The application process for a trade and business license will soon become much easier, thanks to amendments to application requirements, approved by both the Ministry of Commerce and the Trade and Business Licensing Board.

The update to the Trade and Business Licensing (Forms) Regulations, 2015 sees the removal of the following requirements:

· Proof of health insurance for the incentive grant,
· Business plan.
The Board has also agreed to remove the requirements for:
· A character reference,
· Strata approval for residential businesses, and
· Replacement of a lease agreement with a letter of intent.

Changes will be reflected on the Sole Trader and Registered Companies forms, and will go into effect 1 February, 2018.

“Small businesses are the backbone of the Cayman Island’s economy. Their success contributes to the overall national economic progress”, says Hon. Joseph (Joey) Hew, Minister of Commerce. “That is why this Government has prioritised reducing regulatory hurdles. We want to make doing business easier for business owners. These changes are one step forward in that effort.”

Further updates to the Regulations and the Trade and Business Licensing Law are expected to take place within the next few months. “These changes will provide even greater benefits and improvements for businesses”, adds Minister Hew.

Additionally, a new online application system, being developed by the e-Government unit and the Computer Services Department, will launch later this year to streamline and expedite the application process.