Government has passed an amendment that reduces the administrative burden on charitable entities that operate as Section 80 companies.
On Friday, 1 March 2019 The Companies (Amendment) Law, 2018, will take effect. The amendment, passed in the Legislative Assembly last November, will reduce the application fee from CI$1,000 to $300 for an entity applying to be a Section 80 company, while also lowering the fee for administrative changes to such entities from $500 to $25. In addition, the application process has been streamlined to allow General Registry to handle filings instead of Cabinet.
Under the Companies Law (2018 Revision), a Section 80 company generally refers to a company established as a charitable organisation that carries out benevolent works to benefit society.
'Government has listened to the public's comments about Section 80 companies registering as charities in the Cayman Islands, and we have made steps to reduce the cost and turn-around time for processing such applications', said the Minister of Financial Services, the Hon. Tara Rivers.
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