Questions and Answers
What must a company maintain at its registered office?
What is the time frame within which a company must notify the Registrar of a director's initial appointment?
What penalty may be incurred for not complying with Section 55?
If a breach of Section 55 is willfully authorized, what could be the potential penalty for each director involved?
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Which of the following is NOT required for filing the register of directors and officers?
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What additional information should a client provide for a smooth filing process?
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How can a company change its name?
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What should companies remember regarding document fees when filing?
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What is required for a company to initiate a voluntary strike off?
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What can lead to a compulsory strike off of a company in the Cayman Islands?
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Within how many days must a Section 10 Statement be filed after a change occurs in the ELP's Section 9 Statement?
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How soon must a Section 10 Statement be filed if there is a change of a general partner due to a transaction?
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What condition must a company meet to be eligible for voluntary liquidation?
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After a voluntary strike off filing is approved, what document can the company order?
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Which document must be filed within 28 days of commencing the liquidation process?
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What is one of the most common reasons for a compulsory strike-off?
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What is the fee associated with filing each document related to liquidation?
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How long is the tax exemption certificate valid for an exempt company in the Cayman Islands?
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What must happen for an arrangement or transaction to be effective if it involves changing a general partner in an ELP?
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After completing the liquidation process, which document must be filed within 7 days?
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What annual obligation does an entity with a tax exemption certificate have?
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What is the total fee for filing both Form 19 and Form 20?
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Which statement is true regarding the requirements for filing in the Cayman Islands?
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Which of these documents is not involved in the 28-day filing procedure for liquidation?
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What is the time limit for submitting the initial filing after the resolution is adopted?
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Which document is NOT required for the Renomination of Shares filing?
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What information must the resolution include for both the first and second filings?
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What must be included in a Resignation Letter submitted by a Registered Office?
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What is the penalty for late filing of the Amended M&A?
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Which of the following must be included in a special resolution for modifying the memorandum of association?
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What document is required for the Redetermination of Registered Office filing?
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How soon must a resolution passed under subsection (3) or (4) be sent to the Registrar?
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What happens when a company is struck off from the Register of Companies?
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Which of the following is NOT required when filing a resolution?
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What is required for the Amended M&A during the Renomination of Shares filing?
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What must an exempted company file to increase its authorized share capital?
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What key detail should not be mentioned in the documents required for filings, including the Amended M&A?
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What should the Amended Memorandum & Articles of Association document clearly state?
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What is required when submitting a Director's Resolution?
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What is the process to reverse or vary the re-denomination of shares?
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Study Notes
Registration Process
- Companies must register foreign characters in their name to ensure accurate inclusion in official documents.
- A register must be maintained at the registered office, listing directors and officers, including alternates.
Registrar Notification Requirements
- Initial appointments must be reported to the Registrar within 60 days.
- Changes in directors or officers must be reported within 30 days to avoid penalties.
- Non-compliance may incur a penalty of $500; willful breaches attract higher penalties of $1,000 for the company and $1,000 for each involved director or officer, plus daily fines.
Documents for Filing
- Required documents for appointment include a resolution and a register of directors and officers.
- A fee applies for each accompanying document unless combined into one submission.
Change of Name
- Companies can change their name through a special resolution.
- Exempted companies may adopt dual foreign names.
- Any resolution must include proper signatures and be accurately dated.
Registered Office Resignation Process
- The registered office can resign by submitting a formal letter stating the reasons for resignation.
Redetermination/Re-appointment
- A resolution indicating the resignation of the previous registered office is required.
Redenomination of Shares
- Companies may reverse or vary currency redenomination actions through a director’s resolution.
- Any resolution or change must be reported to the Registrar within 15 days.
Increase in Share Capital
- Exempted companies can increase authorized shares through an ordinary resolution submitted within 30 days.
- Both an "Increase in Share Capital" request and "Redenomination of Shares" filings require resolutions and amended Memorandum and Articles of Association.
Amended Memorandum and Articles of Association (M&A)
- Changes to the memorandum can be initiated through a special resolution filed within 15 days.
- Late filing of amended M&A does not incur penalties, but timely compliance is encouraged.
Strike Off Process
- Strike off removes a company from the Register, ceasing its existence.
- Companies can initiate a voluntary strike-off by declaring no assets or liabilities.
- The Registrar may also initiate a compulsory strike-off if the business is inactive or not operating.
Changes in Exempted Limited Partnership (ELP)
- General partners must file a Section 10 Statement with the Registrar within 60 days of a change in the ELP's situation, with a 15-day deadline if a GP is removed or replaced.
Liquidation Process
- A company must be solvent to initiate voluntary liquidation.
- Forms 19, 20, and 21 must be filed within 28 days of starting liquidation, with fees of approximately $243.90 per document.
- After liquidation, further filings are required within 7 days following the Final General Meeting.
Liquidation Fees
- Each individual document associated with liquidation has a fee of approximately $243.90, along with additional fees for various certificates and publications.
Tax Exemption Certificate
- Companies in the Cayman Islands have no direct taxes, and exempt companies can benefit from a tax exemption certificate valid for up to 20 years.
- Companies must apply and report annually to maintain this exemption and must comply with relevant laws and regulations.
CIMA FAR Filing
- Responsible for submitting required fees to the Authority on behalf of the entity, avoiding non-compliance with financial regulation.
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Description
This quiz covers the essential steps involved in the company registration process, focusing on the importance of including foreign characters in company names, maintaining director records, and fulfilling notification requirements. Ensure you understand the legal obligations and best practices for successfully managing your company's registration.