Amendments to Immigration Regulations, Local Companies Control and Trade and Business Licence laws have resulted in a number of changes to work permit and company licence fees as of 1 July.
These amendments, which form part of government’s new revenue measures for the 2006/07 financial year, were published in Cayman Islands Gazette No.13 Monday, 26 June.
The Immigration Department will charge increased fees for work permits on Grand Cayman covering managers, chief executive officers, executive secretaries and skilled tradesmen; persons in the tourism and service industries; and workers in the construction industry. These fees have not been changed since 1998, states a press release from GIS.
With the Local Companies (Control) Law, a licence application processing fee of $200 has been added and the annual licence charge that remained unchanged since 1972 will be increased from $200 to $2,500. This charge does not apply to companies that submitted applications before 1 July.
The amendment to the Trade and Business Licence Law changes the fee for accountants from $1,500 to $2,000. It also applies to a range of increased fees for firms employing six or more accountants, and this charge varies in accordance with the number of accountants employed. In the lowest category, the fee for a company employing six to 10 accountants has been increased from $15,000 to $20,000. In the highest category, the fee for a company employing 51 or more accountants is moved from $300,000 to $400,000.
Information on the new fees can be obtained at the Immigration Department’s Elgin Avenue office, or on the website www.immigration.gov.ky