(CMR) Minister of Commerce, Joey Hew on Monday announced that the government would be waiving payments for trade and business licensing application fees come May 1 through to July 31, 2020.
In addition, late fees will also be waived for the period March 1 to July 31, 2020.
The announcement comes as the Alden McLaughlin administration seeks to keep businesses and the economy afloat amid the devastation from the coronavirus pandemic.
The temporary waiver for payment of trade and business licensing application fees and late fees is expected to benefit over 3000 businesses.
“COVID-19 has caused significant economic dislocation across the globe, with the Cayman Islands being no exception. It is in an effort to arrest this disruption that the Government continues to propose a number of relief measures to assist businesses at this time, particularly our micro and small enterprises,” said Minister Hew.
“As a result of these regulations, those fees which are usually collected by the Department of Commerce and Investment upon application for a trade and business licence are now temporarily waived in an effort to reduce the amount of fees incurred by businesses during this time. We have been engaging in discussions with members of the business community, such as the Chamber of Commerce, and other stakeholders to find interventions to lessen the impact of COVID-19 on our businesses and the economy,” Minister Hew added.
The Government recently announced assistance in the amount of $14 Million to support relief measures for micro and small businesses across the Islands.