Premier pledges major cut in SME red tape

| 30/10/2017 | 6 Comments

(CNS Business): The premier has committed to cutting the regulations that he said are hindering small businesses. Alden McLaughlin said that “ambitious, entrepreneurial Caymanians need encouragement, not the dead weight of government bureaucracy holding them back”, as he pledged to abolish at least 25% of small business regulations. “We will also introduce a tiered fee structure so that charges will be levied more equitably across business entities based on their size,” he told the Legislative Assembly Friday as he delivered his Budget Policy Statement.

Promising to build on the initiatives of the last administration, during which time he said more than 1,000 new small businesses had started, McLaughlin noted that a thriving small and micro business sector makes a vital contribution to the economy, “ensuring that it remains vibrant, dynamic and robust”. He said the economic growth in SMEs had also renewed investor confidence, leading to “more development, more opportunities and further expansion of large and small businesses alike”.

He said that in the 2018/19 budget government was continuing “the major stimulus policies introduced in the previous administration”. McLaughlin pointed to reduced import duties, lower business licensing fees, development concessions and support to small business.

“Those policies were critical in supporting economic growth in our country at a time when our economy remained fragile. Now, as economic strength is restored, we have resisted any temptation to reverse those policies in order to continue our support for private sector growth,” he added.

The premier said that the government intended to continue working with the Small Business Association and the Chamber of Commerce and would meet with them regularly “…to ensure we are working together to benefit the Caymanian economy and the businesses that drive our success…”

McLaughlin also spoke about ways to help small firms gain access to funding by working with the Cayman Islands Development Bank and other private funding institutions. “Promoting business growth and development is key to Cayman’s prosperity,” the premier stated in his speech.

In his budget address Finance Minister Roy McTaggart said part of the government’s fiscal strategy was to  keep down the cost of doing business and there would be no new fees levied on the business community.


Category: Local Business, Small Business

Comments (6)

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  1. Tax Man says:

    Small business to compete with Dart? Our government is too laughable??

  2. Anonymous says:

    they should start with planning, that place must cost new businesses millions of dollars in holding up their ability to commence business activities. Listen carefully Alden, the department is a disgrace. Give them the tools and personnel to do the job properly and you’ll save small businesses millions.

    • PD says:

      The whole setup is rigged; planning, CPA, statistics, immigration, it goes on and on. The problem when you have so many “public servants” who just are logging in time until they can get to go home. They do not have to worry about being successful as all they have to do is show up at work.
      I hope there is change but feel it is just more hot air being blown around by politicians who want to feather there nest for the next election.

  3. Anonymous says:

    I’m a business owner and have had to complete three long ESO mandatory surveys this year. Any way we can also stop that red tape?

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