Cayman Enterprise City partners with international law firm Harneys for business development trip to the Silicon Valley

Companies and venture capitalists keen to learn about the unique benefits of Cayman’s new tax-neutral internet and technology park

George Town, Grand Cayman, Cayman Islands –Cayman Enterprise City (CEC), the only high-technology and knowledge-based Special Economic Zone in the Americas region, is currently joining award-winning international law firm Harneys on a business development trip to San Francisco and the Silicon Valley from April 29th – May 3rd, 2013.  Both CEC and Harneys had each planned to target the region this year so the organizations decided to join forces to mutually sell the advantages of the Cayman Islands. They will present Cayman and the CEC Special Economic Zone, as the ideal location in which to establish an international headquarters or branch office.

CEC Chief Executive Officer Charlie Kirkconnell and Dean Allen, CEC’s Global Business Development Manager, will join Harneys attorney Wendy Lee, who was a U.S. securities and mergers and acquisitions attorney in the Silicon Valley before moving to the Cayman Islands.  Wendy’s extensive contacts have led to a number of high-level meetings including some with large global brands. While at Cooley LLP in the Silicon Valley, Wendy specialized in IPOs, private equity deals and complex mergers and acquisitions for a wide range of clients, including technology companies.

CEC allows entities to establish a genuine physical presence and generate active business income in Cayman.  The meetings will communicate the benefits of incorporating in the Cayman Islands and becoming part of CEC as part of an effective international structuring strategy.  The group has meetings set up with companies (both start-ups and established companies) in the software, internet and new media tech sector and will also be meeting with, venture capital firms and well known law firms in the region.

“We are hearing that many start-ups and mid-sized enterprises in the Silicon Valley are finding it extremely difficult to get US work visas for their founders and staff and that is impeding their growth.” said CEC’s Charlie Kirkconnell.   “Cayman’s jurisdictional benefits, coupled with the zone concessions, now make Cayman a cost-effective and appealing option for companies with international clients and CEC enables them to set up operations offshore and obtain staff work/residency visas within 5 working days.”

In addition to economic freedom for active business income in a tax-exempt environment, the Special Economic Zone offers the ability to have intellectual property held offshore.  Kirkconnell said that enjoying a great lifestyle on a beautiful Caribbean island, while being part of a vibrant start-up technology-orientated hub, adds to the allure of the Cayman Islands.

“Most of these tech companies are developing intellectual property such as software, so it makes sense for them to get that IP held by a CEC company early on while it is still being developed,” said Kirkconnell, “2 or 3 years down the line as the company becomes successful, and it has a much higher value, they will not be liable for capital gains tax in Cayman, should they choose to sell out.”

“Cayman Islands companies have always been attractive for a number of reasons including ease of incorporation; the fact that the Cayman Islands is a British overseas territory and common law jurisdiction with its foundation in English law; the flexibility of Cayman corporate structures including the ability to increase capital, distribute capital and issue different classes of shares; prudent regulation; the ability to acquire, hold and sell foreign currency and securities without restriction; and no restrictions on nationality or residency of directors and shareholders,” said Wendy Lee.

She added, “CEC allows entities to establish operations in Cayman on a cost-effective basis and to experience first-hand Cayman’s highly developed professional infrastructure.  For companies doing a substantial amount of international business, establishing a CEC company early on can help avoid costly migration issues later.”

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 to generate tax-free active business income in Cayman. This enables businesses 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 are designed to attract international companies from four specific high-tech sectors; internet and technology, media and new-media ventures, biotechnology, and commodities and derivatives.

For more information call +1-345-945-3722, e-mail

h.cahill@CaymanEnterpriseCity.com or visit www.CaymanEnterpriseCity.com.

About Harney Westwood & Riegels

Harney Westwood & Riegels is an award-winning international law firm.  In the Cayman Islands Harneys offers an extensive range of legal services providing expert advice on major corporate and commercial transactions and the establishment of a wide range of corporate vehicles including entities with a physical presence in the Cayman Islands.  The firm employs experts in investment funds and derivatives and commodities transactions, as well as employment, immigration, insurance, litigation, and patent and trademark law. Through Harneys Corporate Services, Harneys also assist clients with the incorporation of companies in the Cayman Islands and the British Virgin Islands, where they are headquartered.

Harneys provide advice on Cayman Islands, British Virgin Islands, Cyprus and Anguilla law to an international client base through a network of six offices around the globe. The world’s leading independent legal ranking directories call Harneys’ lawyers attentive, commercially aware and responsive and the firm is consistently ranked as one of the top law firms in the jurisdictions in which the firm practices.  Legal 500 describes Harneys’ Cayman Islands office as “energetic, responsive and effective”.

For more information about Harneys in the Cayman Islands, please contact Wendy Lee at wendy.lee@harneys.com or +1 (345) 815-2924.

George Town, Grand Cayman, Cayman Islands – After a successful first year as the only high-technology and knowledge-based Special Economic Zone in the America’s region, and a growing list of clients currently operating international businesses from the Zone, Cayman Enterprise (CEC) is announcing a series of outreach campaigns to aggressively attract companies seeking to set up an offshore presence to expand and grow their businesses internationally.

CEC is targeting three key cities with concentrations of technology, media and commodities companies, which can all fit into the zone; Toronto, Canada, Silicon Valley, California and Austin, Texas. A CEC delegation will be in Toronto, April 15 – 19; in Silicon Valley, April 29 – May 3; and in Austin, May 6 – May 10, 2013.

