Now is the time to start planning the termination of a Cayman Islands company if you wish to avoid 2016 Annual Fees and expenses. Our liquidation team can assist solvent companies in two ways: solvent voluntary liquidation and strike-off.
To prevent annual government registration fees being incurred the liquidator is required to hold the final general meeting for a company before 31 January 2016. The process takes around 6-8 weeks to complete so should be commenced by 30 November 2015.
Funds that are registered with the Cayman Islands Monetary Authority ("CIMA") should be aware that CIMA has recently changed its policy and will no longer grant audit waivers from 1 October 2015. Affected funds will need to complete these steps by 30 September 2015 if they are to avoid significant audit and 2016 annual government and administrative fees. For further information please refer to this recent article from our Funds & Investment Services team.
Our Voluntary Liquidation fees for dormant solvent companies are US$6,000, including all disbursements.
The Registrar of Companies' deadline to request a company to be struck off effective 31 December 2015 is 10 November 2015. This is only recommended for solvent companies that are dormant and never transacted. Please do not hesitate to contact one of the individuals listed below who would be happy to answer any questions you may have.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.