October 28, 2020

Changes to Cayman Islands Trade and Business Licensing Law come into Effect

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• Amendments to the Trade and Business Licensing Law will go into effect on Monday 18 June.
• The changes aim to simplify the application process for a Trade and Business License.

GRAND CAYMAN (GIS) – Amendments to the Trade and Business Licensing Law will further streamline the application process for a Trade and Business License.
These changes will go into effect today, Monday, 18 June and include updates that were announced earlier this year.

Among the amendments announced earlier is the enabling of the Trade and Business Licensing Board to access, with an applicant’s consent, company documents relevant to the application that had been filed with other government entities.

Another amendment exempts Caymanians and from submitting a police clearance if they have lived on island for more than five years, and if their company does not fall into a category of business where the Board will require a police clearance (eg. child care services).

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.

Three other changes will also come into effect on 18 June. One of those amendments is that Caymanian applicants will not be required to submit a bank reference or current utility bill with their application; non-Caymanian applicants will still need to provide this information.

Another change gives Cabinet the power to make regulations that exempt certain applicants or categories of applicants from any or all provisions under the Law.

“Creating a strong economy to help families and businesses is a major priority outlined by the unity government,” notes Minister for Commerce, Hon. Joey Hew. “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 License 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 .”

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 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 , unless they have been living in the Cayman Islands for less than five year, or their business offers services in a certain category.
o 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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