Government moves to restrict licences for foreign-owned businesses
The Cayman Islands Government has published legislation that would give Cabinet the authority to suspend the issuance of licences to foreign-owned businesses in sectors where it determines such action is in the public interest. The Local Companies (Control) (Amendment) Bill, 2026, is scheduled to be debated in Parliament later this month and forms part of […] The post Government moves to restrict licences for foreign-owned businesses appeared first on nationnews.com.
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The Cayman Islands Government has published legislation that would give Cabinet the authority to suspend the issuance of licences to foreign-owned businesses in sectors where it determines such action is in the public interest.
The Local Companies (Control) (Amendment) Bill, 2026, is scheduled to be debated in Parliament later this month and forms part of the government’s efforts to create greater opportunities for Caymanian entrepreneurs.
Under the proposed law, Cabinet would be empowered to impose a moratorium on the granting of Local Companies Control Licences (LCCLs), either broadly or within specific industries. LCCLs are required for businesses operating in the Cayman Islands that are owned or controlled by non-Caymanians.
Premier André Ebanks first announced the planned changes in Parliament in April, arguing that the amendments would provide the government with greater flexibility to respond to changing economic conditions while supporting broader business sector reforms.
The government has indicated that particular attention is being given to the real estate and property development sector, where a significant number of LCCLs are concentrated. Although such licences account for only a small percentage of Cayman’s licensed businesses, officials believe greater participation by Caymanians is needed in industries traditionally dominated by expatriate-owned enterprises.
The proposal stems from a private member’s motion previously brought by legislator McKeeva Bush, which called for a freeze on the issuance of LCCLs within the property sector. However, the government has opted for broader legislation that would allow restrictions to be applied to other categories of trade and business if deemed necessary.
Speaking in Parliament earlier this year, Ebanks said the original legislation, enacted in the 1970s, was designed to support economic development at a time when the country’s small population lacked the capacity to provide many essential services independently.
He argued that the Cayman Islands has since developed a highly skilled and experienced workforce and that the legislation should now be updated to reflect the country’s evolving economic realities. (CMC)
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