Fee Reductions Continued For Micro, Small Businesses

Grand Cayman, 13 December 2023 – Owners and operators of micro and small businesses will continue to pay either no fees, or significantly reduced fees, for trade and business licenses from 1 January 2024 to 31 December 2025, following an extension of the Small Business Incentive Programme (SBIP).

"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," said the Minister for Financial Services and Commerce, the Hon. André Ebanks. "This made extending the SBIP an easy decision for Cabinet, because everyone benefits."

To continue the SBIP, Cabinet approved the Trade and Business Licensing (Amendment of Schedule) (Temporary Reduction of Fees) Regulations, 2023 on 11 December 2023.