Informational guides to establishing a business in the Cayman Islands have been launched by the Cayman Islands Investment Bureau.
These ‘Business Roadmaps’ trace the steps that an investor or entrepreneur must take in the process of setting up a business, from the first concept to the licensing of the business.
Executive Director of the Cayman Islands Investment Bureau, Dr. Dax Basdeo and CIIB Investor Services Officer Shannon McKenzie, along with Minister for Tourism Charles Clifford held a press conference at GIS Wednesday to launch the guides.
The first set of guides outlines the process for three central tourism related businesses – tourist accommodations, restaurants and water sports operations.
Further guides will be developed for businesses such as taxi and tour operations and retail establishments, the Minister noted.
Priority was given to licensing and procedures that specifically relate to the tourism sector, said Mr. Clifford.
While he mentioned that these business roadmaps will assist the Go East initiative, they are not specifically for the Go East Initiative.
‘Factors such as the cost of various applications, the time for application processing and the key contact for information relating to specific government agencies are outlined,’ he said.
The CIIB has been developing the guides for over nine months and this has involved consultation with various government agencies as well as the review of several laws, the Minister said.
The impetus for developing these guides was the recognition that many countries around the world have undertaken similar exercises with a view to strengthening investor confidence in their jurisdictions, he said.
‘Further, such an exercise has enabled the reform of government procedures which have led to more straightforward, transparent procedures.
‘This has proven to be a significant factor in encouraging entrepreneurship and economic development.’
The Minister said the roadmaps will also assist government in eliminating any stumbling blocks identified by CIIB in the business licensing process.
As more business roadmaps are developed a more thorough examination of government procedures becomes possible.
‘This analysis will allow government agencies to examine the resources spent on the licensing process by both applicant and by government. Unnecessary administration can then be streamlined.’
Dr. Basdeo said the CIIB has, for the most part, been dealing with foreign investors looking for information, because they have no knowledge of the systems here, but since the Go East Initiative has started there has been a steady increase in local businesses and entrepreneurs coming forward for advice and assistance.
The guides are laid out deliberately simply and concisely so they are easy to follow, said Ms McKenzie.
The roadmaps are available from the CIIB or online at www.investcayman.ky