Companies (Amendment) Law, 2019 – Extension of Deadline to file Register of Directors and Officers to 6 September 2019
Further to our e-news of 27 August 2019, one of the amendments of the Companies (Amendment) Law, 2019 (“Companies Amendment Law”) is that the statutory reporting period to notify the Registrar of any changes to the register of directors and officers has been reduced from 60 days to 30 days.
In order to facilitate a smooth transition to the provisions under the Companies Amendment Law, the Registrar has approved an extension to file changes in directors and officers to 6 September 2019 without assessment of penalties, providing that the period elapsed between the change and the filing date has not exceeded 60 days.
In other words, if the period between the change and the filing (up to 6 September 2019) of such change is more than 30 days but less than or equal to 60 days, no penalty will apply. After 6 September 2019, penalties will apply to all changes filed after 30 days of such change.
Limited Liability Companies (Amendment) Law, 2019
The Limited Liability Companies (Amendment) Law, 2019 (“LLC Amendment Law”) has been published in the Cayman Islands’ official Gazette on 8 August 2019. A link to the LLC Amendment Law can be found at:
http://www.gov.ky/portal/pls/portal/docs/1/12838633.PDF
The followings are the highlighted matters related to the LLC Amendment Law:
(i) List of Managers
A list of current managers of each limited liability company is maintained and made available for public inspection at the Companies Registry. Inspection will incur a fee.
(ii) Register of Beneficial Owners
The penalties have been increased for failure to comply with beneficial ownership reporting obligations under the Limited Liability Companies Law:
- In the case of a first offence, to a fine of CI$25,000.
- In the case of a second or subsequent offence, to a fine of CI$100,000.
- Where a limited liability company is convicted of a third offence, the court may order that the limited liability company be struck off the register by the Registrar as if it is a limited liability company that the Registrar has reasonable cause to believe is not carrying on business or is not in operation.
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.