Home Topics Non-Profit Organisations Law
Topic: Non-Profit Organisations Law
A legislative amendment intended to make it easier for charitable entities to obtain special exemptions under the Companies Law will go into effect on March 1.
Officials from the General Registry and the Ministry of Financial Services have met with local banks to address concerns over onerous banking requirements for charitable organizations, specifically in relation to problems experienced by nonprofit organizations to open bank accounts.
Even as our country’s charities ramp up their altruistic activities, Cayman’s lawmakers are bestowing upon the philanthropic community a (to be honest) rather modest gift.
Lawmakers passed two bills amending the laws governing the registration and reporting requirements for nonprofit organizations on Tuesday.
Only one-fifth of charitable organizations have registered as nonprofit organizations under a law that was passed last year, according to the Ministry of Financial Services.
On Monday evening, the General Registry and the Ministry of Financial Services are holding their final information session for this year on the recently enacted Non-Profit Organisations Law.