(CMR) Hon. Joseph (Joey) Hew, Minister of Commerce along with the Department of Commerce and Investment have delivered on their promise to streamline the business licensing process effective today.
The changes were initially to be implemented for the 1 June but have finally come into effect. The aim is to simplify the application process for persons to receive a trade and business license.
The Trade and Business Licensing Board will now have portal access to documents held by other government entities. The list of changes are:
Cover letter no longer required
Business plan no longer required
Strata approval no longer required
Character reference no longer required
Bank reference and utility bill no longer required for Caymanians
Replace ‘lease agreement’ with ‘letter of intent’ or ‘lease’ if available
Approvals from Department of Environmental Health and Department of Planning not required for the Trade and Business License application process (business owners will still need it before conducting business to be compliant with the law)
Proof of pension and health insurance not required for the Trade and Business License application process (business owners will still need it before conducing business to be compliant with the law)
The Board has the power, with consent from the applicant, to directly receive corporate documents from relevant government agencies or public authorities
Caymanians, Permanent Residents and holders of a Permanent Residency and Employment Rights Certificate are not required to submit a Police Clearance Certificate, unless they have been living in the Cayman Islands for less than five-year, or their business offers services in a certain category.
Honourable Minister Hew had previously said:
“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.”