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You must ensure that your business remains compliant with local laws and regulations. Your legal responsibilities will depend on your business structure.
To stay compliant, you’ll need to meet external and internal business compliance requirements.
Internal requirements
Internal business requirements are for your own record keeping. You should document your compliance with internal requirements closely with company records. You might need them when you decide to sell your business or if a legal action is taken against your business.
External requirements
Most external requirements involve renewing your Trade and Business Licence annually, and in the case of companies, filing Annual Returns.
Requirements by Business Structure
Your requirements will depend on your business structure.
Registered Companies
Registered companies have the strictest requirements. Registered companies should hold initial and annual director and shareholder meetings, record their meeting minutes, adopt and maintain bylaws, issue stock to shareholders, and record any stock transfers. They must, between 1st January and 31st March of each year after the registration of your company:
- Submit an annual return to the Registrar of Companies giving the names and addresses of members, directors, and amounts of paid-up capital.
- Pay the annual fee.
Partnerships
Partnerships are generally advised to maintain an updated operating agreement. They must renew their Trade and Business License on the date of renewal.
Sole Proprietorships
Sole proprietorships must renew their Trade and Business License on the date of renewal. They generally have few, if any internal requirements. However, it’s rarely a bad idea to document important decisions with your business.
Licenses, permits, and recertification
The documents for staying legally compliant vary based on your industry.
Maintain any licenses, permits, or certificates your business. Renewal requirements vary, so it’s best to check with issuing offices.
For example, businesses that sell regulated items like tobacco, or alcohol need to regularly renew their licenses.
Please check with the issuing agency to confirm renewal requirements for your business. Here’s a list of some common departments that small businesses interact with:
- Cayman Islands General Registry
- Department of Commerce and Investment
- Department of Planning
- Department of Environment
- Department of Environmental Health
- Department of Tourism
- Port Authority
- Fire Services
- WORC Workplace Opportunities and Residency Cayman
- Department of Labour & Pensions
- Customs & Border Control
- Public Transportation Unit
- Public Lands Commission
- Health Practice Commission
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