Chamber as Advocate: Regulatory Efficiencies

Good regulations provide an essential framework allowing businesses confidently invest, innovate, and perform transactions with a minimum of risk. On the other hand, unclear or cumbersome rules lead to added risk and transactional cost. They slow down business, and stifle economic growth and investment, making their jurisdiction an unattractive place to settle.

The Chamber believes that Getting the balance right is essential.  That means rules that make sense, and make transactions easier, more secure and more certain, without being over complex and top-heavy. The Chamber works with government, A its members, as well as other business groups, to foster a dynamic, vibrant and innovative economy that creates new opportunities. When rules are outdated or overreaching the chamber seeks to improve them or change them.

Difficult reporting requirements or slow processes make it particularly hard for small and micro businesses that do not have large administrative resources, adding time and cost, and the Chamber’s advocacy efforts focus not only on fair rules, but efficient processes and timely decisions which don’t hold business operations up.

Advocacy begins with Chamber members who are able to share their concerns through surveys, focus groups, meetings, and via online feedback mechanisms. Once identified the issues are discussed by the Chamber Council, who determines what action should be taken. As the process reaches its conclusion, the  Chamber can let government agencies know if it feels a rule is outdated, or is not working as it should and is hindering, rather than helping the business environment. Speaking up for businesses, especially small and micro businesses who otherwise don’t have a voice is very important, because it is these businesses which have traditionally been the life of Cayman’s economy.

But it isn’t just the rules and laws which have to be right. Businesses need to interact with Government agencies regularly to get important work done, such as Trade & Business Licenses, work permits, planning permissions or other reporting duties. So it is vital for processes to be as streamlined, so that these interactions don’t hold businesses up. That’s why the Chamber advocates for regulation with predictable timelines, so that businesses can continue to thrive in an increasingly global marketplace, leading to a vibrant and healthy local economy and community.

The Chamber seeks to work with Government in establishing performance benchmarks for timely responses especially in regard to work permits and planning processes, as well as for fair, efficient and timely review processes. Processes can be greatly speeded up when they are transacted online, and the Chamber wishes to encourage the transition to online E-government services which will both ensure privacy while improving efficiency.   

In all of these things, the Chamber as Advocate always seeks to strike the right balance. It does not side with any political party or partisan politics, but brings many decades’ valuable experience of Cayman’s unique business environment to meet the challenges of ensuring that Cayman’s economy stays not only vibrant and healthy, but sustainable.