Government’s recent changes to the Trade and Business Licensing process aims to ease red tape for entrepreneurs.
The Chamber of Commerce sent out a press release earlier in the week lauding the changes and Government Friday (26 January) confirmed changes to regulations.
The changes are to be rolled out in two phases.
Phase one removing requirements for cover letters, business plans, strata approval and character references in the application process. This phase is in effect.
Phase two — announced by the Chamber but not specifically outlined by Government — would include removing the need to provide bank references and utility bills for Caymanians, DEH/Planning approval requirements, evidence of compliance with pensions and health and the need to submit corporate documents.
Government in its release only spoke about more regulations taking place over the next few months.
The Chamber says these changes would need amendments to the law, which they expect would happen by the end of March.