Covid-19 (Coronavirus): Cayman Islands Regulatory Filing Updates
We wanted to share with our clients and friends some important regulatory filing updates, released this week in the Cayman Islands:
THE CAYMAN ISLANDS MONETARY AUTHORITY (CIMA)
CIMA announced that it would be granting a number of filing extensions. In a press release this week, CIMA noted that with the ongoing Covid-19 situation, whilst it was important to make regulatory filings in a timely manner, it will allow a one-month extension for filing deadlines for some regulatory returns with due dates through 30th June. Click here to see the full list of filing extensions
THE CAYMAN ISLANDS REGISTRAR OF COMPANIES (ROC) AND THE DEPARTMENT OF INTERNATIONAL TAX COOPERATION (DITC)
Each of these departments has extended the deadlines for submitting annual returns and economic substance filings and the updated deadline by which to file is now 30th June, 2020. An Economic Substance Notification (ESN) submission is a requirement for companies successfully filing an annual return.
Given the difficulty in providing original documentation at this time, the Registrar of Companies has advised that it will be accepting affidavits or other documents that have been notorised/certified online or with audio-video technology confirmation. You can read the Minister of Financial Services press release in full here.
SIGNING OF ORIGINAL DOCUMENTATION AT DMS
Due to the 24/7 lockdown of the Cayman Islands at this time, we are unable to process original document requests due to the “no movement” restriction placed on couriers. The lockdown has also created an inability to certify true originals, as in order to be compliant and ensure employee safety, no employees are authorized entry into the office to receive the original copies. Once movement restrictions have been lessened, originals will be attended to as a priority.
INCOMING INTERNATIONAL MAIL AND COURIERS
We advise our clients that the Cayman Islands Postal Service will be closed for incoming international mail for an initial time period of 23rd March to 13th April inclusive. Couriers such as DHL and FedEx will continue to service Grand Cayman however, with lock-down periods as of yet unknown, there will be a delay to these services.
The remainder of DMS’ global locations continue to receive international mail services and couriers, however, this may be on a slightly delayed service, and is subject to change.
As always, please do reach out to your usual DMS representative if you have any questions on these matters, or contact us below:
