IEyeNews

iLocal News Archives

Registrar offers additional support for Cayman Islands NPOs

Findsome & Winnmore

The Registrar for NPOs (non-profit organisations) has posted additional supporting documents for charitable organisations in the Cayman Islands on its website

Persons involved with NPOs in the Cayman Islands can find information regarding registration applications, companies falling under section 80 of The Companies Law (2018 Revision), and general queries on the website. In addition, persons can print annual return forms for NPOs and section 80 companies, along with section 80 application forms. 

‘We also expect to upload complaint forms this month and, in short order, there will be further guidance issued around the complaints process’, said Paul Inniss, who serves as the Head of Compliance at General Registry. ‘Based on the feedback we have received, we believe these initiatives help NPOs to meet their legal obligations, while supporting their ability to carry out good works within the community’. 

As of 1 April, there were more than 400 churches, sports clubs, philanthropic organisations and community groups registered with Government. These entities fall within the scope of the Non-Profit Organisations Law, 2017. The law was enacted in accordance with international standards and to strengthen the Cayman Islands’ regime to counter money laundering and terrorist financing. 

Charities in this jurisdiction are generally considered low risk and Mr Inniss noted that based on General Registry’s interim assessments, NPOs have posed little to no issues. 

Mr Inniss further stated that while compliance with the law initially created unintended consequences in Cayman’s banking sector, the majority of local banks continue to facilitate the opening of bank accounts and the maintenance of general banking relationships for local charities. 

‘We still encourage persons to use the locally regulated banking sector and maintain internal controls to protect against fraud, money laundering and the financing of terrorism’, he said.


LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *