The public is advised that procedural changes, which are designed to better uphold the Local Companies (Control) Licence Law (LCCL) are now in effect.
As of Thursday, 1 September, Caymanians looking to participate in potential business endeavours with foreign investors must state their interest, in writing, to both the investors and 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.
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.