Cayman business in brief

Checklist clarifies licensing requirements 

The Department of Commerce and Investment has issued a checklist for the new Trade and Business Licensing Law that came into effect on Jan. 1. 

The checklist is designed to help licensees file the correct licensing form and provide the correct documentation. It also provides guidance for anyone who applies for government incentives. 

“It is important the public is aware there are new forms to submit, and additional information required, including health insurance and pension contribution confirmations,” Department of Commerce and Investment 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) Licenses. 

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 enrollment, 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 business licensing system. Among other features, it aims to reduce approval times for licenses, clarify business licensing categories, and improve enforcement powers, according to the DCI. 

For more information, call 945-0943 or email [email protected] 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 

Harneys starts 2016 with three new partners 

Harneys announced the promotions of William Peake, Junko Shiokawa and Jayson Wood, three lawyers who have become partners in the firm as of Jan. 1. 

Chairman of the Executive Committee Peter Tarn said, “Each of these dynamic lawyers has proven their ability and dedication to the firm over a period of time. The expertise shown by William and Jayson has greatly enhanced our global litigation practice, while Junko has propelled our Japan practice into a force to be reckoned with.” 

Mr. Peake has broad litigation and insolvency experience, having worked with Maples and Calder for eight years in the firm’s offices in Cayman Islands, BVI and Ireland. He regularly advises banks and investment vehicles and their liquidators, shareholders and directors in relation to disputes. He is based in Harneys’ London office. 

Ms. Shiokawa joined Harneys’ Hong Kong office in 2014. She began her career as a Japanese qualified lawyer (bengoshi) at Nagashima & Ohno. 

Prior to moving offshore, Ms. Shiokawa was a director of Barclays Capital Japan Limited covering structured finance, and an associate of Sullivan & Cromwell LLP in the firm’s New York and Tokyo offices. 

Mr. Wood joined Harneys’ Cayman Islands office in 2013. He has more than 20 years of experience in corporate and insolvency litigation with particular expertise in hedge fund collapses, shareholder disputes, corporate fraud, receiverships/liquidations, asset preservation and corporate reconstruction. He has worked on many of the largest and most complex liquidations, shareholder disputes and restructurings in Cayman. He recently relocated to Harneys’ Bermuda office. 

Harneys, which operates in 14 locations across the globe, now has 42 partners.