Government measures in key jurisdictions 3rd edition final - Flipbook - Page 34
Cayman Islands
Tax
•
No. The Cayman Islands does not have any direct taxation.
Has any new
legislation been
introduced in light of
Covid-19?
•
See below regarding economic substance.
Company
law matters
•
The Cayman Islands Registrar of Companies is operating as usual with some minor changes to
adapt to the Covid-19 pandemic.
•
Cayman Islands exempted companies are not obliged to hold annual general meetings.
•
The Cayman Islands Government has taken a number of initiatives to ensure that ‘business
as usual’ can continue, such as extending the existing filing deadline for companies. In
addition, the Registrar of Companies will accept affidavits or other documents that have
been notarised/certified online or utilising audio-video technology during this time.
•
Where board meetings are required to be held virtually during this period, the Cayman Islands
Department for International Tax Cooperation will take that into consideration, on a case-bycase basis, when determining whether an entity has passed or failed the economic substance
test in its reporting which is due in 2021.
•
Please see our update on Overcoming barriers to completion of corporate transactions
amidst Covid-19-challenges and our Caribbean Regulatory Update.
•
All the most recent Mourant updates relating to Covid-19 are available at Mourant Covid-19
Updates.
Have any measures
been put in place to
accommodate social
distancing (such as
remote general
meetings)?
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Government measures in key jurisdictions