Cayman Islands Monetary Authority (“CIMA”)
Penalties for the late payment of fees due to CIMA are as follows:
| Up to 15th January | Nil |
| Effective 16th January | 1/12 of the annual licence fee per month. A discretionary administrative penalty of US$6,100 per month may also be imposed by CIMA if not rectified following issuance of a breach notice by CIMA. |
Note: directors of CIMA registered entities need to renew their individual registration by 15 January by accessing https://gateway.cimaconnect.com/ with their personal login details.
Registrar of Companies and Exempted Limited Partnerships
Penalties for the late payment of annual return fees and late submission of annual returns are as follows:
| Up to 31st March | Nil |
| Between 1st April to 30th June | 33.33% of the annual return fee |
| Between 1st July to 30th September | 66.67% of the annual return fee |
| Between 1st October to 31st December | 100% of the annual return fee |
Cayman Islands Shipping Registry
Penalties for the late payment of annual tonnage tax on Cayman Islands registered vessels are as follows:
| Up to 31st January | Nil |
| Effective 1st February | 5% per month of the annual tonnage tax owing (compounded monthly) |
PLEASE ENSURE THAT PAYMENT FOR ALL GOVERNMENT FEES IS RECEIVED BY US AT LEAST 7 DAYS BEFORE THE EARLIEST DEADLINE TO ALLOW SUFFICIENT TIME FOR PROCESSSING AND ONWARD REMITTANCE.
Any recalculation of statements to include government penalties and the processing thereof will incur an administration fee of US$150.