August 9, 2022

General Registry to promote online system, beneficial ownership, and NPO filing requirements on Cayman Brac

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Business owners and charitable organisations in the Sister Islands have another opportunity to learn how the Cayman Business Portal (CBP) online system can make their lives easier – including by helping them to comply with legal obligations, and therefore avoid penalties.

‘It’s vitally important that all entities with legal obligations to report beneficial ownership information, and to register with Government as a non-profit organisation, do so now’, said the Minister of Financial Services, the Hon. Tara Rivers. ‘This will further enhance the Cayman Islands’ ability to attract sound business and deter financial crimes, while also demonstrating our cooperation with global regulatory standards’.

General Registry, which handles company and Non-Profit Organisation (NPO) registrations as well as beneficial ownership information for resident companies, will host information sessions in Cayman Brac on Friday, 27 April, from 8:30am to 4:30pm in the Brac Reef conference room.

In addition to the NPO and beneficial ownership filing information, business owners and charitable organisations will learn about CBP, Registry’s portal for local establishments.

‘CBP is a one-stop shop for all businesses in the Cayman Islands who do not use a service provider to manage their Government transactions’, said Deputy Registrar General Donnell Dixon.

‘It offers the ability to access your company details anytime, anywhere; and to submit documentation such as annual returns, request certificates and certified copies of documents filed. In addition, it provides charities the ability to complete and file their NPO applications online prior to the registration deadline’, he said.

Using CBP is especially time-sensitive for charitable organisations that meet the legal definition of an NPO, as they need to file their applications by 15 June to allow for sufficient processing time.

Mr Dixon noted that for these organisations, noncompliance will result in penalties. These include companies that are now registered under section 80 of The Companies Law being struck off the Companies Register; and multiple fines for organisations that do not register and yet continue to operate as an NPO after the 31 July registration deadline.

‘We know there are businesses and charities in all three islands that have not signed up to the system, nor have they filed their beneficial ownership information’, Mr Dixon said. ‘We hope these sessions will help Brac residents understand the importance of making these mandatory filings and the need to register their NPOs, as well as how CBP can help them with these processes and their business operations’.

For more information on the Brac information sessions, email General Registry at [email protected]

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