue as seamlessly as possible in order to maintain Cayman’s position as a leading global financial centre.”

Details on the Registrar of Companies’ current operations can be found on the registry’s website, along with information on non-profit organisations. General queries can be sent to [email protected], while NPO questions should be directed to [email protected]. Questions regarding the Intellectual Property Office can be emailed to [email protected], and some information is available CIIPO website.

If a query is urgent and available channels have been exhausted without a response within a reasonable timeframe, questions can be addressed by contacting the registry on 926-8506 during normal office hours, Mondays to Fridays, 9am to 5pm. The Registrar of Companies has indicated that while processing times and response rates are not the same as before COVID-19, both have improved in recent days.

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