s.2Interpretation
2
Section 2Part 1 — PRELIMINARY

Interpretation

←→ Navigate  ·  Click subsection badges to collapse  ·  Press ? for help

In this Act —
"agricultural product" includes any animal or vegetable product of agriculture or husbandry but excludes animals retailed as pets;
"Appeals Tribunal" means the tribunal established under section 36;
"Board" means the Trade and Business Licensing Board established under section 4;
"Caymanian" has the meaning assigned to that expression under section 2 of the Immigration (Transition) Act (2022 Revision);
"Caymanian owned and controlled" means, in the case of a company, where no less than sixty percent of —
the voting rights attached to each class of shares in the company is beneficially held by Caymanians; and
the directors of the company are Caymanian,
and that sixty percent of the voting rights and directorships is enjoyed by Caymanians, to the exclusion of any other person, and cannot by means of any arrangement, artifice or device be exercised either directly or indirectly by persons who are not Caymanian;
"Chairperson" means the person appointed under section 9(a)(i) as Chairperson of the Board;
"Clerk of Court" has the meaning assigned to that expression in section 2 of the Grand Court Act (2026 Revision);
"company" means —
a company registered under the Companies Act (2026 Revision), including an exempted company;
a limited liability company;
a non-resident company; and
a company, body corporate or corporate entity incorporated under the laws of a jurisdiction outside the Islands;
"competent authority" has the meaning given in section 2(1) of the Proceeds of Crime Act (2025 Revision);
"Department" means the department of Government known as the Department of Commerce and Investment;
"Director of Planning" means the person appointed as such under section 4 of the Development and Planning Act (2021 Revision);
"DNFBP" has the meaning given in section 2(1) of the Anti-Money Laundering Regulations (2025 Revision);
"economic resources" means assets of every kind, whether tangible or intangible, movable or immovable, which are not funds but can be used to obtain funds, goods or services;
"exempted company" means an exempted company registered under section 164 of the Companies Act (2026 Revision);
"financing" means the provision of funds or economic resources;
"function" includes duty, power and role;
"funds" means financial assets and benefits of every kind, including —
cash, cheques, claims on money, drafts, money orders and other payment instruments;
deposits with relevant institutions or other persons, balances on accounts, debts and debt obligations;
publicly and privately traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivative products;
interest, dividends and other income on or value accruing from or generated by assets;
credit, rights of set-off, guarantees, performance bonds and other financial commitments;
letters of credit, bills of lading and bills of sale;
documents providing evidence of an interest in funds or financial resources; and
any other instrument of export financing;
"licence" means a licence granted under section 21;
"licence fee" means the licence fee referred to in section 18(2)(f) and in Schedule 1;
"licensee" means the holder of a valid licence granted under section 21;
"limited liability company" means a limited liability company registered under the Limited Liability Companies Act (2025 Revision);
"listed entity" means an entity that, under the Securities Investment Business Act (2020 Revision), has securities listed on a recognised securities exchange;
"micro business" means a business that employs less than five persons, not including the owner and has an annual gross revenue of two hundred and fifty thousand dollars or less;
"non-LCC Law company" means a company exempted by the Cabinet under section 4(3) of the Local Companies (Control) Act (2025 Revision);
"non-resident company" has the meaning given in section 2(1) of the Local Companies (Control) Act (2025 Revision);
"premises" includes any place, stall, vehicle or thing from which a business is carried on, irrespective of whether it is fixed or movable or partly fixed or partly movable;
"proliferation financing" means the financing of —
the development or production; or
the facilitation of the development or production,
of nuclear, radiological, biological or chemical weapons or systems for their delivery;
"property development" means carrying out work for any or all of the following activities in relation to land (whether by its owner or by someone else with the owner's consent) with a view to obtaining a reward from selling or leasing the land —
constructing or renovating a building or other structure;
making a material change (within the meaning of that term under the Development and Planning Act (2021 Revision)) to the use of the land or a building or other structure on the land; or
clearing, site works and other activities to prepare for the carrying out of an activity mentioned in paragraph (a) or (b);
"public place" includes —
a road, footpath, footway, court, square, lane, alley, or thoroughfare of a public nature opened to or used by the public as of right;
a place of public recreation;
a beach;
a public building, public park, public garden or public reserve;
a public wharf, pier or jetty; and
such other place to which the public has access;
"renewal fee" means the renewal fee referred to in sections 18(2)(f) and 23 and Schedule 1;
"retailer" includes a person —
who offers products as follows for sale directly to the public in small quantities —
products bought directly from a merchant (including online or by order); or
products that the person imports; or
who manufactures and sells their own products;
"secondhand dealer" means any person, subject to any exemptions provided for in any Law, who by way of the internet or otherwise —
conducts business which consists wholly or partly of buying or acquiring secondhand articles for the purpose of trade, sale or exchange or otherwise dealing in secondhand articles, including scrap metal or jewellery;
conducts business within the Islands and contracts with persons or entities outside of the Islands to purchase or sell any secondhand articles, including scrap metal or jewellery; or
carries on the business of taking goods and chattels in pawn within the meaning of sections 2 and 3 of the Pawnbrokers Act (1998 Revision) and as an adjunct to the pawnbroking business acquires, exchanges and disposes of secondhand articles including scrap metal and jewellery, whether or not the person is licensed as a secondhand dealer under this Act, incorporated under the Companies Act (2026 Revision), licensed as a pawnbroker under the Pawnbrokers Act (1998 Revision) or operates by virtue of any other Law;
"significant interest", in a company, means a holding or interest in the company or in any holding company of the company held or owned by a person, either alone or with any other person and whether legally or equitably, entitling or enabling the person, directly or indirectly —
to control ten percent or more of the company's voting rights at its general meetings; or
to a share of ten percent or more in —
the company's declared and paid dividends; or
distributions of the company's surplus assets;
"small business" means a business that employs up to a maximum of twelve persons, not including the owner, and which has an annual gross revenue of up to seven hundred and fifty thousand dollars;
"Supervisory Authority" has the meaning given in section 2(1) of the Anti-Money Laundering Regulations (2025 Revision);
"trade or business" includes —
a trade or business in a category of trade or business set out in Part B of Schedule 1;
the carrying out of the following, whether online, seasonally, occasionally or otherwise —
a profession, calling, vocation or occupation or trade;
a manufacture, mercantile, wholesale or retail operation; or
any kind of undertaking; and
the carrying out of property development; and
"trade officer" means a public officer in the Department of Commerce and Investment appointed as such.

Defined Terms

agricultural productAppeals TribunalBoardCaymanianCaymanian owned and controlledChairpersonClerk of Courtcompanycompetent authorityDepartmentDirector of PlanningDNFBPeconomic resourcesexempted companyfinancingfunctionfundslicencelicence feelicenseelimited liability companylisted entitymicro businessnon-LCC Law companynon-resident companypremisesproliferation financingproperty developmentpublic placerenewal feeretailersecondhand dealersignificant interestsmall businessSupervisory Authoritytrade or businesstrade officer

Cross References