📈 Cayman Islands government raises fees for local companies

The Cayman Islands government has approved an increase in the cost of a local companies control licence and processing fees. This decision comes after an extensive consultation process involving businesses, associations, and government entities. The fees have not been increased for 17 years, according to the Ministry of Financial Services. The decision to increase fees via regulations, rather than in the actual law, means that the Cabinet can adjust fees in the future without requiring parliamentary approval. This change was facilitated by amendments to the Local Companies (Control) Act (2019 Revision) passed by Parliament in February 2024. 💼

The revised fees, published recently, include costs for processing, grants, and renewals of local companies control licences. The additional revenue generated from these fees will be used to cover increased administrative costs for service delivery and to fund government programmes and initiatives. The fees for an ordinary license have been raised from $200 to $500, while some fees, like those for bulk fuel installation businesses, have seen a tenfold increase, from $2,500 to $25,000. Financial Services Minister André Ebanks expressed gratitude to all stakeholders who provided feedback during the consultation process and assured that the feedback would be incorporated into the ministry's commerce framework reform project. Further consultations on commerce reform will be held throughout this year. 💰