With the new Trade and Business Licensing Law coming into effect on Friday, 1 January, persons can refer to this checklist to ensure they are completing the new licensing form, and providing the correct documentation.
The checklist, which was prepared by the Department of Commerce of Investment (DCI), also provides guidance for persons applying for Government incentives.
'With the imminent commencement of the law, it is important the public is aware there are new forms to submit, and additional information required, including health insurance and pension contribution confirmations,' DCI Director Ryan Rajkumarsingh said.
DCI's checklist states the licensing requirements for small and micro businesses, registered companies, sole traders, and persons seeking Local Companies (Control) Licences.
In addition to a business plan, small and micro businesses need to submit health insurance information when applying for the government incentive. For renewal applications, a certificate of compliance indicating pension enrolment, which must be stamped and signed by the pension plan provider, must be submitted along with the health insurance declaration form.
The new requirements for sole trader grant applications are a police clearance and a bank reference letter, along with other documents per the checklist. A registered company will now need to submit due diligence documents for all directors, along with the other necessary details as per the checklist, which must be submitted along with the completed application form.
The new law focuses on creating a level playing field for businesses, and is intended to lead to greater efficiencies in the overall business licensing system. Among other features, it will reduce approval times for licenses, clarify business licensing categories, and improve DCI's enforcement powers.
For more information on the checklist and the new law, persons can call DCI at 945-0943 or email info@dci.gov.ky. A copy of the checklist can be obtained from DCI’s Business Counter on the first floor of the Government Administration Building, or at DCI’s office in Cayman Brac, during regular office hours or by visiting www.dci.gov.ky.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.