The Ministry of Financial Services and its related entities have instituted a number of changes to increase efficiency of its operations to better support the work of the financial services industry in the midst of the coronavirus (COVID-19) pandemic.
Most of the changes can be seen in the registration of company details with the Registrar of Companies (RoC) and the filing of intellectual property through the Cayman Islands Intellectual Property Office (CIIPO). Both sections of the General Registry department have increased the amount of staff able to work remotely.
‘Given the current environment, it is more important than ever that the Ministry and its departments operate as efficiently as possible’, Financial Services Minister Tara Rivers said. ‘Increasing the number of staff able to remotely assist with registrations and filings is critical to facilitating business continuity during these challenging times as the world grapples with this pandemic,’ she said.
Details on the RoC’s current operations can be found on the RoC website (www.ciregistry.ky), along with information on Non-Profit Organisations (NPOs). General queries can be sent to email@example.com, while NPO questions should be directed to firstname.lastname@example.org. CIIPO questions can be emailed to Candace.email@example.com or persons can visit the CIIPO website (www.ciipo.ky).
If a query is urgent and persons have exhausted the available channels without a response within a reasonable timeframe, then they can proceed to contact the RoC on 926-8506 during normal office hours (Mondays to Fridays, 9am to 5pm). The RoC notes that while processing times and response rates are not the same as before COVID-19, both have improved in recent days.
In addition to the improvements made by the General Registry department, the Ministry maintains the ability to create necessary financial services legislation, through the Department of Financial Services Policy and Legislation, and address tax-related matters, through the Department for International Tax Cooperation (DITC). It should be noted that the DITC continues to address various queries (https://www.mfs.ky/news/ministry-of-financial-services-questions-and-answers-update-on-financial-services-in-the-face-of-covid-19/), with a reasonable response time.
The Ministry’s usual engagement with local and international stakeholders is ongoing, and progress continues to be made to address the international obligations as required.
The Ministry also recognises that the local financial services regulator, the Cayman Islands Monetary Authority, is using remote working opportunities to maintain its functionality. More details can be found on the CIMA website (www.cima.ky).
‘I commend the efforts of the Ministry and related departmental staff, and CIMA during these unprecedented times. Many people put in long hours and work tirelessly to ensure that business can continue as seamlessly as possible in order to maintain Cayman’s position as a leading global financial centre’, Minister Rivers said.
To learn more about the Ministry’s work, persons can visit the Ministry website (www.mfs.ky). For more information on Government’s response to the coronavirus, please visit www.gov.ky/coronavirus and www.hsa.ky/public-health/coronavirus.