(CNS): The Cayman Islands Government has published the Local Companies (Control) (Amendment) Bill, 2026, which heralds in a new regime for how it will manage the grant of licences for companies that are trading in Cayman but owned by non-Caymanians. The proposed legislation empowers Cabinet to impose a moratorium on the grant of licences, generally or for a specific kind of business, when it is in the public interest to do so.
Premier André Ebanks had announced plans for the change in parliament in April, and the bill is set to be debated later this month.
Members of the public can still comment on the bill and lobby their MPs about the change, which is intended to give local entrepreneurs the opportunity to start new businesses in areas previously held by expatriates. While LCCLs represent only 2% of Cayman’s licensed businesses, a significant number are in the real estate and property development sector, which the government has said is an area where local people should be participating.
Things have changed since the 1970s, when the law was first passed to help Cayman grow new industries, and LCCLs have made it difficult for small Caymanian-owned development companies and other business operators to compete. The idea to empower the CIG to freeze LCCL applications came from a private member’s motion filed by McKeeva Bush during the UPM administration.
The PMM called on the government to freeze LCCLs in the property sector. However, Ebanks explained that the NCFC has decided to go beyond the initial proposal for a limited moratorium and include a general power to cover other trade and business categories.
Ebanks said the amendments represent a practical and timely step, supporting wider reform and bolstering the government’s ability to respond to evolving economic conditions. “We recognise there was wisdom and vision when this legislation was initially introduced. At the time, there would have been a recognition that we had a very small population which needed various services and businesses for which we were not yet fully equipped to conduct independently,” he told parliament in April.
“But surely our legislative predecessors would have envisioned that, if this beloved country got to a stage where our people have greater capability to conduct numerous trades and businesses, then their legislative successors, i.e. us in this Chamber at present day, would in turn have the vision and the courage to make sensible adjustments to reflect the remarkable reality that Caymanians have gained a wide range of experience and expertise.”
Members of the public can contact the premier, his ministry or their MP to submit any comments, concerns or questions about the bill, which can be read in full here, before parliament opens for the next session on 19 June.
