Companies get two month waiver to abide by new law

| 28/08/2015 | 0 Comments

Cayman News Service(CNS Business): The Companies (Amendment) Law 2015 will commence on Monday 2 November and requires companies to notify the registrar of any changes to their directors and officers within 60 days of the change. It establishes a CI$500 penalty per company for a breach of that obligation, up to a CI$2,500 fine for five or more companies. But in preparation for the transition the Registrar of Companies will not impose penalty fees for the late filing of changes to directors and officers of companies from Tuesday 1 September until 5pm Friday 30 October.
Officials said that penalty notices that have been issued prior to the start of the waiver period but have not been paid will be cancelled. However, once the waiver period ends, the law will be strictly enforced, the ministry of financial services warned.

Category: Finance, Financial Services, Law

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