Cayman Enterprise City
Cayman Enterprise City set to create 10,000 jobs and $500m in revenue
The Special Economic Zone planned for Grand Cayman, Cayman Enterprise City, is set to create 10,000 jobs, around $500m in revenue and will contribute as much as 15% of the country’s GDP as a whole. Representing some of the most ambitious plans that the Cayman Islands have witnessed to date, Cayman Enterprise City (CEC) will, according to developers, “represent the largest Technology, Communications and Commerce cluster in the region and will host dynamic growing enterprises as well as giant global brands”.
Cayman Enterprise City is a world-class enterprise project which boasts unrivalled benefits, including zero income tax, corporation tax and capital gains tax; 100% repatriation of profits; no restrictions on foreign ownership or currencies; and efficient registration and licensing. Made up of 5 distinct campuses, companies can easily and swiftly establish themselves in Cayman Commodities Park, Cayman Internet Park, Cayman Biotech Park, Cayman Media Park or Cayman International Academic Park. CEC will share the same time zone as New York and will provide a gateway to North America for every business working within the Special Economic Zone.
The premier of the Cayman Islands has recently announced plans of potential tie-ups between the CEC and Dubai, a country which has witnessed first-hand the extensive benefits of having a number of free trade specialist zones. Premier McKeeva Bush is keen to learn from the successes of Dubai’s specialist zones and apply them to the Cayman’s own technical, science and commerce zone. McKeeva Bush believes that “As one of the world’s leading financial centres, the Cayman Islands seeks to partner with the best”.
The benefits of Cayman Enterprise City for the Cayman Islands are impressive. Requiring no government funding and having a low environmental impact, CEC will create a wealth of new careers and opportunities on the islands; will enable knowledge transfer from Fortune 500 companies; will attract international investment; will diversify the country’s economy; and will promote national growth. For the Cayman Islands – and for investors in those Islands – the Cayman Enterprise City spells success.
