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Appointing Clara as your CSP in the Cayman Islands
Appointing Clara as your CSP in the Cayman Islands
Updated over a week ago

A Cayman Island Exempted Company is required to use an licensed Company Service Provider (CSP) to set up their company and to manage the company once incorporated.

If you have already set up your company and would like to transfer management of the company to Clara, you can do so using this process.

The benefit of moving your company to Clara is that you can access our seamless company management, template legal documents and cap table solution via app.clara.co. We also offer very competitive management rates.

We can assist with transferring your registered office to Clara. The fees, process and timeline are outlined in the below sections.

If you are interested in transferring please contact your Clara customer success manager or reach out to us via live chat.

Fees

We do not charge any fees for moving over to Clara (i.e. we will absorb all costs incurred by Clara).

If you have not renewed the company yet we will ask you to pay the annual renewal and economic substance filing fee by the 31st of December 2023 ($3,250)

Please note the following:

  1. All companies in the Cayman Islands renew on the 31st of December

  2. Your current CSP is likely to charge an exit fee for moving to a new provider. It is normally around $500, however it depends on CSP.

  3. Before your current CSP will release the company books to Clara, all outstanding invoices should be settled.

KYC

We will identify all the individuals in the corporate group, including the shareholders and directors of corporate stakeholders. We will go all the way up a company chain until all individuals have been identified.

Once we have an understanding of ownership, we will do a full KYC check on the directors and any individual that owns 6% or more.

Click here to view the full KYC check-list.

Where there is a corporate stakeholder we need to see the constitutional documents of the company, they are:

  1. Certificate of Incorporation

  2. Memorandum of Association

  3. Articles of Association

  4. Register of Members

  5. Register of Directors

Process

  1. Supply the constitutional documents of the holding company.

  2. Supply constitutional documents of any corporate stakeholders in the corporate group.

  3. Clara will create and share a KYC checklist.

  4. Clara will review KYC provided (via a Box folder).

    1. We may ask for follow on KYC once we have a full picture of the group structure.

  5. Clara's compliance team will review & sign off on the KYC.

  6. Clara will circulate a board resolution approving the moving to Clara for e-Signature.

  7. We will file with the Registrar.

  8. We will request a copy of the company books from the previous CSP

    1. Note: The CSP will typically ask you to pay an exit fee. They will not release the minute book until all fees are settled.

Timeline

The timeline depends on how quickly we can get through the KYC process. We would recommend being thorough on what KYC is provided to expedite the review.

Once the resolution filed with the Cayman Registrar, it takes 2 - 3 working days for the Cayman government to approve the move of CSP.

Please make sure all fees owed to the previous CSP are paid in full, as this can also cause delays.

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