Company Registration Procedures

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.