The Cayman Islands Adds Maritime Services Park to Its Special Economic Zone

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Cayman Enterprise City to combine the seafaring heritage of the Cayman Islands with its future as a 21st century knowledge-based global economic hub

Maritime Park Photo

(L-R) John Aune, Cayman Registry, Hilary McKenzie-Cahill, CEC VP Marketing, Charlie Kirkconnell, CEC CEO, Joel Walton, CEO Cayman Registry, Sherice Arman, CI Women in Shipping, Frank Coles, CMI

Considering Cayman’s rich seafaring heritage, including that of my own family, I am extremely proud to be launching the Cayman Maritime Services Park

Cayman Enterprise City (CEC) announced this week the addition of a Cayman Maritime Services Park to its Special Economic Zone. Through concessions granted by the Cayman Islands government, the zone now aims to also attract businesses in the maritime industry.

CEC’s Cayman Maritime Services Park is a significant addition to the Cayman Islands existing initiatives to establish itself as a global maritime cluster. Given that the Cayman Islands flag is already very well respected globally, the Cayman Maritime Services Park initiative represents an opportunity for Cayman to leverage the quality of its flag, the quality of the jurisdiction generally and the special economic zone concessions to attract global maritime services business to set up a physical presence in Cayman. The Cayman Islands is on the list of top countries for flagging commercial vessels, relying on the United Kingdom for membership in several treaties, reporting requirements and required meeting attendance. Cayman flagged commercial ships and ports observe major international maritime treaties, world-class port regulations, and maintain high standards for crew training, safety and conditions.

Cayman Enterprise City’s government-issued concessions and expertise at providing fast-track business licensing, work/residency visas for employees and office facilities will allow a wide variety of companies within the maritime sector to set up a presence in the zone and take advantage of Cayman’s jurisdictional benefits.

“Considering Cayman’s rich seafaring heritage, including that of my own family, I am extremely proud to be launching the Cayman Maritime Services Park and joining the Registry’s and Authority’s efforts to create a true maritime cluster in these islands which will diversify and positively impact the economy,” commented Charlie Kirkconnell, CEO of Cayman Enterprise City.

“The Cayman Islands have always offered a range of options to the world of shipping. This newest offering of the Cayman Maritime Services Park, adds yet another dimension to the choices available. This option will especially suit those businesses looking for a one stop shop in which they can locate a physical presence in the Cayman Islands in a very efficient and cost effective way, while benefitting from the special concessions provided to participants in Cayman Enterprise City's special economic zone. Our clients are already asking about this new opportunity and we look forward to working with Cayman Enterprise City to ensure its success," said Sherice Arman, Councel at Maples and Calder and Director of WIMPA.

Cayman Enterprise City’s Maritime Services Park will focus on attracting maritime services companies, as well as ship brokers, ship owners, shipping financiers, technology companies and those involved in maritime research and development as well as demurrage calculation and post deal expenses calculation. It will include head-offices and satellite offices of maritime industrial businesses as well as yacht manufacturing and repair businesses from around the world. These businesses include those in freight trading and brokerage, crew salaries and benefits processing, bunker brokerage companies, shipping operations, logistics planning and vessel management, management consulting and other specialized services to the maritime sector.

"The decision to establish an attractive inward investment regime for global maritime services is the culmination of over 20 years of efforts by several individuals in both the public and private sectors, locally and overseas. For the first time, it provides an opportunity to realistically offer Cayman-based ship management, bunkering, crewing and related services in the global maritime space. Most importantly, it provides another feasible reason to establish an on-shore, genuine and substantial link between Cayman-flagged vessels and the entities that own and operate them. As a result, new and diverse local job opportunities will become available," stated Joel Walton, CEO of Cayman Registry.

As a specialized services and knowledge-based special economic zone, the Cayman Maritime Services Park will align perfectly with the other CEC parks, so it is a natural extension to the zone. Cayman Enterprise City has experienced steady growth since it opened for business and 153 companies are now set up and operating in the zone.

About Cayman Enterprise City
Cayman Enterprise City is a Special Economic Zone in the Cayman Islands focused on knowledge-based industries, technology companies and specialized services businesses. With a dedicated Government Authority and guaranteed fast-track processes, International companies can quickly and efficiently establish a genuine physical presence in Cayman. Businesses can take advantage of Cayman’s jurisdictional benefits which include zero corporate tax, zero income tax and zero capital gains tax, along with a raft of special zone concessions and incentives. These concessions were designed to attract international companies from five specific high-tech sectors; internet and technology, media and new-media ventures, biotechnology, commodities and derivatives, and academia.

For more information:
Call: +1-345-945-3722
E-mail: h(dot)cahill(at)caymanenterprisecity(dot)com

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