(CMR)The Cayman Islands government has decided to ease certain business license requirements making it easier for small and micro businesses to operate legally and maneuver the licensing process.
The Honorable Minister, Joey Hew; along with the Trade and Business Licensing Board, has pushed for numerous legislative and regulatory requirements to be eased thereby simplifying the application process.
Back in November during his speech at the opening of the Cayman Islands Small Business Association’s headquarters on Mary Street the new commerce minister made a commitment from the Unity government. At that time he stated that there would be fee reductions and cutting red tables that “served no purpose or are more hindrance than a help.”
Hew himself is a small business owner.
The update to the Trade and Business Licensing (Forms) Regulations, 2015 sees the removal of the following requirements:
• Proof of health insurance for the incentive grant, • Business plan.
The Board has also agreed to remove the requirements for:
• A character reference, • Strata approval for residential businesses, and • Replacement of a lease agreement with a letter of intent.
Changes will be reflected on the Sole Trader and Registered Companies forms and will go into effect 1 February 2018.
“Small businesses are the backbone of the Cayman Island’s economy. Their success contributes to the overall national economic progress”
says Hon. Joseph (Joey) Hew, Minister of Commerce.
“That is why this Government has prioritised reducing regulatory hurdles. We want to make doing business easier for business owners. These changes are one step forward in that effort.”
Further updates to the Regulations and the Trade and Business Licensing Law are expected to take place within the next few months. “These changes will provide even greater benefits and improvements for businesses”, adds Minister Hew.
Additionally, a new online application system, being developed by the e-Government unit and the Computer Services Department, will launch later this year to streamline and expedite the application process.
Premier Alden McLaughlin spoken of the recent business licensing changes recently
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