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Key 2024 deadlines for voluntary liquidations in the Cayman Islands

Key 2024 deadlines for voluntary liquidations in the Cayman Islands

09 October, 2024
Americas Corporate Voluntary Liquidation

If your Cayman company has naturally reached the end of its lifecycle, you’ll need to take action to start the liquidation process ASAP to avoid 2025 annual government, regulatory and service provider fees. Ocorian's Amrish Bhugoo, reveals what you should consider when facing a voluntary liquidation in 2024.

 

What are the key deadlines when liquidating a company in the Cayman Islands in 2024?

For Private Companies

  • Final general meeting must be held before 31 January 2025 to avoid the 2025 annual fees
  • The dissolution process takes approximately six to eight weeks to complete and you may experience a delay via the Registrar of Companies due to the December rush

Our advice: Start the liquidation process in October 2024

For Reporting Financial Institutions (RFIs)

  • There are regulatory requirements under FATCA and/or CRS
  • There will be filing obligations for both 2024 and 2025 if the liquidation is not completed by 31 December 2024

Our advice: Start the liquidation process ASAP

For Cayman Islands Monetary Authority (CIMA) registered funds

  • Allow additional time to meet deregistration obligations
  • Final audits, distributions and redemptions must be completed prior to commencing liquidation to avoid an extended liquidation timeline
  • Final General Meeting held and CIMA de-registration completed prior to year-end to avoid 2025 CIMA fees

Our advice: In cases where a voluntary liquidation is uncontested, the fund need not de-register with CIMA. Provided all investors have been largely redeemed according to the statutory process in the Cayman Islands, the voluntary liquidation process can be completed in about 60 – 90 days. If dissolution is desired, the liquidation process should start ASAP. 

 

How can Ocorian help?

Ocorian can support your corporate administration needs. You’ll get;

  • A specialist liquidations team led by Amrish Bhugoo with extensive knowledge and experience of the local Cayman Island process
  • Guidance and resources to help meet deadlines and navigate requirements

Don’t delay and risk incurring 2025 fees, contact us today.