The Annual Return and Declaration of the entity must be filed each year along with the annual fees which are due in January to keep the entity in good standing. Failure to pay the fee and file the annual return by 31 March in any year will result in late payment or filing penalties.
Penalties are imposed by the Registrar of Companies for Late Payment of Annual Fees or Late Filing of Annual Returns for a Company or other Entity (based on the amount of the annual fee).
Timing of filing | Late Fee % |
Up to 31 March | Nil |
Between 1 April and 30 June | 33.33% |
Between 1 July and 30 September | 66.67% |
Between 1 October and 31 December | 100% |
Failure to pay the fee or file the Annual Return by 31 December in the year in which it is due will result in the company being liable to be struck off the Register automatically and without notice by the Registrar. The assets of the entity will vest with the Government and any unauthorized dealing will be illegal.
Certificates of Good Standing
The Registrar of Companies will not issue a Certificate of Good Standing after 1 January until all fees have been paid in full and the annual returns have been filed.
Before 31 January, Certificates of Good Standing will only be issued if the Economic Substance and Beneficial Ownership filings have been made.
After 31 January, certificates of good standing will not be issued where any of the following is outstanding:
Economic Substance Returns;
Beneficial Ownership Registers;
Annual fees and penalties due at the date of request; and
Annual Return and Declaration.
Regulated Mutual Funds
Regulated mutual funds and all CIMA registered fund fees are due on 1 January to keep the entity in good standing. Failure to pay the fee by 15 January in any year will result in late payment penalties accruing at a rate of 1/12 of the annual fee per month from 15 January for each month the fee remains outstanding.
Securities Investment Business Registered Persons
Investment managers and investment advisors registered with the CIMA as a Registered Persons (previously referred to as Excluded Persons) fees are payable by 31 January.
Bell Rock Registered Office Services
As a leading Cayman Islands company manager licensed by CIMA, we provide registered office and corporate services to a wide range of Cayman entities and can advice on all matters in relation to maintenance of your Cayman entity and provide ongoing support. If you are considering incorporating an entity or wish to transfer the registered office of your Cayman entity to Bell Rock, then please contact us and we will seamlessly transfer the registered office to us at no cost: info@bellrockgroup.com