Changes to law cut charity costs and red tape
(CNS): An amendment to the Companies Law made at the end of last year to reduce red tape and costs for local non-profits comes into effect on Friday, 1 March. Application fees for charitable entities applying to operate as a Section 80 company will be cut from CI$1,000 to $300 and administrative fees cut from $500 to $25. The application process has also been streamlined to allow General Registry to handle filings instead of Cabinet.
The newly enacted legislation amends the Companies Law (2018 Revision), specifically Section 80, which deals with companies established as a charitable organisation that carries out good work within the community. It addresses issues largely relating to offshore entities, such as non-profits or non-government organisations, that could pose concerns about Cayman’s obligation to international finance standards.
But it also impacted local charities, churches, sports and youth clubs and associations, many of which operate on shoestring budgets and could not meet either the cost of registration or the administrative burdens.
“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 turnaround time
for processing such applications,” Financial Services Minister Tara Rivers explained.
Category: Business, Community, Financial Services, Local News
Charities promoted by resorts need checking.
Not Registered in the States nor here, nor giving Tax Forms to purchasers has been a red flag for years. Who cares?
Account for all these entities, signed by the full board, should be published for all potential donors to see where & how the funds are used.
Or you could ask them for a copy of their annual report before handing over any funds.
These nonprofit that are legal need to be posted for all the public to see at these stores where these people hang asking for money all the time.
Google is your friend