McKeeva Bush Seeks Caymanian Business Ownership Increase

By Stuart Wilson

A Private Members Motions moved by West Bay West Member of Parliament, the Honourable  McKeeva Bush, and seconded by Bodden Town West Member of Parliament, the Honourable Chris Saunders seeks to increase Caymanian ownership of businesses.

Private Members Motion No. 12/2023-2024 states:

“Whereas the Cayman Islands Constitution Order 2009 affirms the Cayman Islands as a country that a manages growth and maintains prosperity, while protecting its social and natural environment 

And whereas the Section 16 (4) of the Cayman Islands Constitution Order 2009 recognises that preference may be given to Caymanians with regards to ownership of businesses;

And whereas the Trade and Business Licensing Act recognises that Caymanians should own and control non less than 60% of a local business;

And whereas the number of Local Control Licenses issued is more than 200;

And whereas our Islands continue to develop at a fast rate;

And whereas business opportunity continues to grow as the population has increase;

And whereas Caymanians are feeling left out due to the many foreign nationals being involved in certain businesses;

BE IT RESOLVED that Government takes immediate steps to amend the Trade and Business Act to increase the percentage ownership by Caymanians rom 60% to 100% for the following business activities:

1. Real Estate sale and property management companies

2. Construction businesses up to KYD $1.5 Million

3. Car Rentals

4. Water-sports operations

5. Light technology up to KYD $2.5 Million

BE IT FURTHER RESOLVED that Government places a moratorium on the issuance of Local Companies Control Licenses.

BE IT FURTHER RESOLVED that Government immediately takes the necessary steps to ensure that properties in Cayman are only purchased and set aside for Caymanians only, by the following means:

1. That foreign developers building apartments, hotels and such developments pay to the Government a 5% fee off the top of the value of said developments;

2. That such funds be set aside by the Government to purchase properties that are earmarked to be purchased by Caymanians only;

3. That when such properties are purchased by Caymanians it cannot be used for “land banking” and can only be sold another Caymanian; and

4. That the maximum amount of lot that can be bought by any Caymanian through the above means by two lots.

BE IT FURTHER RESOLVED that Government takes the necessary steps to ensure that the Cayman Islands Development Bank is given the necessary resources to assist qualified Caymanian businesses and qualified Caymanian entrepreneurs with the necessary funding to engage in business activities that are owned 100% by Caymanians.”