George Town, Cayman Islands (PRWEB UK) 27 March 2012
Cayman Enterprise City (CEC), the first technology-based Special Economic Zone of its kind in the Caribbean region, is now open for business and welcoming its first clients within its five industry sectors.
CEC offers a wide variety of benefits to businesses trading in the Americas or globally, from tax-repatriation, a 10-day streamlined setup, exemption from import duties and guaranteed protection of intellectual property. Companies trading within the zone and geared to benefit from the gains of trading from a tax-neutral zone are anticipated to be able to reduce their operational costs by up to half.
CEC is composed of five distinct business sector clusters covering Internet, Biotechnology, Media, Academia, Commodities and Outsourcing. On completion of the special economic zone, these sector clusters will occupy purpose built low-rise campuses on Grand Cayman, providing state-of-the-art facilities and supported by a modified UK based common-law regime that provides essential intellectual property protection required hi-tech investment that the zone is designed to serve.
Companies entering the zone now are able to take advantage of dedicated ‘Grade A’ listed offices on Grand Cayman and avail all of the benefits associated with the SEZ. The ground-breaking for the main campus is due to take place in the coming months and the project will be built in 3 phases with the first phase anticipated to be complete within 2 years.
The Media Zone is structured for traditional media, publishing, music and film companies and designed for a range of companies, from global media giants to creative start-up ventures. Once complete the Media Zone will include a boutique sound stage and studio alongside production facilities designed for film, TV and other content, offering advanced infrastructure and a support environment for media-related businesses to operate globally.