Special Economic Zone

The Cayman Islands Government is facilitating and encouraging further economic growth and attracting additional international investment through the recent enactment of the Special Economic Zone (SEZ) Law.  This Law, which specifically caters for exempted companies and exempted limited partnerships, creates an alternative licensing regime, as well as a number of additional incentives for entities that have already established, or wish to establish, a physical presence in the Islands.

Organisations located within the three Special Economic Zones (Cayman Tech City, Cayman Commodities & Derivatives City and Cayman Maritime & Aviation City) may carry on business in any part of the world, however, business activities conducted in the Cayman Islands are restricted to activities that are in furtherance of offshore business. In other words, they cannot compete in the domestic Cayman Islands market.

The following types of businesses are specifically authorised to operate within the SEZ:

  • Media and Marketing (including digital media, film and broadcasting)
  • Internet and Technology
  • Commodities and Derivatives
  • Biotechnology, Life Sciences and Green Technology
  • Maritime Services and Aviation Services

With an SEZ Enterprise Trade Certificate, a business can, for example, effect and conclude contracts in the Islands, open bank accounts and exercise all of its powers necessary for the carrying on of business overseas.

Although these same activities can be carried out by businesses in the Cayman Islands which do not have an SEZ Enterprise Trade Certificate, a Certificate provides benefits, including exemption or partial exemption from aspects of the Immigration Law, the Trade and Business Licensing Law, Customs Law and other legislation.

In particular, there is no need to advertise job opportunities within the SEZs, special annual work permits are available and arranged by CEC, there are particular benefits arising due to reduced administration and no import duty is payable in respect of a wide range of items (including computer equipment) required by qualified entities established within the SEZs.

Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones focused on attracting knowledge-based and specialised-services businesses. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives City and Cayman Maritime & Aviation City. Their highly anticipated campus will be just over 50 acres and located between South Sound and George Town. Until these facilities become available, there are provisions for existing commercial space to be treated as gateway spaces into the SEZs. Over 225 businesses are already operating within Strathvale House, Britcay House, The Flagship Building and Breezy Castle Building.

Enterprises set up within the SEZs are also exempt (subject to certain conditions) from any liability or obligation to pay any direct or indirect taxes, import or other duties, or fees (including in respect of registration, filing, employment, profits, income, gains, appreciations, transfers, assets, property, real estate, planning consents, gifts, estate duty, stamp duty, inheritance, import, export, or otherwise, with specific exemption from import duty on branded stationery, marketing materials and related paraphernalia of SEZ enterprises that may be, are, or are to be levied by or on behalf of the Government between now and the end of the 2061 calendar year.

One of the attractive features of setting up within the SEZs is the bundling of most, if not all, of the regulatory costs attached to carrying on business in and from the Cayman Islands into a single fee payable to CEC. Another attractive benefit is the speed and ease at which companies can be set up witin their respective zones. Work visas can be granted in 5 days and businesses can be set up and fully operational in 4-6 weeks.

Reasons to Relocate to CEC:
•    100% exempt from corporate, capital gains, sales, income tax and import duties
•    100% foreign ownership permitted
•    Renewable five-year work/residence visas granted within five days
•    4-6 week fast-track set-up of operations
•    Intellectual Property owned offshore
•    No government reporting requirements
•    Strategic base with easy access to lucrative North and Latin American markets
•    On NYC/EST time zone

Eligible Market Sectors
CEC in the Cayman Islands will accept companies and divisions of companies active in these key sectors:
•    Internet & Technology
•    Media & Marketing (including digital, media, film and broadcasting)
•    Commodities & Derivatives
•    Biotechnology, Life Sciences and Green Technology
•    Maritime Services and Aviation Services

Ideal Business Jurisdiction
Cayman is an ideal business jurisdiction as it is sophisticated, stable and strategically located only 1 hour from Miami, 3½ hours from New York and Toronto, as well as having frequent flights to London. It is a safe, English speaking British Overseas Territory with a robust legal system based on English common law and has a very pro-business government.

It is ranked the 6th largest global financial centre and the number one hedge fund jurisdiction. The Cayman Islands is OECD white listed, meets the highest anti-money laundering compliance requirements and offers a pro-business regulatory environment (for further details please visit www.caymanfinance.gov.ky).

Why Companies are Relocating to CEC
Companies are relocating to CEC because of the attractive benefits.  Tax Neutrality: Companies are using CEC as part of their global structuring strategy as it provides them with the opportunity to cost-effectively establish a genuine physical presence offshore which can significantly enhance their competitiveness in the global marketplace and enable them to generate a tax-exempt active business income in the Cayman Islands.

