The Ministry of Financial Services of the Cayman Islands (the “Ministry”) have announced on 1 November 2023 that the company annual fees in the Cayman Islands will be increased from 1 January 2024.
The Ministry commented that “in light of Government’s investments to improve the Companies Registrar’s service delivery over the last decade, significantly in technology, company annual fees in the Cayman Islands will be increased modestly, as of 1 January 2024. Annual fees have remained largely unchanged over the last decade. Accordingly, fees affecting companies will be adjusted to cover increased service delivery costs.”
A summary of the new company annual fees (in CI Dollar) provided by the Ministry is shown below. For easy reference, according to the Companies Registy, the conversion rate of CI Dollar to US Dollar is 0.82 (i.e. CI$1.00 = US$1.22).
1. Exempt Companies
- Lower to upper share capital range of CI$0 to CI$42,000: from CI$700.00 to CI$825.00.
- Lower to upper share capital range of CI$42,001 to C1$820,000: from CI$1,000.00 to CI$1,125.00.
- Lower to upper share capital range of CI$820,001 to CI$1,640,000: from CI$1,984.00 to CI$2,109.00.
- Share capital above CI$1,640,000: from CI$2,568.00 to CI$2,693.00
2. Non-Resident Companies
- Lower to upper share capital range of CI$0 to CI$42,000: from CI$675.00 to CI$800.00.
- Share capital above CI$42,000: from CI$915.00 to CI$1,040.00.
3. Foreign Companies
Annual fees increase from CI$1,350.00 to CI$1,550.00
4. Limited Liability Companies
Annual fees increase from CI$800.00 to CI$1,000.00
5. Segregated Portfolio Company (SPC) Cells
Fees will increase from CI$300.00 to CI$400.00 (up to a maximum of CI$6,000.00 or 15 cells).
If you have any questions regarding the above, please feel free to contact your Sertus Client Services Representative or contact us at info@sertus-inc.com. Thank you.
Disclaimer Kindly note that this notice is not exhaustive but just intended to provide a general reference. This is not a legal advice and should not be regarded as a substitute for a specific legal advice that meet your circumstances. Sertus does not accept any responsibility for any errors or omissions of the contents of this note.