On 28 April the Trade and Business Licence Board announced that Caymanian-owned firms can apply for multi-year trade and business licences that can last up to five years.
To qualify businesses must be “considered as low-risk by the board; be locally owned and operated as defined by section 18 of the Trade and Business Licence Act (2026 Revision); demonstrate a history of compliance with all relevant Acts and Regulations; and have no outstanding fines or breaches related to previous licences,” said a Ministry of Financial Services and Commerce press release.
The move, which comes as increases in trade and business licence fees announced late last year are being implemented, is part of a government strategy to enhance Cayman’s commercial platform. “This has been a planned commitment, as part of wider commerce reforms to come, that will promote business continuity and encourage local entrepreneurship by reducing administrative burdens,” said Premier André Ebanks, who is also the minister for financial services and commerce.
Businesses welcome the news
The initial business reaction was positive. “It is a truly transformational development,” said Eugene Nolan, CEO of Tortuga Rum Company. “For businesses like ours, operating with dozens of licences, multi-year approvals cut needless bureaucracy and paperwork while improving efficiency.
“Longer durations bring certainty for planning and investment – exactly the kind of modernisation that strengthens Cayman’s pro-business credentials and supports compliant, locally owned enterprises. We fully support and embrace this development.”
That view was shared by Cayman Burger King franchise operator, Mark Anthony. “This is a very welcome and practical step forward for the business community. Moving to multi-year licences will significantly reduce the annual administrative burden on businesses, allowing owners to focus more on growth and operations rather than repetitive compliance processes.”
Anthony noted that this wasn’t just good for businesses but should also relieve pressure on the civil service. “It also makes sense from a regulatory standpoint by reducing the volume of annual renewals, the Department of Commerce and Investment can focus its resources more efficiently. The system had become unnecessarily burdensome, so I strongly support this initiative as a smart and timely improvement to Cayman’s business framework. I hope to see more initiatives like this.”
The extension of trade and business licences comes in the wake of a 9 April announcement that the government has approved the establishment of an Advisory Trade Commission and the development of a comprehensive Trade Development Framework for the Cayman Islands. Many entrepreneurs believe that broadening Cayman’s trade networks would reduce costs for local businesses by allowing them to access cheaper imported goods.
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