Work/Residency Visas for Staff
CEC enables businesses to immediately re-locate key staff from any country of origin to the Cayman Islands, particularly those that may not be able to get visas for the US or Canada. CEC companies can obtain five-year work/residency visas for personnel within five working days.

Intellectual Property
Intellectual property (IP) can be held by a zone company and licensed internationally from this tax-neutral jurisdiction.

Many CEC companies avail themselves of the benefit of establishing their IP offshore early, as part of their overall business strategy, in order to maximise the value of this key asset for the whole of the company’s life cycle, avoiding costly migration issues later.

Access to Global Markets
Companies are setting up within CEC and utilizing the three zones (Cayman Tech City, Cayman Commodities & Derivatives City and Cayman Maritime & Aviation City) as a catalyst to increase global growth from a tax-neutral location such as the Cayman Islands.

Set Up Process
CEC offers businesses very flexible packages which include fully serviced offices, use of the business centre facilities, the Trade Certificate to operate the business and the Zone Employment Certificates (work/residency visas) for their staff. Set-up can be expedited within 4-6 weeks.

CEC also provides offshore data-centre facilities through their strategic partner Brac Information Centre. For more information email CEC at info@caymanenterprisecity.com, call +1 (345) 945 3722 or visit www.caymanenterprisecity.com.

Channel Partner Firms
See the list at the bottom of this page for channel partner accounting and law firms that work with Cayman Enterprise City – they will be able to assist with all your ‘SEZ’ needs and requests.

Reasons to Relocate to CEC

  • 100% exempt from corporate, capital gains, sales, income tax and import duties
  • 100% foreign ownership permitted
  • Renewable five year work/residence visas granted within five days
  • 4-6 week fast-track set-up of operations
  • Intellectual Property owned offshore
  • No government reporting requirements
  • Strategic base with easy access to lucrative North and Latin American markets
  • On NYC/EST time zone

Eligible Market Sectors

CEC in the Cayman Islands will accept companies and divisions of companies active in these key sectors:

  • Internet & Technology
  • Media & Marketing (including digital, media, film and broadcasting)
  • Commodities & Derivatives
  • Biotechnology, Life Sciences and Green Technology
  • Maritime Services and Aviation Services

Ideal Business Jurisdiction

Cayman is an ideal business jurisdiction as it is sophisticated, stable and strategically located only 1 hour from Miami, 3½ hours from New York and Toronto, as well as having frequent flights to London. It is a safe, English speaking British Overseas Territory with a robust legal system based on English common law and has a very pro-business government.

It is ranked the 6th largest global financial centre and the number one hedge fund jurisdiction. The Cayman Islands is OECD white listed, meets the highest anti-money laundering compliance requirements and offers a pro-business regulatory environment (for further details please visit www.caymanfinance.gov.ky).

Why Companies are Relocating to CEC

Companies are relocating to CEC because of the attractive benefits. Global Tax Mitigation: Companies are using CEC as part of their global structuring strategy as it provides them with the opportunity to cost-effectively establish a genuine physical presence offshore which can significantly enhance their competitiveness in the global marketplace and enable them to generate a tax-exempt active business income in the Cayman Islands.

Work/Residency Visas for Staff

CEC enables businesses to immediately re-locate key staff from any country of origin to the Cayman Islands, particularly those that may not be able to get visas for the US or Canada. CEC companies can obtain five year work/residency visas for personnel within five working days.

Intellectual Property

Intellectual Property can be held by a zone Company and licensed internationally from this tax-neutral jurisdiction.

Many CEC companies avail themselves of the benefit of establishing their IP offshore early, as part of their overall business strategy, in order to maximise the value of this key asset for the whole of the company’s life cycle, avoiding costly migration issues later.

Access to Global Markets

Companies are setting up within CEC and utilizing the zone as a catalyst to increase global growth from a tax-neutral location such as the Cayman Islands.

Set Up Process

CEC in the Cayman Islands offers businesses very flexible packages which include fully serviced offices, use of the business centre facilities, the Trade Certificate to operate the business and the Zone Employment Certificates (work/residency visas) for their staff. Set-up can be expedited within 3-4 weeks.

CEC also provides offshore data-centre facilities through their strategic partner Brac Information Centre. For more information email CEC on info@caymanenterprisecity.com or call +1 (345) 945 3722 or visit www.caymanenterprisecity.com

Channel Partner Firms

Click below to find a list of the channel partner accounting and law firms working with Cayman Enterprise City – they will be able to assist with all your ‘SEZ’ needs and requests.