Fee waivers to remain in place for small business
(CNS): The government has announced that the fee exemptions or major discounts for micro and small businesses will not change next year. Owners will continue to pay either no fees or significantly reduced fees for trade and business licences in 2025 as part of the continuation of the Small Business Incentive Programme (SBIP), which began back in 2014. “When we think of how many of our everyday business transactions are done with micro and small businesses, we’re reminded of how important they are,” Commerce Minister André Ebanks said.
“This made extending the SBIP an easy decision for Cabinet because everyone benefits,” he added in a press release from his ministry. Ebanks said that about 8,200 micro and small businesses have taken advantage of the programme to date.
Cabinet approved the Trade and Business Licensing (Amendment of Schedule) (Temporary Reduction of Fees) Regulations, 2023 on 11 December 2023 in order to continue the programme. The estimated revenue waiver of CI$1 million will not impact the government’s forecast financial results, as the SBIP is already factored into the 2024/2025 budget.
Micro businesses are defined as having fewer than five employees, not including the owner, with an annual gross revenue of CI$250,000 or less. Small businesses are defined as employing a maximum of 12 persons, not including the owner, with an annual gross revenue of up to CI$750,000. Businesses that do not qualify for the SBIP are providers of auditing services, financial services firms other than insurance agents, and exempted companies.
Qualifying business must be independently owned and operated, with the owner having close
control over operational decisions; the business should be for-profit, and owners should immediately inform the Trade and Business Licensing Board of any changes to the business that would alter its eligibility.
Reductions for small businesses are based on business location. The chart below shows the waivers for micro-businesses, which apply in all locations, and the reduction percentages and locations for small businesses.
| Location of trade or business | Type of business | Fee reduction |
| George Town | Micro business Small business | 100% 50% |
| West Bay | Micro business Small business | 100% 50% |
| East End | Micro business Small business | 100% 75% |
| North Side | Micro business Small business | 100% 75% |
| Bodden Town | Micro business Small business | 100% 75% |
| Little Cayman | Micro business Small business | 100% 50% |
| Cayman Brac | Micro business Small business | 100% 50% |
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Category: Business, Small Business
Wow. People will complain about anything. Thank you CIG from a grateful self employed, Caymanian.
Like we need more barbers, landscapers, car washers and construction companies.
Dear DCI most of these “Caymanian Owned” businesses are fronting operations. Please stop making it easy for them.
I know a guy that owns 5 different cleaning companies with 5 janitor employees each. He gets the permits and then rents them out to whoever needs labour. Great system and lots of fringe benefits for him. Good to see that program continue. Well done CIG.
Have you documented any sufficient evidence and passed it on to the relevant authorities to aid in their investigation?? If not, you are the problem more than this guy in this case, and your either capping, and/or gossiping.
Oh sure, let’s just put our heads in the guillotine basket. You new here or something?
Sure they throw us a crumb. Give the rich boys a total pass, give Caymanians next to nothing. Pat your self on the back as a minister whilst screwing locals, but okay dudes.
Great news for the minimum wage permit overlords. Bad news for consumers relying on skilled competence and reasonable value. Highest prices in the Caribbean!
You’ll find if you have a bit of knowledge, skills and confidence you can save thousands on contractors, mechanics, appliance repair costs and self import. Most are cowboys who slap a sticker on the side of their vehicle and set up a service company. Unfortunately there’s only a handful of qualified/certified and experienced people out there and some of them don’t advertise.
BLAME-GAME will not change anything. We cannot blame the Jamaicans or any nationality for this. The question is: Who is running the country? We choose Caymanian political leaders to administer our affaires and they are well paid. ITS THAT SIMPLE
This only helps more Jamaicans take out T&B licenses to import even more of their own people on permits. Them they let them loose on Cayman because they don’t have work for them, don’t pay Pension and Insurance either. I also see where the Small Business Bureau is now run by Jamaicans.