Last Friday whilst Premier Alden McLaughlin was threatening to oppose the UK’s order to disclose beneficial ownership, Registrar of Companies Cindy Jefferson-Bulgin, was sending out this missive:

From: CIGENREG
Friday, May 04, 2018 2:03 PM
[https://www.filepicker.io/api/file/ewEXNrLlTneFGtlB5ryy]

Beneficial Ownership Information Filing Requirement on Cayman Business Portal (“CBP”)

Dear Client,

This message is an important customer service reminder to help you avoid legal penalties in relation to filing beneficial ownership information. Please read this message carefully, and in its entirety.

1. What do I need to do?

Owners of ordinary resident companies, who do not have a licenced service provider as their registered office, must register their beneficial ownership information with General Registry by Saturday, 30 June 2018.

2. Who is a beneficial owner?

A beneficial owner of a company is defined as the individual who holds, directly or indirectly, more than 25% of the shares or voting rights in the company or the right to appoint or remove a majority of the board of directors of the company. If no individual meets these conditions then the law looks to those who directly or indirectly have significant influence or control over the company through direct or indirect ownership, unless such control is solely in the capacity of a manager, director, or adviser.

3. What is beneficial ownership information?

The required information for an individual include:

a. Full legal name
b. Residential address, and if different an address for service of notice c. Date of birth d. Information identifying the individual from their passport, driver’s license or other government-issued document including the ID number, country of issue, date of issue and expiration, and the date the person became or cease to become a beneficial owner of the company.

4. How do I file the beneficial ownership information, and is there a fee?

a. There is no fee.

b. Before Thursday, 31 May, 2018, click on this link: Cayman Business Portal (CBP)<https://www.cbp.ky/>. Then click the ‘Get Started Today’ button (circled in the image below). Have a current email address and a valid form of identification handy.

c. Once you’ve been given CBP access, file your beneficial ownership information by Saturday, 30 June 2018.

[cid:[email protected]]

5. What happens if I don’t file beneficial ownership information?

There are enforceable consequences. Among other penalties, your company could be struck off the Companies Register; and the assets of your companies will be vested with Government, in accordance with The Companies Law.

6. Is there another way to file my beneficial ownership information, besides CBP?

The CBP is the only way to personally file your beneficial ownership information. Alternatively, you may engage the services of a licensed service provider as your registered office who can facilitate filings including beneficial ownership register on your behalf.

7. Are there other benefits to using the CBP?

Yes. The CBP’s secure online access allows you to file and retrieve most business records, including:

a. Certificates (e.g. Good Standing, Incorporation, etc.)

b. Filing of directors and officers

c. Registration of non-profit organisations

d. Payment of annual fees and filing of returns

e. Retrieve certified copies of documents

8. What if I have questions about the CBP, or beneficial ownership information?

General Registry officers are available during normal office hours.

§ Office: Government Administration Building, George Town, Grand Cayman

§ Phone: 946-7922

§ Email: [email protected]<mailto:[email protected]> or [email protected]<mailto:[email protected]>

§ Website: www.cbp.ky<http://www.cbp.ky>

General Registry encourages you to avoid penalties by filing your beneficial ownership information in a timely manner. Thank you for your cooperation.

Sincerely,

Cindy Jefferson-Bulgin

Registrar of Companies

END

Strange timing indeed.

One of our readers wrote to me regarding my editorial where I was worried about this country if the financial industry was to collapse.

I am not a lawyer but he said to make the UK Parliament’s decision lawful is to make an Order in Council. Then our only option is to go Independent, and in my view, would be suicidal. It depends how ambitious our current premier is if he wants to go that route. The pendulum has certainly swung in the independence favour.

With developments like the new Coast Guard, Trademark Registry maybe we are heading down that road.

However, our reader says:

“We have a substantial tourist industry that can bear expansion and foreign worker replacement with local re-trained personnel from the financial industry.

“The greatest benefits of the financial industry go to the few partners of law and accounting firms many of whom are foreigners and financial institutions all of which will contract or disappear on short notice.”

My nose is twitching, my back is aching and I have earache. The timing of all that is adding to my unrest.