In order to ensure that the law is upheld, procedural changes for the Local Companies (Control) Licence Law (LCCL) will come into effect on 1 September 2016.
The LCCL requires foreign investors to publish ads that solicit Caymanian participation in their potential business endeavours. In these ads, Caymanians are asked to inform the foreign investor of their interest, in writing; however, as of 1 September, Caymanians also must supply a copy of that letter directly to the Trade and Business Licensing Board.
Also, when submitting their applications to the board, foreign investors must include copies of the two local newspaper ads, published in accordance with section 11 (4) (e) of the law, that solicited Caymanian participation.
'These procedural changes will help the board to know if the applicant has complied fully with the LCCL', said Minister of Commerce Wayne Panton.
LCCL applications must be submitted in person at the Business Licensing Counter, on the first floor of the Government Administration Building. The counter is open Mondays to Fridays, between 9:00am and 4:00pm. In addition to the two newspaper ads, applications must be accompanied by due diligence such as a police clearance, copies of passports, references, and the relevant fees.
Letters from Caymanians are to be addressed to the Trade and Business Licensing Board, c/o the Department of Commerce and Investment, Government Administration Building, 133 Elgin Avenue Suite 126, Grand Cayman, Cayman Islands.
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.