(CNS): As part of a raft of changes to trade and business licence applications being introduced to make the process less onerous, government has removed the requirement for small businesses to submit proof of health insurance to qualify for the T&B incentive grant. This was designed to encourage small businesses to provide the mandatory health cover for their employees; it entailed the submission of a simple self-certification form detailing what health and pension plans employees were enrolled in. The updates to the T&B licensing forms, which come into effect on Thursday 1 February, still apparently require proof of a pension plan at this stage.

Commerce Minister Joey Hew said that more changes are coming to the law and regulations over the coming months that he claimed would make life easier for local traders.

The amendments to application requirements, which have been approved by both the Ministry of Commerce and the Trade and Business Licensing Board, will be reflected on the Sole Trader and Registered Companies forms, a release stated.

In addition to removing proof of health insurance for the small and micro business incentive grant, the changes also eliminate the need for owners to fill out a simple one-page business plan.

The board has also agreed to remove the requirements for first time applicants to produce a character reference for foreign workers or partners, strata approval for residential businesses, and replacement of a lease agreement with a letter of intent regarding the location of the proposed business.

“Small businesses are the backbone of the Cayman Island’s economy. Their success contributes to the overall national economic progress,” Hew said. “That is why this government has prioritised reducing regulatory hurdles. We want to make doing business easier for business owners. These changes are one step forward in that effort.”

A new online application system is also being developed by the e-Government unit and the Computer Services Department. Officials said this will launch later this year to streamline and expedite the application process.