Building society
A society incorporated under the Building Societies Act that raises funds from its members to lend on real property. It pays a statutory regulatory fee each year as well as its registry fees.
- Entiva fee to form
- Quoted before it starts
- Government fees to form
- CI$100
- Run plan
- $219 a month
- Steps to form
- 2
- Ongoing filings
- 3
- Ways to close
- 1
Who it suits, and what defines it.
Governed by the Building Societies Act (2020 Revision).
Who it suits
- Member-owned societies that lend on real property.
Key facts
- Purpose
- Raises member funds to lend on real property
- Incorporation
- With the Registrar for CI$100
- Annual fee
- CI$100 on each anniversary of incorporation
- Regulatory fee
- CI$7,000 on or before 15 January
- Accounts
- Audited accounts go to CIMA each year
- Union or transfer
- Needs holders of 66.67% of the shares
- Statute
- Building Societies Act (2020 Revision)
What the law requires.
4 rules, each in plain words.
Incorporation with the Registrar
An annual fee on each anniversary of incorporation
A regulatory fee of CI$7,000 by 15 January each year
66.67% of shares must approve a union or transfer
A union with another society or a transfer of engagements also needs notice recorded with the Registrar.
How Entiva forms it.
2 steps. Entiva prepares and files each one, and collects every signature the law needs.
The steps
2 steps- 1Request CIMA's fit-and-proper decision
The Cayman Islands Monetary Authority (CIMA) must first determine that the proposed directors and senior officers are fit and proper.
- 2Incorporate the building society
The Attorney General certifies the rules and the Registrar registers the society, and the fee is CI$100.
Documents
6- Rules of the society
- Two transcripts of the rules, signed by three directors and the clerk or secretary
- Covering submission to the Attorney General
- CIMA fit-and-proper determination
- Transcript of the rules certified by the Attorney General
- Certificate of incorporation, issued by the Registrar
Who takes part
5- Each director or committee member is verified
- The clerk or secretary is verified
- Anyone holding 10% or more of the shares or voting rights is verified
- The person who applies on behalf of the society is verified
- Politically exposed persons (senior public figures) get enhanced checks
What has to be filed, and when.
Entiva tracks every deadline from the day it is formed, and files before each one.
Every year, and as things happen
3 filings- Pay the annual fee
On each anniversary of incorporation, and the fee is CI$100
- Pay the regulatory fee
On or before 15 January each year, and the fee is CI$7,000
- File audited accounts with CIMA
Once a year
The changes Entiva handles.
Each change is prepared, approved, signed and filed.
The most common changes
1 change- Unite with another society or transfer engagements
How it closes.
One route, filed step by step.
Union or transfer of engagements
Two societies agree to unite, or one transfers its engagements (s.9).
- 1
The societies agree written terms
- 2
Each society's general meeting approves it with 66.67% of the shares
- 3
Record the notice with the Registrar
- 4
Pay fees due to the date of transfer
What Entiva does for you.
From the first filing to the last.
Building society
- Drafts the rules and the Attorney General submission, and collects signatures.Formation
- Assembles the officer pack and submits it to CIMA.Formation
- Pays the annual fee on each anniversary of incorporation.Ongoing
- Pays the CI$7,000 regulatory fee by 15 January.Ongoing
- Prepares the yearly account and statement, sends it to CIMA within 14 days of the general meeting and gazettes it.Ongoing
- Records a union or transfer of engagements with the Registrar.Restructuring
Build it with the API.
Every step on this page is an action in the Entiva API, with its documents, signatures and filing.
What it costs, item by item.
Every Entiva fee and every government fee, from forming it to closing it.
Forming it
Quoted before it starts
- Government fees
- CI$100
Closing it
Quoted before it starts
- Entiva fee
- Fixed, quoted first
- Government fees
- At cost
Included in the Run plan
- File audited accounts with CIMA
- Routine changes
- Every deadline tracked
Extra, at a fixed fee
- Unite with another society or transfer engagements
Each extra is quoted before it starts, and nothing is done until you approve it.
Forming it
Formation is quoted before it starts. Government fees are passed through at cost.
Excludes steps marked only if needed.
Every year
The Run plan costs $219 a month ($2,628 a year).
Changes
Routine changes are included in the Run plan.
Closing it
Closing is a fixed-fee project, quoted before it starts.
Entiva fees are in US dollars. Government fees are in the currency each authority charges, passed through at cost when the filing is made. Taxes are separate.
Start with your first company.
We are onboarding a small group of founders and finance teams with entities in more than one country.