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If your business in Cayman has naturally reached the end of its lifecycle, starting the dissolution process early means you’ll avoid several fees, including annual government, regulatory and service provider fees for 2023. Our expertise on the field in Cayman means we are always up to date with key deadlines, which can ultimately reduce business costs.

If you want to liquidate a business in Cayman, there are certain deadlines and deadlines you need to consider.

Private companies

The final general meeting of a private company must be held before January 31, 2023 to avoid 2023 annual dues. , it is advisable to begin the liquidation process by the end of September 2022.

Reporting Financial Institutions (RFIs)

RFIs have regulatory requirements under FATCA and/or CRS and Ocorian can assist with FATCA/CRS filings for 2022 and 2023. Again, we recommend addressing these as soon as possible. The statement is due to the fact that there will be filing requirements for both years if liquidation is not complete by December 31, 2022.

Funds registered with the Cayman Islands Monetary Authority (CIMA)

Funds registered with CIMA should allow additional time to meet their delisting obligations. Final audits, distributions and redemptions must be completed before liquidation begins to avoid an extended liquidation period. CIMA funds should complete the process with the final general meeting held before the end of the year to avoid CIMA 2023 fees. If dissolution is desired, this process should begin as soon as possible.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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