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ARTICLE · 28 SEPTEMBER 2022

New LCCL Application Requirements Announced

Cayman Islands Government
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Companies seeking to operate locally without 60 percent Caymanian ownership must now submit their advertisements for Caymanian participation to the Department of Commerce and Investment (DCI)...

Cayman IslandsCorporate/Commercial Law
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Companies seeking to operate locally without 60 percent Caymanian ownership must now submit their advertisements for Caymanian participation to the Department of Commerce and Investment (DCI), which is the Secretariat to the Trade and Business Licensing Board, for placement on the DCI website for a period of 14 days.

This new measure has been implemented to augment the existing requirement to advertise the investment opportunity in a local newspaper, and both are a prerequisite following which, the Trade and Business Licensing Board will process an application for a Local Companies Control Licence (LCCL).

The Board has decided to mandate both steps based on Section 11 of the Local Companies (Control) Act (2019) which requires that applicants prove that they have made efforts to obtain Caymanian participation.

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