The general registry has recorded just 58 registrations under the Charities Law since it came into effect last August.
For those who aren’t registered, time is ticking.
He said if non-profit organisations fail to register by this August, they could face sanctions.
“We expected by this time to have more entities registered,” said General Registry Head of Compliance Paul Inniss.
He told Cayman 27 58 registrations are just a drop in the bucket.
“I know on record we have over 320 section 80 companies registered with us, and we also know that the sector consists of a lot more into this than just section 80 companies, so there is a wide assortment of different entities that fall under the definition of a nonprofit organization,” said Mr. Inniss.
He urged philanthropic, religious, and sporting organisations to get on the books before August first.
“If you don’t register, after the first of August and you continue to operate, you are now subjecting yourself to sanctions,” said Mr. Inniss.
“After 31 July there will be a $300 fee to register,” said Customer Liason Officer Teria McLaughlin.
She said confusion may still exist about who should register.
“We still have a lot of people that are not fully understanding the NPO and, or not knowing about the NPO,” said Ms. McLaughlin.
That’s why Mr. Inniss said the registry staff is there to handle any questions or concerns.
“We have been working hand-in-hand with entities, people have been coming to our registry and they’ve been asking questions, we’ve been sitting with persons, talking them through the process, walking them through the process,” said Mr. Inniss.
He told Cayman 27 with little more than four months to go, time is ticking.
“Again, we don’t really want it to come down to a situation where persons are subject to sanctions,” said Mr. Inniss.
The Charities Law was put in place to ensure non-profits are operating in the public interest, and in compliance with international requirements on terrorist financing and money laundering.