About CEC
Cayman Enterprise City (CEC) is a Special Economic Zone located in the tax-free Cayman Islands. It was created in 2011 to stimulate economic growth, encourage direct foreign investment and diversify the economy of the Cayman Islands. It is made up of various parks—the Internet Park, the Media Park, the Commodities & Derivatives Park, the Science & Technology Park and the Maritime Services Park. Since 2011, over 170 companies have set up within CEC, with some 60% relocating from North America. CEC Internet Park is the largest, with almost half of all clients
Cayman Enterprise City has been granted several globally-competitive concessions for businesses that establish a physical presence in Cayman Enterprise City. These include fast-track business licencing, fast-track visa processing and a free corporate relocation service. The Zone eliminates the red-tape, excessive costs and uncertainty normally experienced when trying to set up a physical presence offshore. And, if you are eventually structuring your company for an industry sale or exit, Cayman also enjoys 100% exemption from capital gains tax.
Conveniently located in the East Coast time zone, with safe and secure first-world infrastructure and transportation links, and easy access to an unparalleled tropical lifestyle, CEC attracts businesses of all sizes and verticals from global industries including: internet and technology, commodities and derivatives, media and marketing, biotechnology and life sciences, and maritime services.
THE PARKS
With the recent addition of Cayman Maritime Services Park, Cayman Enterprise City now comprises five parks, namely: Cayman Internet Park, Cayman Science & Technology Park, Cayman Media Park, and Cayman Commodities and Derivatives Park. All five parks are primarily aimed towards knowledge-based businesses, and enjoy special benefits and concessions provided by the Cayman Islands Government.
The Cayman Islands’ stable and mature legal system was a crucial element that allowed businesses within the financial industry to establish themselves and operate in the Cayman Islands. By 2011, this led to a prominent position globally for Cayman Islands’ entities in banking and trust services, captive insurance, hedge funds and private yacht registrations, among other services. Moreover, these financial businesses themselves needed professional services, such as those provided by accounting firms, law firms and company management firms, amongst others. Thus, CEC enjoyed first class infrastructure from its inception in 2011.
CEC provides companies with many benefits, include certainty in several key areas (for example the right to be 100% owned by foreign investors and to employ foreign staff with minimum delay). Red tape that would otherwise impede global business has been done away. Other benefits include:
Both Chris Narborough & Gráinne Brady have been involved in the Cayman Islands’ first Special Economic Zone from its inception, and Chris currently sits on the Board of Directors of CEC. They were instrumental in the drafting of the Special Economic Zones Law 2011, the accompanying Regulations as well as various amendments to the Companies Law and Immigration Law necessary to give effect to the new Special Economic Zones Law 2011.
Join global brands, international service providers, and innovative start-ups in Cayman’s Special Economic Zone (SEZ), which leverages best-in-class connectivity, and provides a reliable IT infrastructure with offshore hosting in 2 Tier-3 offshore data centres. Plus we are happy to make introductions to banks who can assist with all your offshore banking needs, as well as suggest payment gateway options.
Join innovative digital media start-ups and large enterprises, along with film production companies and global brands in Cayman’s Special Economic Zone (SEZ). Cayman Media Park leverages best-in-class connectivity, provides a robust IT infrastructure with offshore hosting in 2 Tier-3 offshore data centres, an offshore payment gateway and world-class service providers to support your digital marketing, online publishing, film or media businesses.
Are you a trading company, or firm of investment managers, finding that with increasing regulation, much of your staff's time is taken up filing out compliance forms and government-reporting paperwork, just to run the business? Does your profit from trade sales take a big hit from taxes? Is your company ready for a change?
Operating your biotech, pharma, life sciences or clean technology business offshore from Cayman’s zero tax Special Economic Zone is the perfect way to keep that competitive edge in a world of choosy backers and a global biotech industry. We understand the need to return cash to investors without the burden of excessive taxes. The Cayman Science and Technology Park operated by CEC gives you a tax-free platform and the flexibility to grow your biotechnology company offshore without excessive regulatory burdens.
The Cayman Islands has distinguished itself from other special economic zones and favourable tax jurisdictions, such as Malta, Singapore and Cyprus, with the establishment of the Cayman Maritime Services Park (CMSP) part of Cayman Enterprise City. CMSP enables businesses within the maritime industry to efficiently and cost-effectively set up a genuine physical presence with an offshore company and staffed offices in the Cayman Islands, in order to generate an active business income onshore.
For further information on the formation of a special economic zone company and doing business in the Cayman Islands please contact Chris Narborough at cnarborough@caymanlaw.com or Gráinne Brady at gbrady@caymanlaw.com.
