Cayman Enterprise City
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Cayman Enterprise City is a special economic zone located in the Cayman Islands. It is government initiative[1] that has been outsourced to Cayman Enterprise City, a privately owned development company. To facilitate the development of special economic zones in the Cayman Islands, special economic zones laws were enacted in September 2011 and February 2012.[1] The government established the Special Economic Zone Authority ("SEZA") as the licensing and regulatory body.[2]
Background
The Cayman Islands is an international finance center and popular tourist destination, and Cayman Enterprise City Special Economic Zone was developed to expand and diversify the economy by attracting new knowledge-based industries to the islands. A further objective was to create new technology-focused careers and to transfer knowledge to locals.[3] Cayman Enterprise City has a strategic partnership with the University College of the Cayman Islands.
Benefits
The zone offers a number of benefits to companies located within, including several concessions and special treatment by Government:
- 100% Exempt from corporate tax
- 100% Exempt from income tax
- 100% Exempt from sales tax
- 100% Exempt from capital gains tax
- 3-4 week fast-track set up of operations
- Renewable 5-year work/residency visas granted for staff from any country, within 5 working days
- 100% Exempt from import duties
Progress
Cayman Enterprise City consists of five business parks: the Cayman Internet Park, the Cayman Media Park, the Cayman Commodities & Derivatives Park, the Cayman Science & Technology Park, and the Cayman Maritime Services Park.[4] Since its launch in February 2012, the Cayman Enterprise City Special Economic Zone has attracted over 170 companies to set up a physical office presence within the zone. Companies are currently located in four interim commercial buildings located around George Town, the capital of Grand Cayman, while a new master campus is being developed. The new purpose built campus will be on a 70-acre site.[5] and will encompass approximately 750,000 sq. ft. of Class A commercial office space and a further 250,000 sq. ft. of residential and retail space. Cayman Enterprise City expects to start site clearing and preparation in Q1 of 2016 and start construction in Q3 of 2016.[5]
Citations
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