Surrender of Director Registration or Professional Director Licence (2021-01-20)

Summary

This is a general industry notice from CIMA reminding registered directors, professional directors, and corporate directors of their ongoing obligations under the Directors Registration and Licensing Act (DRLA), with specific focus on the process for surrendering a director registration or professional/corporate director licence. It does not create new rules but restates existing statutory and regulatory requirements (DRLA section 25(4) and the 2014 Registration and Licensing Regulations) and explains the practical steps for surrender via CIMA's Director Gateway Portal.

• Application: A director wishing to surrender their registration or licence must apply to the Authority in the prescribed form.
• Fee: The prescribed fee must be paid.
• Confirmation via portal: The director must confirm via the portal that they have resigned from all covered entities and do not intend to continue acting as a director.
• Resuming activity: Anyone who later wishes to resume directorship services or act for another covered entity after surrendering must re-apply under the DRLA.

Overall this is an informational/reminder notice rather than a document introducing new compliance deadlines.

Key obligations

• A director surrendering registration or a licence must apply to the Authority in the prescribed form and pay the prescribed fee (CI$600 for registration; CI$800 for a professional or corporate director's licence).
• The surrender application and fee payment must be made through the Director Gateway Portal.
• The director must confirm on the portal that they have resigned as a director of all covered entities and no longer plan to act as a director of covered entities.
• A director who wishes to resume directorship services or act for another covered entity after surrendering must re-apply under the DRLA.
• Registered and professional directors must remain familiar with, and ensure ongoing compliance with, their obligations under the DRLA.

Applies to

registered directors, professional directors, corporate directors