Important Changes Regarding Annual Fee Payment in the Cayman Islands

The General Registry of the Cayman Islands recently announced that it will prohibit advance payment of annual fees. Practice Note No. 01/2016, which goes into effect on 1 August 2016, requires all trademark and patent annual fee payments to be made on or after January 1 of the year in which they are due. A penalty has applied and will continue to apply for fees paid after 31 March.
 
In the past, it has been commonplace to pay annuities well ahead of time, including for years in advance or up to the next renewal date. Mark holders will lose that option when the Practice Note goes into effect. Clients wishing to take advantage of prepayment of annuities must act to do so before the end of July 2016.
 
Please note that Caribbean IP will continue to send out its standard annual-fee reminders in the last quarter of the year. Clients will be able to prearrange payment of the fee as soon as the payment window opens.
 
If you have any questions or would like to move forward with prepayment of annuity fees before the rule change takes effect, please contact us as soon as possible at Katherine@Caribbean-IP.com.