The commerce environment in Cayman will become better licensed and regulated with the implementation of the new Trade and Business Law.
The law, which is scheduled to take effect this fall, focuses on creating a level local playing field for businesses, explained Minister of Commerce Wayne Panton.
'TBL's framework is intended to lead to greater efficiencies in the overall business licensing system', he said.
'For example, it improves the governance structure and processes for the TBL Board, and allows them to delegate certain functions to the Department of Commerce and Investment. This will reduce TBL approval times, which goes a far way to support business across the board, from micro to larger, international firms'.
Minister Panton also said the TBL clarifies business licensing categories, creates an appeals tribunal, improves DCI's enforcement powers, and allows Cabinet to provide business incentives, such as the micro- and small-business incentives that have been extended until 30 June 2016.
The Department of Commerce and Investment is responsible for enforcing the law, DCI Director Ryan Rajkumarsingh said.
'We have been working steadily on our internal processes, in order to implement the law this fall', he said. 'Our staff has undergone a number of training sessions to become familiar with the legislation and capable of offering quick and accurate licensing advice. We have also met with various government agencies to encourage more collaboration and efficiency in handling public queries'.
More information about the new TBL is available on www.dci.gov.ky.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.