Micro and Small business incentives renewed until August 2016

Government recently renewed incentives for micro and small businesses by reducing trade and business licence fees.

Businesses that employ less than five persons, not including the owner, and have an annual gross revenue of CI$250,000 or less will receive a 100% reduction in their fee as long as they meet the application requirements.

Small businesses that employ up to a maximum of 12 persons, not including the owner, and have an annual gross revenue of up to CI$750,000 will receive a 50% reduction on their trade and business licence fees in West Bay and George Town and 75% if the small business is based in Bodden Town, North Side, East End, Cayman Brac or Little Cayman, as long as they meet the application requirements.

To qualify for the incentives, micro and small business owners must meet the definition, obtain a certificate of good standing from the National Pensions Office and fill out the health insurance information form, pay a CI$75 non-refundable Trade and Business Licensing processing fee and meet all the normal requirements and approvals for a regular Trade and Business License.

The new Trade and Business License will also require new businesses to have a business plan in order to obtain a license. Persons needing assistance can contact www.dci.gov.ky and download a business plan overview template and fill out all of the information required.

Click here for further information about the incentives.