Most Read Contributor in Cayman Islands, September 2016
With the new Trade and Business Licensing Law coming into effect
on Friday, 1 January, persons can refer to this checklist to ensure
they are completing the new licensing form, and providing the
The checklist, which was prepared by the Department of Commerce
of Investment (DCI), also provides guidance for persons applying
for Government incentives.
'With the imminent commencement of the law, it is important
the public is aware there are new forms to submit, and additional
information required, including health insurance and pension
contribution confirmations,' DCI Director Ryan Rajkumarsingh
DCI's checklist states the licensing requirements for small
and micro businesses, registered companies, sole traders, and
persons seeking Local Companies (Control) Licences.
In addition to a business plan, small and micro businesses need
to submit health insurance information when applying for the
government incentive. For renewal applications, a certificate of
compliance indicating pension enrolment, which must be stamped and
signed by the pension plan provider, must be submitted along with
the health insurance declaration form.
The new requirements for sole trader grant applications are a
police clearance and a bank reference letter, along with other
documents per the checklist. A registered company will now need to
submit due diligence documents for all directors, along with the
other necessary details as per the checklist, which must be
submitted along with the completed application form.
The new law focuses on creating a level playing field for
businesses, and is intended to lead to greater efficiencies in the
overall business licensing system. Among other features, it will
reduce approval times for licenses, clarify business licensing
categories, and improve DCI's enforcement powers.
For more information on the checklist and the new law, persons can call DCI at 945-0943 or email email@example.com. A copy of the checklist can be obtained from DCI’s Business Counter on the first floor of the Government Administration Building, or at DCI’s office in Cayman Brac, during regular office hours or by visiting 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.
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