Annual renewal of the company in Cayman Islands in 2024
Since 2003, Healy Consultants Group assists multi-national Clients to timely accurately and completely discharge their annual legal, accounting and tax obligations. Our annual professional services include:
- Every January, Healy Consultants Group will timely accurately complete our Client’s renewal engagement with the Cayman Islands Government including i) settlement of Government annual fee of US$1,125 and ii) submit a legal annual return. Refer to this web page to better understand the annual renewal process; and
- Together with the annual Government fee, the legal annual return (click link) is submitted to the General Registry and comprises i) a statement confirming the operations of the company were mainly conducted outside of the Cayman Islands and ii) a statement showing that the company is not engaged in trading with local companies and iii) details re the nature of overseas operations and iv) and any changes to the company’s articles of association and memorandum over the past 12 months; and
- In accordance with the Beneficial Ownership (Companies) (Amendment) Regulations 2018, all Cayman Islands companies are required to annually update and maintain four statutory registers including i) the register of directors and officers and ii) the register of members and iii) the register of mortgages and charges and iv) the beneficial ownership register. Unless your company has a written confirmation of exemption issued by the Registrar, this information is shared with the company registry and with the DITC. This statutory return helps the Government determine if the entity is tax resident entity in the Cayman Islands or a non-resident LLC. As always, Healy Consultants Group will timely accurately and completely discharge our multi-national Clients’ legal and compliance obligations;
- Healy Consultants Group must submit an economic substance report to the Department of International Tax Cooperation, if our Clients’ Cayman Islands non-resident entity engages is certain business activities including i) being a holding company or ii) holding Intellectual property or iii) being a Headquarters or iv) finance & leasing or v) Insurance and Banking or vi) fund management or vii) distribution & service centres. Over the coming weeks, kindly inform Healy Consultants Group of the non-resident business activities of your Cayman exempt company.
- Refer to this web page (click link) to view additional terms and conditions relating to your annual renewal engagement;
- Over the coming months, you may need Healy Consultants Group support for i) book-keeping and ii) monthly and quarterly Government reporting and iii) employee matters.
As always and for both dormant and active entities, Healy Consultants Group in-house Accounting and Tax Department will timely accurately and completely discharge these annual statutory obligations. For transparency purposes, our Staff will bcc you in important Government emails.
