The Ministry of Financial Services is hosting a public meeting Thursday night to explain the requirements of the new Trade and Business Law.
The legislation went into effect at the beginning of the year with new requirements for employers to document that they are following the labor and employment laws, and new sanctions for those that break the rules.
Representatives from the National Health Insurance Commission, the Department of Labour and Pensions, the Chamber of Commerce and the Cayman Islands Small Business Association will be on hand to help people understand the new rules.
Among the biggest changes for businesses include new requirements to document health insurance and pensions for each employee.
In a statement released as the new law came into effect, Financial Services Minister Wayne Panton said, “It’s more business friendly, and it also provides the regulatory platform that gives both consumers and business owners more confidence in our licensing framework.”
“The overall intention is to create a culture of business licensing compliance in the Cayman Islands,” he added.
The Legislative Assembly passed the law in December 2014. Department of Commerce and Investment director Ryan Rajkumarsingh said in an earlier statement that the department has been developing the systems needed so his department can enforce the new law.
With the new rules, businesses will have to apply for a renewal license between three months and four weeks before the current license expires.
Companies that do not renew in a timely fashion will have to pay a fine for the late filing. That filing will now have to include documentation to show the companies are providing employees with health insurance and pensions.
DCI’s trade officers have more power to enforce the new law now, with the ability to ticket and fine business owners for not following the updated rules.
The meeting will be held at 7 p.m., Thursday, March 31, at the town hall in George Town.