The new Trade and Business Licensing Law will become effective in Summer, 2015. The new legislation is expected to lead to a more structured business licensing regime by:
• Providing necessary authority for the Department of Commerce and Investment (DCI) and the Trade and Business Licensing Board to function more effectively:
• Offering business comfort and ease of business registration
• Providing clear obligations to the Board, DCI and Enforcement
• Providing a regulatory framework for the Liquor Licensing Law, Film Exhibition Control and Second Hand Dealers
• Curtailing illegal vending
The new law will facilitate improved business registration processing. It provides for businesses to have an application expedited, allowing a license to be processed and issued within a five day period.
Renewal applications will be processed administratively by the DCI. This is expected to result in a faster turnaround time for renewals.
Definitions of small and micro business are now defined in the new law. Micro business is now defined as a business that employs less than five persons, not including the owner and has an annual gross revenue of $250,000 or less. Small business is defined as a business the employs up to a maximum of 12 persons, not including the owner, which has an annual gross revenue of up to $750,000.
The Chamber of Commerce was consulted on these definitions and participated in the review of the Trade and Business Licensing Law. A BE INFORMED session is being scheduled to provide members with information about the new law.
See attached information that was shared by Mr. Ryan Rajkumarsingh, Director of the Department of Commerce and Investment, at the DCI Small Business Expo on 18th April.
T & B Information Overview (April 2015).pdf
T & B Law Presentation (April 2015).pdf