January 26, 2020

Section 80 Regime offers reduced fees for Cayman Islands Charities

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Government has passed an amendment that reduces the administrative burden on charitable entities that operate as Section 80 companies.

On Friday, 1 March 2019 The Companies (Amendment) Law, 2018, will take effect. The amendment, passed in the Legislative Assembly last November, will reduce the application fee from CI$1,000 to $300 for an entity applying to be a Section 80 company, while also lowering the fee for administrative changes to such entities from $500 to $25. In addition, the application process has been streamlined to allow to handle filings instead of Cabinet.

Under the Companies Law (2018 Revision), a Section 80 company generally refers to a company established as a charitable organisation that carries out benevolent works to benefit society.

‘Government has listened to the public’s comments about Section 80 companies registering as charities in the , and we have made steps to reduce the cost and turn-around time for processing such applications’, said the Minister of , the Hon. Tara Rivers.

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