• Updates to Trade and Business Licensing Law create a better customer experience for business owners, based on feedback from the business community
• Changes streamline application process by eliminating unnecessary paperwork

GRAND CAYMAN (GIS) – The most recent changes to the Trade and Business Licensing Law address challenges faced by the business sector and remove some requirements expected of applicants that have been found to be unnecessary.

The updates were contained in The Trade and Business Licensing (Amendment) Bill, 2018, which was passed in the Legislative Assembly last week, and mark the second phase of an interagency effort to streamline the application process and eliminate unnecessary paperwork for applicants.

“Providing more support to businesses, particularly small and micro businesses, as well as assisting Caymanians who want to start or grow their own businesses is a key priority for Government and my ministry,” states Hon. Joey Hew, Minister for Commerce. “Our efforts will culminate in a better and more streamlined experience for business owners.”

A key change contained in the amendment is the exemption of Caymanians, Permanent Residents and holders of Residency and Employment Rights Certificates, who have been living in the Cayman Islands for five or more years, from having to provide a police clearance certificate when submitting an application.

This exemption will not apply for certain categories of business where the Board determines a police clearance is required, such as child care services or financial services.

The amended law also enables companies to allow the Trade and Business Licensing Board to obtain company documents, that are current and relevant to the application, directly from relevant public authorities or government agencies, such as the Cayman Islands Monetary Authority, that hold that information.

This change significantly reduces the burden on the applicant, and makes the application process more streamlined and manageable. At the same time if an applicant chooses not to give the Board that authority, they will still be obligated to provide that information to the Board.

A third change to the law also seeks to save applicants time. Applicants will now be able to self-validate their health insurance and pension information on the application form. The application will be processed, and the information will then be sent to the relevant Government agencies to verify the validity. This will eliminate the need for applicants to provide proof of compliance before submitting their application. Additionally first time applicants will no longer be required to provide this information.

“Helping businesses succeed is an important goal for Government. These changes are a key strategy to cut the red tape and bureaucracy that hinder the growth of businesses,” notes Minister Hew. “We have been listening to the concerns of businesses, and we are working to create a more business friendly environment with tangible benefits, that will allow entrepreneurs to flourish.”

Efforts are also underway to facilitate online submissions of applications and renewals, as part of a wider e-Government initiative which is expected to launch mid-year. The Ministry will also conduct a comprehensive review of the Law later this year.

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