A reminder that directors registered under the Cayman Islands Director Registration and Licensing Act who no longer require their registration must take active steps to surrender it.

The director must sign into the Director Gateway Portal, input the information required under “Surrender” and pay the surrender fee of CI$600 (for a registered director) or CI$800 (for a professional director). The director will also be required to confirm the following on the portal:

• That they have resigned as a director of all covered entities
• That they no longer plan to act as a director on covered entities
• That if they would like to act on any other covered entity or wish to resume directorship services after they have surrendered their registration, they will need to re-apply under the DRL Act

Further information issued by CIMA can be found here.