Cayman’s Special Economic Zone Marks Second Anniversary as Growth Continues
Grand Cayman, Cayman Islands (PRWEB) February 26, 2014 -- Cayman Enterprise City (CEC), the Cayman Islands’ Special Economic Zone, is celebrating two years in business and targeting new markets in 2014 to continue growth and expansion. More than 100 companies − startups and mid-sized enterprises seeking international growth – have established a genuine physical presence in the in the zone, and are now conducting business and generating tax-exempt active income in the Cayman Islands.
“We’ve had a good year because people are discovering that CEC is an ideal base for conducting international business,” says CEO Charlie Kirkconnell. “We are especially pleased with the recognition CEC has received, both locally and internationally in connection with our special economic zone project. We continue to enjoy tremendous support from the Cayman Islands Government, the business community and residents.
Cayman Enterprise City recently won the prestigious Caribbean Export Development Agency and the Caribbean Association of Investment Promotion Agencies (CAIPA) Regional Investors of the Year Contest in the Special Award category. The award recognizes an investment project that positively impacts a local economy including the labor market by creating jobs. CEC entered the competition at the invitation of the Government, which recognized early that the establishment of an SEZ focused on knowledge-based industries would promote direct foreign investment, boost Cayman’s economy and create knowledge transfer.
The zone is designed to attract companies in specific industries: Internet and technology, new media, commodities and derivatives, biotechnology, and academia and offers a number of flexible licensing packages – from affordable one-person startups to customized packages for larger enterprises. With a full service corporate relocation service that includes fast-tracking applications, CEC makes it easy for companies to set up a branch or division to take advantage of Cayman’s jurisdictional benefits along with a number of attractive concessions granted by the CI government.
“Cayman Enterprise City is all about helping companies expand into new international markets,” said Kirkconnell, “the zone effectively strips away much of the red tape involved in setting up, and tax neutrality is part of the CEC package.”
Kirkconnell says Cayman Enterprise City is primed for major growth as more and more international companies seek to structure more efficiently and states that CEC is meeting a genuine need. With its business development team of corporate relocation specialists and vast network of international channel partners, CEC has established successful programs marketing to the technology industry in North America and is now targeting markets in Europe and Asia. The majority of the businesses currently in the zone are tech companies, and in 2014 the business development team is additionally focusing on commodities companies, starting with Canada, known for its mining industry.
“CEC makes it easy for companies to grow and become more profitable and competitive in the global market place,” says Kirkconnell. “Our goal for 2014 is to continue to spread the word about the benefits of setting up in the Cayman Islands, a robust and business-friendly tax-neutral jurisdiction.”
The CEO is confident that Cayman Enterprise City is set for a very successful year as the zone continues to expand. Kirkconnell expects to break ground on a new campus in 2014 and until that is ready for occupancy clients will continue to be housed in a number of zone-designated Class A buildings in and around the capital George Town.
“Client satisfaction is high, with many already starting to expand their footprint within the zone. These companies simply wouldn’t have come to Cayman without the zone. Jobs have been created and multiplier effect of a growing population is already significantly impacting Cayman’s local economy. In 2014 our goal is to attract another 120-150 businesses and build a vibrant, creative community here in the Cayman Islands,” he said.
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 or visit http://www.caymanenterprisecity.com.
Adela Gonzales White, Isla Media LLC, http://www.redsailcayman.com, +1 (941) 350-8735, [email protected]
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