Current and future licence holders are advised that the law
features several amended or entirely new components, all of which
are intended to create a level playing field for business owners,
and to make the overall business licensing system much more
'For years, Government has received comments from business
owners regarding changes they felt would improve Cayman's trade
and business licensing regime', explained Minister of Commerce
'Following a consultative review process that involved
business owners and other stakeholders, we now have a law that
meets two key economic objectives: It's more business friendly,
and it also provides the regulatory platform that gives both
consumers and business owners more confidence in our licensing
framework', he said.
'The overall intention is to create a culture of business
licensing compliance in the Cayman Islands'.
The Department of Commerce and Investment (DCI) will administer
the new law; and Director Ryan Rajkumarsingh highlighted seven
important aspects that the public should know about it.
2. Timeframes for renewal applications. If you
are renewing your licence, you must submit your renewal application
prior to its expiry. The timeframe to submit renewal applications
is between three months, and 28 days, prior to the expiry of the
3. Additional documentation requirements. In
order to ensure compliance with Cayman's socioeconomic-related
laws, persons who are renewing their licences will be required to
provide health insurance and pensions documentation at the time
they submit their renewal application.
4. Penalty for late filing. To help ensure and
maintain efficiencies in the licensing process, DCI will enforce
penalties for late applications. For incomplete applications, the
Trade and Business Licensing Board may require applicants to
complete and resubmit the application, and pay a resubmission fee.
Persons who do not intend to renew their licences must notify DCI,
via a formal letter or email, to avoid incurring fees, and to avoid
liability for outstanding fees.
Notifications may be mailed; or in Grand Cayman, delivered to
the Business Licensing Counter (formerly the Trade and Business
Licensing Counter), on the first floor of the Government
Administration Building; or in Cayman Brac, delivered to the DCI
office in the District Administration Building. The mailing address
The Trade and Business Licensing Board
133 Elgin Avenue, Box 126
Grand Cayman KY1-9000
5. Tickets and fines. To encourage business
owners to fulfil their responsibilities under the legislation,
persons who breach their business licence requirements in Cayman
will be subject to receiving tickets and paying fines under the new
Trade and Business Law, as DCI's trade officers will now have
greater enforcement responsibilities.
6. Surcharge. Licence holders who do not pay
the renewal fee within 28 days after the expiry date of the licence
shall, unless the Board waives it, pay a surcharge not exceeding
25% of the renewal fee for every month, or part of a month, that
the renewal fee is not paid.
7. Appeals Tribunal. Business owners who want
to question a Trade and Business Licensing Board decision will have
an opportunity to do so, through the Trade and Business Licensing
The Legislative Assembly passed the new law in December 2014.
Since then, Mr Rajkumarsingh said DCI staff have been developing
and testing the operational systems that the law requires.
'The new law means changes in procedures for both business
owners, and staff', he said. 'For DCI, our goal is to have
a system that's tested and ready for 1 January'.
For more information on the new law, visit www.dci.gov.ky; email
firstname.lastname@example.org; call Grand Cayman; or call for Cayman Brac
and Little Cayman.
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