🔄 Cayman Islands to review and modernize local business laws

Commerce Minister André Ebanks has announced plans to review and modernize the Local Companies Control Licensing (LCCL) and Trade and Business Licensing laws in the Cayman Islands. The announcement comes in response to a private member's motion brought to parliament, which Ebanks described as a "golden opportunity" to update the laws for the current economic climate. The motion, supported by MPs McKeeva Bush and Chris Saunders, calls for amendments to the Trade and Business Act, including restrictions on foreign partnerships in certain industries and the introduction of a fee for foreign developers. 📑

Ebanks has acknowledged the need for the government to be innovative and create reforms that are more fitting for the time and place. The motion also calls for the Cayman Islands Development Bank to be given resources to help qualified Caymanian entrepreneurs obtain the necessary funding for business activities that are 100% owned by them. The minister also mentioned that his ministry was working on a crowdfunding platform to pool local investment cash for young Caymanian entrepreneurs or business start-ups. The intent of the motion, according to Bush, is to help Caymanians and ensure that local people are given opportunities and not left behind in the development. 💼

While the government is considering a moratorium on all LCCLs, it wants to retain some flexibility for areas where an LCCL would still be required. The Department of Commerce and Investment has also begun to look more closely at categories of businesses, with a focus on real estate agents, as there are now many Caymanian real estate agents who support the idea of making it a business exclusively for local people. The review of these laws is seen as an innovative and energising exercise that all members could participate in before a broader consultation on changes to the local business licensing regime. 🏦