Co-operative society
A body corporate, a legal person in its own right, registered by the Registrar to promote its members' economic interests on co-operative principles. Credit unions are co-operatives regulated under Part 5 of the Act.
- Entiva fee to form
- $1,209
- Government fees to form
- CI$100
- Run plan
- $219 a month
- Steps to form
- 3
- Ongoing filings
- 4
- Ways to close
- 2
Who it suits, and what defines it.
Governed by the Cooperative Societies Act (2020 Revision).
Who it suits
- Groups of members who want to pool their economic interests on co-operative principles.
- Credit unions.
Key facts
- Members
- At least ten qualified members
- Name
- Includes 'cooperative'; ends 'limited' if limited
- Rules
- Three copies filed and approved by the Registrar
- Credit unions
- Need a CIMA fit-and-proper decision first
- Shareholding cap
- No individual may hold over 20%
- Audit
- Registrar audits non-credit-unions yearly
- Registration fee
- CI$100
- Statute
- Cooperative Societies Act (2020 Revision)
What the law requires.
5 rules, each in plain words.
At least ten qualified members
They sign the application, or a secondary society has at least two registered societies as members.
Three copies of the proposed rules
The Registrar must approve the rules and any later amendment.
A fit-and-proper decision from CIMA for credit unions
The Cayman Islands Monetary Authority (CIMA) must find the proposed directors and senior officers fit and proper before registration.
No individual holding more than 20% of the share capital
An annual audit for societies other than credit unions
The Registrar audits, or arranges an audit of, the society at least once a year.
How Entiva forms it.
3 steps. Entiva prepares and files each one, and collects every signature the law needs.
The steps
3 steps- 1Request CIMA's fit-and-proper decision
Credit unions only, and CIMA notifies the applicant and the Registrar.
- 2Register the society
At least ten qualified members sign the application with three copies of the rules, and the fee is CI$100.
- 3Register as a non-profit organisation (NPO)Only if needed
Only if the society solicits contributions from the public as an NPO.
Documents
7- Application signed by the qualifying members
- Three copies of the proposed rules
- Authority for a member society's signatory, for secondary societies
- CIMA fit-and-proper determination, for credit unions
- Certificate of registration, signed by the Registrar
- The rules as registered
- Gazette notice of registration
Who takes part
4- Every founding member who signs the application is verified
- Each committee member or officer is verified
- Anyone holding 10% or more of the share capital is verified
- The person who applies on behalf of the society is verified
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
4 filings- Provide books for the Registrar's annual audit
At least once every year, for societies other than credit unions
- File a credit union's audited accounts with CIMA
Within three months of financial year end, unless CIMA approves an extension
- File a non-profit organisation's annual return
Within 6 months of year end, extendable by 2 months, for registered NPOs
- File an NPO's independent review report
Within 9 months of year end, extendable by 3 months, where the threshold applies
The changes Entiva handles.
Each change is prepared, approved, signed and filed.
The most common changes
4 changes- Register an amendment to the society's rules
- Notify the NPO Registrar of changes
- Ask for more time to file an NPO return
- Cancel or suspend the NPO registration
How it closes.
2 routes. The right one depends on whether it can pay its debts, and who starts it.
Dissolution on member application
75% of members apply, or the Registrar finds after inquiry that the society ought to be dissolved (s.49).
- 1
Apply to dissolve the society
- 2
The Registrar makes an order and a Gazette notice is published
- 3
Members have two months to appeal, otherwise the order takes effect
- 4
The Registrar appoints a liquidator
- 5
Cancel any NPO registration
Cancellation for low membership
Membership falls below ten (s.50).
- 1
Dissolve the society whose membership fell below ten
- 2
The order takes effect on its date
- 3
A liquidator is appointed
What Entiva does for you.
From the first filing to the last.
Co-operative society
- Drafts the application and the three copies of the rules, and collects signatures.Formation
- Assembles the officer pack and submits it to CIMA for a credit union.Formation
- Assembles the books and records for the Registrar's annual audit.Ongoing
- Prepares and delivers the yearly return to the Registrar.Ongoing
- Files a credit union's audited accounts with CIMA.Ongoing
- Registers amendments to the society's rules.Changes
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
$1,209one-off
- Government fees
- CI$100
Steps marked only if needed are not counted.
Closing it
Quoted before it starts
- Entiva fee
- Fixed, quoted first
- Government fees
- At cost
Included in the Run plan
- Provide books for the Registrar's annual audit
- File a credit union's audited accounts with CIMA
- File a non-profit organisation's annual return
- File an NPO's independent review report
- Routine changes
- Every deadline tracked
Extra, at a fixed fee
- Register as a non-profit organisation (NPO)Only if needed
Each extra is quoted before it starts, and nothing is done until you approve it.
Forming it
Entiva's formation fee is $1,209, one-off. Government fees are passed through at cost.
Later filings: CI$25 per list or.
Excludes steps marked only if needed.
Every year
The Run plan costs $219 a month ($2,628 a year).
An extension request costs CI$25. Penalty if late: up to CI$3,000 plus up to CI$100 a day.
Late: up to CI$3,000 plus CI$100 a day.
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.
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