Our approach to the COVID-19 (Coronavirus) pandemic

Walkers is both prepared and open for business

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Our approach to the COVID-19 (Coronavirus) pandemic

Walkers is both prepared and open for business

Read More

Walkers is a leading international law firm. We advise on the laws of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Ireland and Jersey.
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Update on Extensions to Cayman Islands Filing Deadlines and Other Measures

The Government of the Cayman Islands continues to demonstrate its unwavering commitment to support business continuity of the financial services industry in light of the COVID-19 pandemic, and has taken further measures in relation to certain deadlines. Further detail is set out in the Government Release.

Annual returns and economic substance notifications
The Registrar of Companies ("ROC") and the Department for International Tax Cooperation ("DITC") have extended the deadlines for entities to complete their annual returns and economic substance notification filings.

The annual return filing deadline has been extended until 30 June 2020. The extension will apply to all companies, including limited liability companies and foundation companies. Penalties for failure to file will come into force on 1 July 2020.

As a result of the annual return extension for companies, the deadline for economic substance notification filings is now 30 June 2020. Note, that the economic substance notification will remain a prerequisite for companies successfully filing an annual return.

In addition to the filing extension, ROC will accept affidavits or other documents that have been notarised or certified online or utilising audio-video technology during this time.

The General Registry, which incorporates the ROC, previously gave a one-month extension for beneficial ownership submissions. The extension went into effect on 23 March and will cease on 20 April 2020. The reprieve allows corporate service providers ("CSPs") to retrieve information from their overseas clients, while giving the Government’s Beneficial Ownership digital platform time to come online and for CSPs to transition to making electronic filings.

CIMA regulatory filings
The Cayman Islands Monetary Authority ("CIMA") is allowing an extension for regulatory filings as shown in the list within CIMA’s Notice. Also, notably:

>> CIMA’s inspection programme has become primarily desk-based with the scope of some inspections being narrowed. All meetings will take place by teleconference. In exceptional circumstances, CIMA will postpone planned reviews. However, doing this will require special dispensation.

>> CIMA will accept affidavits or other documents that have been notarised or certified via the DocuSign process or utilising audio-video technology during this time. As part of its business continuity plan, CIMA is committed to delivering full operations and services to the financial services industry. However, licensees and registrants are reminded to utilise email as the primary contact method.

These are the latest Cayman Islands measures to help the financial services industry in the face of COVID-19. We will advise further in the event of any updates.

 

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Covid-19: Latest Measures and Options for Irish Employers

As cases of Covid-19 continue to spread the Irish Government has ordered all non-essential businesses to close.

In this advisory we explain the new measures which are designed to support workers and ease the burden on businesses if employees cannot attend work due to the impact of Covid-19. 

Updated 27 March

 

Click to view advisory

 

Covid-19 Ireland Update - Irish Corporate Tax Residence Considerations

The COVID-19 pandemic has resulted in high levels of disruption for companies conducting business in Ireland. Guidance issued by the Irish Revenue on 23 March 2020 should help to alleviate corporate tax residence concerns associated with COVID-19 related travel restrictions.

In this advisory, we will examine what this means in practice for Irish resident companies.


Click to view advisory

 

Covid-19 Ireland Update – Important Considerations for Asset Management Companies and Investment Funds

In light of the global COVID-19 pandemic, there are a variety of issues that asset management companies and investment funds should be actively considering.

In this advisory, we set out a number of key issues and practical solutions for asset management companies and investment funds to consider in these unprecedented times.

Click to view advisory

 

Covid-19 Ireland Update - Protect your Business and Stay Resilient

In the space of less than three months, the Covid-19 pandemic has had a fundamental impact upon society throughout the world. As governments endeavour to best protect their citizens from the spread of the pandemic, the focus rightly is on the protection of public health. Many countries are imposing lockdown and social distancing protocols with the aim of flattening the curve of infection.

While most businesses understandably, have the safety and wellbeing of their employees and clients, as their fundamental concern and priority, the economic shock of the pandemic is already being felt in many industries. 

For many, the pandemic has entirely disrupted business plans and foreseeing how businesses and industries can adapt and survive has become a pressing concern.

As the impact of the pandemic on society evolves on a daily, if not hourly basis, predicting how far reaching the effects will be felt is fraught with difficulty. 

However, while we hope for the best, we must prepare for the worst. There are a number of resilience and mitigation actions that Irish businesses can take to protect themselves.

In that regard, we have set out below high-level considerations that businesses should bear in mind in these most pressing times.

 

Click to view advisory

 

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