The Chamber Council is encouraged to learn that Hon. Joseph ‘Joey’ Hew, Minister of Commerce, Planning and Infrastructure is already taking action to improve regulatory efficiencies for business owners.
Minister Hew informed the Council this week that his Ministry is working on an initiative that will streamline the process of obtaining a Trade and Business License.
Phase One of the initiative comes into effect at the end of this month, and will remove current requirements such as providing cover letters, business plans, strata approval and character references.
Phase Two, which should come into effect at the end of March 2018, will remove the need to provide bank references/utility bills for Caymanians, Department of Environmental Health and Planning approval requirements, the requirement to provide evidence of compliance with pensions and health, and the need to submit corporate documents (as these will be accessed directly from the General Registry system). This phase will require amendments to the Trade and Business Licensing Law 2014.
“It is reassuring that Minister Hew is collaborating and communicating with us so swiftly after the launch of the Chamber’s Advocacy Agenda and Action Plan,” said President Paul Byles.
“These changes will make it easier for Caymanians to start their own business, and in turn will help to boost our economy,” said President Byles. “On behalf of the Council I would like to thank the Honourable Minister for this outstanding initiative. We will collaborate with the Ministry in any way possible to ensure this initiative succeeds, as we are a Chamber for all businesses.”