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...
The Special Economic Zone Law, 2011 facilitated the establishment in the Cayman Islands of a Special Economic Zone (“SEZ”) which has been set up by Cayman Enterprise City Ltd. (“CEC”).
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 Special Economic Zone, 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
- Guaranteed ten day fast-track set up of operations
- Five year work permit granted for employees and their dependents
- A cost effective strategic base of operations
- Easy access to the North and Latin American markets.
The Special Economic Zone consists of five 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 completed, the Government has allowed CEC to take over several existing office buildings in and around the capital, George Town, as CEC Gateway Locations, and these have been designated special economic zone 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 Coworker-Presence package starts from US$18,500 per year including a corporate Trade Certificate and the initial Zone Employment Certificate of five years’ duration. There are multiple options available based on the number of people wishing to enter the Special Economic Zone. 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 fifty 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 assist CEC to prepare its in-principle applications to the Special Economic Zone Authority for clients and once this approval is issued, we incorporate the SEZ company and work with CEC to ensure that the company is registered and licensed to operate in the SEZ.
The Cayman Islands is a great place to live and work and offers the benefits of operating on the EST/NYC time zone. This unprecedented combination of financial incentives, unique concessions and tax benefits are therefore available within an environment which offers the ultimate legislative, geographic and lifestyle making it a unique and appealing proposition.
If you believe your business could qualify for admission into the Special Economic Zone or if you require any further information, please contact Buck Grizzel at Buck.Grizzel@stuartslaw.com