CIIB Releases Cayman Investment Guide

by Amanda Banks, Tax-News.com, London

19 September 2006

The Cayman Islands Investment Bureau (CIIB) has launched the first informational guides to establishing a business in the Cayman Islands.

Called "Business Roadmaps", the guides trace the steps that an investor or entrepreneur must take from concept to the licensing of a business operation. The first set of roadmaps examines the process involved in three central tourism-related businesses, including tourist accommodation, restaurants, and water sports operations.

Noting that a transparent, straightforward licensing process is a significant factor in encouraging entrepreneurship, CIIB Executive Director Dr Dax Basdeo stated that: "It is our goal to encourage economic development through facilitating the entrepreneurial process, and these roadmaps help us do just that."

Minister for Tourism, the Hon. Charles Clifford, said that priority was given to licensing and procedures that specifically relate to the tourism sector.

"The business roadmaps allow for scrutiny of the licensing process for various types of business," Clifford observed.

"The underlying analysis will allow government agencies to examine the resources spent on the licensing process by both applicant and by government. Unnecessary administration can then be streamlined," he added.

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