October 30, 2020

Cayman Islands business owners guidance given to cease licences

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Cayman-Islands-Coat-of-Arms-Fridge-Magnet-300x300Business owners now have clearer instructions for ceasing their trade and business licences, under the new Trade and Business Licensing Law <http://www.dci.gov.ky/portal/pls/portal/docs/1/11724085.PDF>.

By indicating to DCI that a business has ceased, business owners will avoid paying late fees and other penalties for expired licences, said Department of Commerce and Investment (DCI) Director Ryan Rajkumarsingh.

Under the law, which commenced on 1 January, licence holders will need to provide DCI with the business licence number; reference number; name of the business; and the date on which the business ceased its operations.

Business owners also must provide identification (such as a passport, driver’s licence or voter’s card); and a letter stating their intent to cease a license for a business that is no longer operational. If they wish, business owners may have a third party submit the necessary documentation. However, they must write and sign a letter authorising the third party to act on their behalf in ceasing the business.

To cease a business, persons can submit their documentation in person, via post, or email.

To do so in person, visit DCI’s , formerly known as the Trade and Business Licensing Counter. Located on the first floor of the , the counter is open 9am to 4pm, Mondays to Fridays.

By post, mail the documents to the Department of Commerce and Investment, Government Administration Building, Box 126, , , KY1-9000. Via email, send details to [email protected].

For more information on ceasing licences, call DCI on 945-0943.

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