Cayman SEZ Home To 100th Firm
by Mike Godfrey, Lowtax.net, Washington
04 March, 2014
Cayman Enterprise City (CEC), a special economic zone in the Cayman Islands, recently registered its 100th company.
CEC was established by the Cayman government to attract international investment businesses engaged in e-commerce, technology, media, commodities and biotechnology. Companies that establish a physical presence in the zone enjoy – among other perks – total exemption from corporate tax, capital gains tax, sales tax, and income tax.
"Cayman Enterprise City is all about helping companies expand into new international markets," said CEO Charlie Kirkconnell, "The zone effectively strips away much of the red tape involved in setting up, and tax neutrality is part of the CEC package."
The special economic zone celebrated two years of business at the end of last month. During those two years it has contributed an estimated KYD15m (USD18.3m) to the domestic economy.
CEC has grown considerably over the last year. According to Kirkconnell, there were just 29 companies at the start of 2013. There are plans afoot to build a new campus with potentially 750,000 to 1,000,000 square feet of Class A office space and business center facilities. Mr Kirkconnell said that the new project will have contributed an estimated KYD300m to the local economy once construction is complete.
"We are building a world-class Special Economic Zone here in the Cayman Islands and offering the best concessions available in a business-friendly environment," Kirkconnell said. "Our doors are open and we encourage international companies to discover the benefits that the Cayman Islands and CEC have to offer."
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