DCI steps up oversight of local expat businesses

| 07/09/2016 | 1 Comment

(CNS Business): The Department of Commerce and Investment has introduced tighter controls to “better uphold” the legislation that governs the regime surrounding Local Companies (Control) Licences. Companies that are created with international and Caymanian partners remain a controversial area for government as allegations of fronting persist. From 1 September, Caymanians who participate in potential business endeavours with foreign investors must state their interest, in writing, to both the investors and the Trade and Business Licensing Board.

Department officials said that when applications for LCCLs are submitted to the board, the foreign investors involved must include copies of the two local newspaper advertisements published in accordance with section 11 (4) (e) of the law, that demonstrated how they had solicited Caymanian participation.

Letters from Caymanians are to be addressed to the Trade and Business Licensing Board, c/o the Department of Commerce and Investment, Government Administration Building, 133 Elgin Avenue Suite 126, Grand Cayman, Cayman Islands.

For more information, visit the DCI website or email info@dci.gov.ky.

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Category: Local Business

Comments (1)

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  1. Veritas says:

    This will do absolutely nothing to prevent fronting, all it will do is produce more civil servants to process the paperwork.

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