Termination of Registration or Licence FAQs (2017-10-17)

Summary

This is a set of Frequently Asked Questions issued by CIMA explaining the administrative process for terminating (surrendering) a registration or licence held under the Directors Registration and Licensing Law (DRLL), 2014.

• Applies to: Registered directors, licensed professional directors, and corporate directors who no longer wish to act as directors on 'covered entities' (entities subject to the DRLL).
• Category changes: Those wishing to change category, for example from registered director to licensed professional director or vice versa.

• Log in: Log into CIMA's online Portal.
• Complete section: Complete the 'Surrender' (or 'Change Category or Surrender') section.
• Pay fee: Pay the applicable surrender fee.
• Submit confirmation letter: Submit a confirmation letter to CIMA stating that the individual or company has resigned from all covered entities and does not intend to continue directorship services.

CIMA will cross-check its own records against the covered entities' notifications before processing a surrender. If the person or company still appears as a director of a covered entity, the surrender cannot be processed for that calendar year, resulting in liability for the next year's fees. Covered entities themselves are obligated to notify CIMA of changes to their boards of directors. The document also addresses special situations such as a director's death or mental incapacity, in which case the covered entity should contact CIMA directly.

As guidance/FAQ material, it does not create new legal rules but clarifies existing administrative procedures and fee amounts under the DRLL framework.

Key obligations

• A person or company wishing to surrender a director registration/licence must sign into CIMA's Portal, complete the 'Surrender' section, and pay the applicable surrender fee (CI$600 for registered directors, CI$800 for licensed professional directors and corporate directors).
• After paying the fee, the applicant must submit a letter to CIMA confirming resignation as director from all covered entities, that they no longer plan to act as a director on covered entities, and that re-application under the DRLL will be required if directorship services resume.
• Covered entities have an obligation to notify CIMA of any changes to their board of directors, and directors surrendering registration must liaise with covered entities to ensure such notifications are made.
• To change category (e.g. from registered to licensed professional director or vice versa), the individual must use the Portal's 'Change Category or Surrender' function, pay the relevant surrender fee plus the new category's application and annual fee, complete the application form, and submit a letter confirming that all covered entities have been notified of the category change application.
• Surrender requirements must be completed before 31 December of the calendar year, otherwise the applicant (individual or corporate director) remains liable for fees for the following calendar year.
• In the event of a director's death or declared mental incompetence, the covered entity must contact the Authority directly for further assistance.

Applies to

registered directors, licensed professional directors, corporate directors, covered entities

Deadlines

• 31 December: Deadline each calendar year by which a director must no longer be listed as a director on any covered entity for CIMA to process a surrender application for that year; otherwise fees remain payable for the next calendar year.