Payment waivers to stay in place for small enterprise : Cayman Information Service

Fee waivers to remain in place for small business : Cayman News Service


(CNS): The government has announced that the fee exemptions or major discounts for micro and small businesses will not change next year. Owners will continue to pay either no fees or significantly reduced fees for trade and business licences in 2025 as part of the continuation of the Small Business Incentive Programme (SBIP), which began back in 2014. “When we think of how many of our everyday business transactions are done with micro and small businesses, we’re reminded of how important they are,” Commerce Minister André Ebanks said.

“This made extending the SBIP an easy decision for Cabinet because everyone benefits,” he added in a press release from his ministry. Ebanks said that about 8,200 micro and small businesses have taken advantage of the programme to date.

Cabinet approved the Trade and Business Licensing (Amendment of Schedule) (Temporary Reduction of Fees) Regulations, 2023 on 11 December 2023 in order to continue the programme. The estimated…