Through the concessions it offers, the Zone strips away much of the red tape and excessive cost traditionally associated with setting up offshore.
George Town, Grand Cayman, Cayman Islands (PRWEB) March 28, 2013
Cayman Enterprise City (CEC) the Special Economic Zone in the Cayman Islands designed to attract companies from the knowledge-based sectors of Internet and technology, new media, commodities and derivatives and biotechnology, is marking its first anniversary. After a slow start in February 2012, the Zone gained traction and leaders say Cayman Enterprise City is primed for major growth and development this year, as more and more companies seek to expand their operations overseas from a tax-neutral jurisdiction.
“We had a slow start, but we feel like we had a very good year,” said Chief Executive Officer Charles Kirkconnell who is proud of the major strides made by CEC in its first year of operation. He says success can be measured in square feet. “We are outgrowing the buildings that have been designated for the Zone whilst the permanent campus is built, so we consider this a major step forward.”
Fifty-four companies have moved into Cayman Enterprise City or have signed up and are in the licensing process. Employees are now sharing workspace, networking and creating a growing technology hub. Another 152 companies, mostly from the U.S. and Canada, are currently in the sales pipeline and looking to make the move to Cayman.
“This is what Cayman Enterprise City is all about − helping companies set up a genuine physical presence offshore so they expand to open up new international markets,” said Kirkconnell. “Through the concessions it offers, the Zone strips away much of the red tape and excessive cost traditionally associated with setting up offshore, thus enabling companies to set up quickly and cost-effectively. Tax neutrality is part of the CEC package.”
The Cayman Islands’ tax-neutral and appropriately regulated environment, plus CEC’s concessions are attracting North American and international companies and startups that want to go global. The benefits of establishing a presence in Cayman Enterprise City include a tax-neutral environment, a 10-day streamlined setup, exemption from import duties, and the ability to have intellectual property held offshore. By being able to set up a real physical operation, the zone enables companies to demonstrate real ‘substance over form’.
Cayman Enterprise City’s CEO is confident the Special Economic Zone is set for a very successful 2013 since they expect to break ground on a new campus and also announce several high profile brand clients.
“We will continue to attract businesses and meet the goals that we have set for ourselves,” he said, adding that they will secure more interim zone buildings as needed until the campus is completed. “CEC has set a target to add 100 companies to the Zone by the end of the year and to continue to build a vibrant, creative community.”
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 its own dedicated Government Authority and guaranteed fast-track processes, International companies can quickly and efficiently establish a genuine physical presence in Cayman which demonstrates substance over form. This enables businesses 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 or visit http://www.caymanenterprisecity.com.