Filing Beneficial Ownership Information
Cayman companies are required by Law to maintain and file beneficial ownership information, in line with international standards and commitments to combat money laundering, tax evasion and terrorist financing. This regime is aimed at improving the exchange of information between Cayman and international regulatory, enforcement and tax authorities. Once filed, the information will be stored on the Cayman Islands Government’s centralised beneficial ownership platform.
Ordinary companies have two options by which they can make their filings, if they are not using a Corporate Service Provider ( CSP) they can sign up to the Registry’s online portal CBP and submit their filings electronically or in the case where a CSP is being used then that service provider can also make the filing for the company.
Learn about Beneficial Ownership
A beneficial owner of a company:
- holds, directly or indirectly, more than 25% of the shares or voting rights in the company;
- or has the right to appoint or remove a majority of the company’s board of directors.
- if no individual in the company meets these conditions, the beneficial owner is the person who (directly or indirectly) has significant influence or control over the company, through either direct or indirect ownership. This does not apply if such control is solely in the capacity of a manager, director, or adviser.
What Information is required for Each Beneficial Owner?
- Full legal Name
- Residential Address
- Date of birth
- Identification – this can be in the form of a Passport, Driver’s Licence or any other Government issued photo identification.
- The date on which the person became Beneficial Owner, or in the event where a person relinquishes beneficial ownership – the share date that person ceased being a beneficial owner.
NOTE: Another registered company can also be considered a Beneficial Owner.
Non-compliance with the requirement to file beneficial ownership information can result in
- your company can be struck off the Companies Register; and
- the assets of your company can be vested with Government
- Amongst other penalties
All companies must file their Beneficial Ownership information on or before 30th June 2018 in order to avoid penalties for non-compliance.
Is there a fee to file my Beneficial Ownership information?
There is no fee.