Commerce Minister Joey Hew announced that government has approved regulations that will waive the payment of trade and business licensing application fees from 1 May to 31 July. In addition, late fees from 1 March to 31 July will be waived for all applicants.
The temporary payment waiver for these applications as well as late fees will affect more than 3,000 businesses.
“COVID-19 has caused significant economic dislocation across the globe, with the Cayman Islands being no exception. It is in an effort to arrest this disruption that the government continues to propose a number of relief measures to assist businesses at this time, particularly our micro and small enterprises,” Hew said in a press release.
“As a result of these regulations, those fees which are usually collected by the Department of Commerce and Investment upon application for a trade and business licence are now temporarily waived to reduce the amount of fees incurred by businesses during this time.”
He said government has been in discussions with members of the business community, including the Chamber of Commerce, and other stakeholders to find interventions to lessen the impact of COVID-19 on businesses and the economy.
The Ministry of Commerce, Planning and Infrastructure recently announced relief measures for micro- and small businesses totalling $14.5 million.
The funds will be used for a low-interest loan programme; a technical assistance programme; a training and handholding programme; and a micro- and small business grant programme.
Information on the Trade and Business Licensing (Temporary Reduction in Fee) Regulations, 2020 can be found at www.gov.ky/coronavirus. Members of the public can also visit the Department of Commerce and Investment website, www.dci.gov.ky for trade and business licensing and other information.