Cayman Islands – Amended Changes In Company Annual Fees
Cayman Islands – Amended Changes In Company Annual Fees
We would like to inform you of important changes in company annual fees in the Cayman Islands, as communicated by the Ministry of Financial Services, Cayman Islands on 2 November 2023, please refer to the attachment.
AMENDED CHANGES IN COMPANY ANNUAL FEES
Effective 1 January 2024, there will be modest increases in company annual fees. The reason behind this adjustment is the government’s substantial investment in improving the Companies Registrar’s service delivery, particularly in technology, over the last decade. Annual fees have remained largely unchanged during this period, and the adjustments are necessary to cover the increased costs associated with enhanced service delivery.
Below are the specific increases applicable to company annual fees:
1. Exempt Companies:
| Type | Authorised Capital from (KYD) | Authorised Capital to (KYD) | Original Licence Fee (KYD) | New Licence Fee (KYD) | Increased Amount (USD) |
|---|---|---|---|---|---|
| Exempted Company | 0 | 42,000 | 700 | 825 | 150 |
| 42,001 | 820,000 | 1,000 | 1,125 | ||
| 820,001 | 1,640,000 | 1,984 | 2,109 | ||
| 1,640,001 | – | 2,568 | 2,693 | ||
| Non-Resident Companies | 0 | 42,000 | 675 | 800 | 150 |
| 42,001 | – | 915 | 1,040 | 150 | |
| Foreign Companies | – | 1,350 | 1,550 | 243.9 | |
| Limited Liability Companies | – | 800 | 1,000 | 243.9 | |
| SPC Cells / per cell (up to maximum of 15 cells) |
– | 300 | 400 | 121.9 | |
* The fixed conversion rate between USD and KYD is USD 1.00 : KYD 0.82
We also want to acknowledge that this change comes with short notice and that it has been a topic of concern in our industry. We share your sentiment regarding the surprise nature of this development.
In light of these changes, we will send out amended annual renewal invoices reflecting the new license fee as soon as possible. For those who have made payments to us, we kindly request that you settle the difference in order for us to renew your company on your behalf.
If you have any questions or require further information about how these changes may impact your specific circumstances, please do not hesitate to reach out to our team.