Companies seeking to operate locally without 60% Caymanian ownership must now submit their advertisements for Caymanian participation to the Department of Commerce and Investment for placement on the DCI website for 14 days.
DCI is the secretariat to the Trade and Business Licensing Board.
This new measure has been implemented to augment the existing requirement to advertise the investment opportunity in a local newspaper, according to a Ministry of Financial Services and Commerce press release. Both are a prerequisite for the board to process an application for a Local Companies Control Licence (LCCL).
The board has decided to mandate both steps based on Section 11 of the Local Companies (Control) Act (2019) under which applicants must prove that they have made efforts to obtain Caymanian participation.
“Our objective is to ensure that news of these investment opportunities reaches as wide an audience as possible, and we are committed to exploring various means to achieve this,” said board chair Garth Arch in the press release.
Commerce Minister André Ebanks supports the new measure, according to the release, as it is in keeping with the government’s policy commitment to enable Caymanians to play a more active role in the success of the jurisdiction.
“We encourage potential Caymanian investors, who see these opportunities advertised on the website or in the media, to respond to the companies and to copy their expression of interest to the Board,” Ebanks said.
The link for all adverts seeking Caymanian participation can be found in the licensing section of the DCI website, under local companies control licensing. For more information, email DCI at email@example.com.
Source: Cayman Compass
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