Industry news / 31 March 2020

Cayman makes extensions to filing deadlines

Cayman makes extensions to filing deadlines

Responding to the challenges posed by the COVID-19 pandemic, the Government of the Cayman Islands recently announced a number of measures designed to support businesses with their filing and reporting obligations over the coming weeks.

In one announcement, the Registrar of Companies (ROC) and the Department for International Tax Cooperation (DITC) extended the deadlines for entities to complete their annual returns and economic substance notification filings.

The new deadline for filing annual returns is 30 June 2020, and the extension is applicable to all companies, including limited liability and foundation companies. In tandem with this extension, the deadline for economic substance notification filings is also now 30 June 2020. As well as extending the deadline, the ROC announced it would also accept affidavits or other documents that have been notarised or certified online or utilising audio-video technology during this time.

In a second announcement, the Cayman Islands Monetary Authority (CIMA) confirmed an extension of one month for regulatory filings for some regulatory returns with due dates up until 30 June – although it said it was encouraging businesses to endeavour to submit regulatory returns in a timely manner where possible. Mirroring the ROC, CIMA announced it is also prepared to accept affidavits or other documents that have been notarised or certified via DocuSign or utilising audio-video technology.

Commenting, George Bashforth, Director at Crestbridge in the Cayman Islands, said:

“Given the current context and difficult environment we are all working in now, these measures are welcome and sensible from the Cayman authorities. We will of course continue to monitor the rapidly changing environment and will be on hand to support clients through this challenging time to ensure they meet their regulatory and reporting obligations.”

Further detail about both announcements can be found here and here.