The Trade and Business Licence Board is now offering, for the first time, an increase in the duration of licences for up to five years for Caymanian-owned businesses.
Multi-year licences will be administered by the Department of Commerce and Investment and were scheduled to be implemented on 28 April.
Businesses must be considered as low risk, have no outstanding fines or breaches related to previous licences, and demonstrate a history of compliance with all relevant acts and regulations.
They must also be locally owned and operated as defined by section 18 of the Trade and Business Licence Act (2026 Revision) to be considered.
In a press release, Premier André Ebanks said the introduction of multi-year licences represents an important, innovative step in modernising Cayman’s regulatory framework.
“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,” he said.
“I am delighted for the local business community that this is coming to fruition.”
Business owners and operators are reminded that renewals must be submitted 90 days before the expiration of their current licence.
Incomplete renewal applications on time can result in penalties or revocation, and annual returns and all other relevant documents must be submitted by 31 January each year.
“This initiative is designed to provide greater certainty for long-term business planning and enhance operational efficiency for Caymanian-owned businesses,” the premier said.
“By streamlining the licensing process, the government reaffirms its commitment to supporting local businesses and fostering a stable, coordinated, efficient business licence framework for compliant Caymanian-owned businesses.”
Those interested may apply for a new trade and business licence or renew licences here.
Applications can also be made or renewed at the Department of Commerce and Investment counter on the first floor of the Government Administration Building.
Micro and small business owners applying for Trade and Business Licences can submit applications for discounts associated with the Small Business Incentive Programme at the same time.
