The Cayman Islands’ Special Economic Zone Cayman Enterprise City (“ CEC ”), helps certain businesses set up physical operations in the Cayman Islands. The CEC recently partnered with the Cayman Islands Government to open the Cayman Maritime...
Stuarts offers Special Economic Zone company incorporation and related services along with registered office services to SEZ companies via our sister entity, Stuarts Corporate Services Ltd.
CEC provides a business licensing model that removes much of the time-consuming bureaucracy and financial constraints associated with establishing a physical business presence in the Cayman Islands. By establishing a presence within the SEZ, businesses will benefit from the following unique concessions granted by the Cayman Islands Government:
- 100% exemption from income tax until the year 2061
- 100% exemption from corporate tax until the year 2061
- 100% exemption from capital gains tax until the year 2061
- 100% foreign ownership permitted
- 100% exemption from import duties
- Ten day fast-track set up of operations
- Five year work permits granted for employees and their dependents
- A cost effective strategic base of operations
- Easy access to the North and Latin American markets.
The SEZ consists of seven main parks:
- Cayman Internet Park
- Cayman Media Park
- Cayman Science & Technology Park
- Cayman Commodities & Derivatives Park
- Cayman Maritime Services Park
To meet the demands of clients whilst its main campus development is being constructed, the Government has allowed CEC to take over several existing office buildings in and around the capital of Grand Cayman, George Town, as CEC Gateway Locations, and these have been designated SEZ spaces.
CEC offers a choice between fully serviced office facilities with shared reception, resource centre, meeting and executive board room facilities along with custom spaces on a per square-foot basis. Their entry level package starts from approximately US$15,000 per year including a corporate Trade Certificate and the initial SEZ Employment Certificate for an employee of five years’ duration. There are multiple options available based on the number of people wishing to enter the SEZ. Options are very flexible and can be tailored to meet specific needs and every package is fully upgradeable. All benefits are guaranteed for the next forty years.
We have developed a strong working relationship with CEC in order to offer our clients seamless services and to avoid any duplication of effort. We work with CEC to incorporate SEZ companies and assist in the preparation of applications to the SEZ Authority to ensure that our clients’ SEZ companies are registered and licensed to operate in the SEZ in the shortest time possible.
The Cayman Islands is a great place to live and work and offers the benefits of operating on the EST/NYC time zone. The beforementioned unprecedented combination of financial incentives, unique concessions and tax benefits are available to SEZ companies within a businmess environment which offers the ultimate legislative, geographic and lifestyle making it a unique and appealing option.