Businesses promised smoother path to opening day

| 19/06/2018 | 7 Comments

(CNS): Government is promising the business community a smoother path to opening up a business with the implementation of amendments to the Trade and Business Licensing Law that have now come into effect. Largely related to the application process for a T&B licence, officials are claiming that with the removal of certain document requirements, the power of the TBL to access relevant documents filed with other government entities and less red tape around health and pension obligations, it will be much more streamlined.

“Creating a strong economy to help families and businesses is a major priority outlined by the unity government,” Commerce Minister Joey Hew said in a release. “One of the key tasks needed to do that was to remove the unnecessary regulation and bureaucracy for small businesses. These amendments to the application for a Trade and Business Licence do that. We’ve now eased some of the burden on business owners and enable the ministry to push forward with other initiatives that will help to make it easier to do business in the Cayman Islands.”

The changes largely impact Caymanians and permanent residents, who are no longer required to submit a police clearance if they have lived on island for more than five years and their company is not in a category relating to child care or other specialist areas where they are still needed. Applications for renewals will also be able to self-validate their health insurance and pension information on the application form, with first-time applicants not being required to provide these details.

Caymanian applicants will not be required to submit a bank reference or current utility bill with their application, though non-Caymanian applicants will still need to provide this information. Cabinet also now has the power to make regulations that exempt certain applicants or categories of applicants from any or all provisions under the Law.

Full list of 2018 amendments coming into effect 18 June:

  • 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 Licence 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 Licence 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.
    • Those business categories are: child care, dance classes, afterschool classes, pre-school, babysitting, summer programmes, elderly care, money lending, accounting, wellness services specific to children.

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Category: Business

Comments (7)

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  1. PD says:

    Praise to our wonderful premier, minister Hew and the rest of the Unity team for another great achievement!

  2. Anonymous says:

    So what good is a T&B if the governmetn does not have the necessary information to properly regulate (heck or locate) the business?

  3. CI 4 Caymanians says:

    Not you if you are asking. I know it is not an expat.

  4. Anonymous says:

    lodge men always had a smooth opening day!!!?

  5. Anonymous says:

    Who is Caymanian?


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