Cayman Islands entities will be receiving their annual invoices for 2023 registration fees in the last quarter of 2022. If you are considering terminating your entity or terminating registration with the Cayman Islands Monetary Authority (CIMA) you will need to act promptly in order to avoid or reduce the 2023 registration fees and filings.
Outside of any insolvency procedure which may require the winding up and dissolution of an entity, an entity may be terminated and dissolved by either voluntary winding up or strike off. Where an entity has been conducting business on a regular basis or has assets and liabilities, a voluntary winding up is the preferred route for terminating and dissolving the entity as it provides the means for finalising the entity’s affairs. An alternative to winding up an entity is to request the Registrar to strike it off the Register. The strike off method is best suited to an entity that is inactive with no assets, liabilities or creditors due to the limitations set out below.
Please reach out to your usual Harneys representative if you have any other questions or would like any further information about your regulatory obligations.