by Amanda Banks, Tax-News.com, London

New legislation that will hike fees payable by Cayman Island companies, the Companies (Amendment) (No. 2) Bill, 2012, has been published in the territory’s Official Gazette following approval from the legislative assembly.

An amendment to Section 156 of the principal Law increases, from KYD50 (USD61) to KYD75, the fee relating to a request on behalf of a company for removal from the companies register.

Section 200 of the principal Law has been amended to add a fee of KYD400 for an application for registration in the case of a merger. In addition, the fee relating to an application for the registration of a change of name has been hiked from KYD75 to KYD100.

Schedule 5 of the principal Law is amended to increase the annual fee payable by an exempted company by KYD100. Lastly, a hike of KYD25 has been legislated for “certain other fees for which no fee is elsewhere prescribed”.

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