Cayman Enterprise City

Cayman Enterprise City is an award-winning development project which consists of three special economic zones focused on attracting knowledge-based and specialized-services businesses to set up a physical presence in the Cayman Islands. It is a 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 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 strategic partnerships with the Cayman Islands Government, The National Workforce Development Agency, and the University College of the Cayman Islands.

Benefits

The zones offer 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
  • 4-6 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 three special economic zones: Cayman Tech City, Cayman Commodities & Derivatives City, and Cayman Maritime & Aviation City.Since its launch in February 2012, the Cayman Enterprise City special economic zones have attracted over 250 companies to set up a physical office presence within the three zones.[4] 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.[5] The first phase of the Cayman Enterprise City campus was approved by the Central Planning Authority in April 2018.[6]

Citations

  1. 1 2 "Cayman Enterprise City". www.gov.ky. Retrieved 2016-01-07.
  2. ↑ "Special Economic Zones". www.dci.gov.ky. Retrieved 2016-01-07.
  3. ↑ "Enterprise City, college promote tech education :: Cayman Compass". www.compasscayman.com. Retrieved 2016-01-07.
  4. ↑ Cayman Enterprise City Website Retrieved 31 July 2018 https://www.caymanenterprisecity.com/cec-management
  5. 1 2 "Enterprise City campus gets zoning approval :: Cayman Compass". www.compasscayman.com. Retrieved 2016-01-07.
  6. ↑ www.caymancompass.com Retrieved 31 July 2018 https://www.caymancompass.com/2018/04/19/enterprise-city-campus-first-phase-approved/
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