Grand Cayman, 1 May 2024 – Following extensive consultation with businesses, associations and government entities, the cost of local companies control license and processing fees - unchanged for 17 years - shall be revised via regulations approved by Cabinet.
Published today, the Local Companies (Control) (Fees) Regulations, 2024 contain the revised fees for processing, grants, and renewals of local companies control licences. The additional revenue will help to cover increased administrative costs for service delivery and fund government programmes and initiatives.
To facilitate the Regulations, in February 2024 Parliament passed amendments to the Local Companies (Control) Act (2019 Revision). The amendments are in keeping with the Cayman Islands' modern legislative convention to include fees in regulations rather than in Acts, which allows more efficient adjustments for policy, operational, budgetary or market forces as necessary.
The revised fees are in the table below.
| Description |
Fees (CI) |
|
Processing fee for an application for a licence pursuant to section 10(2) of the Act for all categories of applicants |
$500 |
|
Licence fee pursuant to section 10(2) for all categories of applicants with the exception of accountants and bulk fuel installation businesses. |
$12,500 |
|
Licence fee pursuant to section 10(2) of the Act for accountants |
$5,000 |
|
Licence fees pursuant to section 10(2) for bulk fuel installation businesses |
$25,000 |
|
Annual licence fee pursuant to section 13(1) of the Act for all categories of applicants with the exception of accountants and bulk fuel installation businesses |
$12,500 |
|
Annual licence fee pursuant to section 13(1) of the Act for accountants |
$5,000 |
|
Annual licence fees pursuant to section 13(1) for bulk fuel installation businesses |
$25,000 |
"I thank all stakeholders who took the time to give feedback
during this process," said the Deputy Premier and Minister for
Financial Services and Commerce, the Hon. André Ebanks.
He said the Ministry will also incorporate the feedback into its commerce framework reform project. Now underway, the project is focused on enhancing efficiency and effectiveness and continuing to foster a business enabling environment.. Further consultations on commerce reform will be held throughout this year.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
