It is no secret that the Cayman Islands is a popular international financial centre. Cayman Enterprise City was developed to expand and diversify the Cayman Islands economy by attracting new specialized industries to the country.
History of Cayman Enterprise City
Cayman Enterprise City consists of three special economic zones in the Cayman Islands. These zones are aimed at attracting businesses providing specialized knowledge and services by providing them a method of setting up a physical presence in the Cayman Islands. In exchange for moving their business to a special economic zone, the business-friendly government grants many concessions for businesses.
Why was the Cayman tech city created in the Cayman Islands?
Originally a government initiative, the project has been outsourced to the privately owned development company, Cayman Enterprise City, which recently celebrated a decade of operation. Cayman Enterprise city has a vibrant community of over 250 businesses which many have grown into successful international companies.
To develop these special economic zones, laws were enacted in 2011 and 2012 and a licensing and regulatory body was established, known as the Special Economic Zone Authority, or SEZA. Cayman Enterprise City also has strategic partnerships with the Cayman Islands government, National Workforce Development Agency, and University College of the Cayman Islands.
Cayman Tech City was a huge financial success for the country – and the businesses!
In the first decade of operation, the special economic zone’s impact on the economy stood at US$ 500 million (according to an economic impact report), highlighting its success. The project has stimulated and diversified the economic base of the Cayman Islands by inviting companies with focus on emerging industries such as the technology sector to be based in the country. In fact, over 250 companies have already participated in the program. While this has provided jobs and skills to the local workforce, the employment of expats has stimulated the economy through increased spending.
Three Unique Special Economic Zones
Cayman Enterprise City is built up of three special economic zones, including Cayman Tech City, Commodities & Derivatives City, and Maritime & Aviation City. Currently, companies are temporarily located in commercial buildings in George Town. However, a new campus is being developed to provide a physical location for these companies to establish themselves. This campus comprises five business parks for businesses focused on Internet & Technology, Media & Marketing, Commodities & Derivatives, Academia & Training, and Biotech.
These zones provide various benefits to those choosing to establish their company within the region. This includes complete exemption from corporate tax, income tax, sales tax, capital gains tax, and import duties. It also allows for renewable, five-year work and residency visas for employees in just five days.
Requirements to Establish a Company in Cayman Special Economic Zone
The business that you wish to establish must fall into one of the following categories:
– science and technology
-commodities and derivatives
– maritime and aviation
It is important to seek proper legal advice to ensure that your intended business purpose can be carried out as part of the Cayman Special Economic Zone. The best way to do so is to consult a specialized attorney!
Cayman Tech City Benefits
– Regulated free zones (globally recognized)
– 100% business ownership
– Ability to live in Cayman (five year renewable work visas granted within 5 days)
– Tax neutral jurisdiction
– office space opportunities (establish a genuine physical presence in Cayman)
– networking opportunities (innovative global business community)
– Ability to protect offshore intellectual property
– 4-6 week fast-track set up
– strategically located in North America (a quick flight to Miami and other international destinations)
– Quality support (leading service providers)
– Reliable IT structure
– Cayman Tech Hub
How to set up in the Cayman Special Economic Zone?
The onboarding process is extremely streamlined. Cayman Enterprise City removes the red tape associated with the application and start-up process. First, you must incorporate your company in the Cayman Islands, and complete an application for special economic zone status to the Special Economic Zone Authority. Once details of your business are confirmed, a CEC license agreement must be approved. Next, you must apply for a Zone Trade Certificate, and Zone Employment Certificates to operate your business, which typically takes 4-6 weeks. Once approved, you can join the Cayman Enterprise City community and start business right away!
With the right professional help, you can start your business in Cayman Tech City in less than 2 months
What are the advantages of setting up your business in Tech City Cayman?
The Cayman Islands is the perfect place to set up your business, as it gives you access to world-class infrastructure, tax neutrality, and high quality of life. It represents the perfect blend of modern entrepreneurship in an island paradise.
Cayman Enterprise City is a program unique to the Caribbean, providing access to a one-of-a-kind business community. The program welcomes businesses of all sizes, whether they are start-ups or established international companies. Complete foreign ownership is allowed.
This program provides renowned technology and IT infrastructure rivaling business capitals across the world to ensure that your business can run with a resilient digital presence. This allows for access to cross-marketing and opportunity for rapid growth.
There are many innovative companies that are established in Cayman Special Economic Zone which include Algorand, Real Vision, Chainlink, amongst other major blockchain businesses. These companies have attracted growing membership to the Cayman blockchain community. More blockchain development is anticipated in the Cayman Islands. Raoul Paul, CEO of Real Vision often discusses the benefits of being established in Cayman Enterprise City. He cites high quality infrastructure, tax neutrality, ability to protect IP, and maximum business freedom with no regulatory burdens as some of the highlights of being established in SEZ.
Tech City Cayman Islands
Charlie Kirkconnell is Cayman Enterprise City’s chief executive officer and he is often mentioned in the Cayman Compass highlighting the benefits of the award-winning Cayman Enterprise City, and the impact it has had on the local and international community.
Cayman can be an ideal business jurisdiction . As described, there are many advantages to incorporating your company in the Cayman Islands. Cayman Enterprise City has created a unique program, making the decision even easier by carving out a clear pathway to making this strategic business move. Establishing a company through the Cayman Special Economic Zone is a gateway for you and your dependents and employees to have access to living in the Cayman Islands. Cayman Islands has one of the top lifestyles in the Caribbean, with many innovative entrepreneurs and professionals living and working in the country.
Interested in setting up a business in Cayman Tech City?
There are many advantages to setting up your business in the Cayman Islands through Cayman Enterprise City’s program: however, it is important to assess your situation with due diligence and to seek out professional assistance. JH Marlin Attorney at Law specializes in immigration and commercial matters in many countries, and has in-depth knowledge of the Cayman Islands, its structures and policies.