Section 11Part 2 — Licensing of companies to carry on business in the Islands
Granting and revocation of licence
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Subject to this Act, the Board may, in its discretion, grant a licence in respect of which application has been made under section 10, but, if the Board is of the opinion that it would not be in the public interest to grant a licence, it may refuse to grant one without giving any reason for so refusing and may, in its discretion, refund the licence fee tendered under section 10(2), or such part thereof as the Board may consider fit.
Sections 37 and 38 of the Trade and Business Licensing Act (2021 Revision) shall, with any necessary adjustments, apply to appeals from decisions of the Board under this Act.
A licence may not be issued for a duration longer than twelve years without the consent of the Cabinet, and may be subject to such terms and conditions as the Board may see fit to specify therein; and the Board, upon the written application of the licensee may, from time to time, extend the scope of such licence.
Subject to any general directions which the Cabinet may, from time to time, give in respect of the consideration of such applications the Board shall, in deciding whether or not to grant a licence, have regard inter alia to the following matters —
the economic situation of the Islands and the due protection of persons already engaged in business in the Islands;
the nature and previous conduct of the company and the persons having an interest in that company whether as directors, shareholders or otherwise;
the advantage or disadvantage which may result from that company carrying on business in the Islands;
the desirability of retaining in the control of Caymanians the economic resources of the Islands;
the efforts made by the company to obtain Caymanian participation;
the number of additional people from outside the Islands who would be required to reside in the Islands were the application to be granted;
whether the company, its directors and employees have and are likely to continue to have the necessary professional, technical and other knowledge to carry on the business proposed by the company;
the finances of the company and the economic feasibility of its plans;
whether the true ownership and control of the company have been satisfactorily established; and
the environmental and social consequences that could result from the carrying on of the business proposed to be carried on by the company.
Notwithstanding subsection (3), the Board may, at any time, revoke a licence —
for a contravention of any condition subject to which the licence is granted;
if in the opinion of the Board the company concerned is carrying on business in a manner detrimental to the public interest;
if the company concerned ceases to carry on business in the Islands;
if the company concerned goes into liquidation or is wound up or otherwise dissolved;
if the company concerned fails to comply with any directive or requirement issued by the Board; or
if the company concerned fails to pay the fee prescribed in section 13.
Before revoking a licence under subsection (5) the Board shall give the company concerned notice in writing of its intention to do so specifying therein the grounds on which it proposes to revoke the licence, and shall afford the company concerned an opportunity of submitting to it a written statement of objections to the revocation of the licence; and thereafter the Board shall advise the company concerned of its decision in the matter and of the company's right of appeal to the Grand Court under section 15 against a decision adverse to it.
The Board shall publish notice of the granting or revocation of a licence in the Gazette.
Cross References
- Section 10 of Local Companies Control Actexternal
section 10
- Section 37 of Trade And Business Licensing Actexternal
Sections 37 and 38 of the Trade and Business Licensing Act (2021 Revision)
- Section 13 of Local Companies Control Actexternal
section 13
- Section 15 of Local Companies Control Actexternal
section 15