“One hundred companies by the end of the year, including two or three major brands,” says CEO Charlie Kirkconnell of their ambitious goals for 2013. “We want to convince forward-leaning companies that Cayman Enterprise City and the Cayman islands is the place for them to be if they want to expand their business internationally – not only from a business perspective, but also from a lifestyle point of view.”

54 companies are now doing business from the Cayman Enterprise City technology cluster and Kirkconnell says they are fast outgrowing designated office space so they will soon have to secure more. CEC plans to break ground on a permanent campus some time this year, but in the interim, Class A zone-designated gateway buildings are being used to accommodate clients.

“This is not a brass plate model of doing business, CEC offers a physical offshore presence and quick set up for companies trying to open up new markets,” says Kirkconnell, addressing any misconceptions about the Special Economic Zone. “CEC effectively strips away the red tape and high costs usually associated with setting up offshore, and this is a real clincher for clients who want that quick start.”

The Cayman Islands government has granted Cayman Enterprise City unique and unprecedented concessions to arm them with the right incentives to compete globally in attracting big brands and entrepreneurial startups to Cayman. The benefits of the Zone include economic freedom in a tax-exempt environment, a 10-day streamlined setup, exemption from import duties, and the ability to have Intellectual Property held offshore.

“In today’s highly competitive culture where many jurisdictions and countries compete for the same big brand companies and entrepreneurs, CEC has to offer something special − something extra − and that is tax-neutrality,” said Kirkconnell. “It is part of the package.”

Also part of the package is a cosmopolitan lifestyle on a Caribbean island paradise located only one hour from Miami and three and a half hours from New York City. Cayman is a safe, secure British Overseas Territory with good schools, world-class restaurants, a sound infrastructure and sophisticated service providers.

In addition to the Internet, technology, media and commodities sectors, CEC is designed to also attract companies in biotechnology. The Zone’s master plan calls for a campus with 750,000 – 1,000,000 square feet of office space.

“We are building a first-rate Special Economic Zone here in the Cayman Islands and offering the best concessions available in a business-friendly environment,” says Charlie Kirkconnell. “Our doors are open.”

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 its own dedicated Government Authority and guaranteed fast-track processes, International companies can quickly and efficiently establish a genuine physical presence in Cayman which demonstrates substance over form. This enables businesses 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 and commodities and derivative.

For more information call +1-345-945-3722, e-mail
h.cahill@CaymanEnterpriseCity.com or visit www.CaymanEnterpriseCity.com.

George Town, Grand Cayman, Cayman Islands – Cayman Enterprise City (CEC) the Special Economic Zone in the Cayman Islands designed to attract companies from the knowledge-based sectors of Internet and technology, new media, commodities and derivatives and biotechnology, is marking its first anniversary. After a slow start in February 2012, the Zone gained traction and leaders say Cayman Enterprise City is primed for major growth and development this year, as more and more companies seek to expand their operations overseas from a tax-neutral jurisdiction.

“We had a slow start, but we feel like we had a very good year,” said Chief Executive Officer Charles Kirkconnell who is proud of the major strides made by CEC in its first year of operation. He says success can be measured in square feet. “We are outgrowing the buildings that have been designated for the Zone whilst the permanent campus is built, so we consider this a major step forward.”

Fifty-four companies have moved into Cayman Enterprise City or have signed up and are in the licensing process. Employees are now sharing workspace, networking and creating a growing technology hub. Another 152 companies, mostly from the U.S. and Canada, are currently in the sales pipeline and looking to make the move to Cayman.

“This is what Cayman Enterprise City is all about − helping companies set up a genuine physical presence offshore so they expand to open up new international markets,” said Kirkconnell. “Through the concessions it offers, the Zone strips away much of the red tape and excessive cost traditionally associated with setting up offshore, thus enabling companies to set up quickly and cost-effectively. Tax neutrality is part of the CEC package.”

The Cayman Islands’ tax-neutral and appropriately regulated environment, plus CEC’s concessions are attracting North American and international companies and startups that want to go global. The benefits of establishing a presence in Cayman Enterprise City include a tax-neutral environment, a 10-day streamlined setup, exemption from import duties, and the ability to have intellectual property held offshore. By being able to set up a real physical operation, the zone enables companies to demonstrate real ‘substance over form’.

Cayman Enterprise City’s CEO is confident the Special Economic Zone is set for a very successful 2013 since they expect to break ground on a new campus and also announce several high profile brand clients.

“We will continue to attract businesses and meet the goals that we have set for ourselves,” he said, adding that they will secure more interim zone buildings as needed until the campus is completed. “CEC has set a target to add 100 companies to the Zone by the end of the year and to continue to build a vibrant, creative community.”

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 its own dedicated Government Authority and guaranteed fast-track processes, International companies can quickly and efficiently establish a genuine physical presence in Cayman which demonstrates substance over form. This enables businesses 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.cahill@caymanenterprisecity.com or visit www.caymanenterprisecity.com.

Cayman Enterprise City continues to build its local staff by welcoming Caymanian Sasha Carrig as the newest member of its growing Business Development Team in the role of Business Development Coordinator. Sasha is a 2004 graduate of Triple C High School and she attended Hillsborough Community College in Tampa. The Savannah native comes to CEC from the Digicel Group where as a Corporate Customer Care Supervisor Sasha trained staff and maintained good customer care by being an effective troubleshooter and problem solver. Sasha will be an integral part of the CEC team as they develop aggressive strategies to expand CEC’s reach into key markets in North America and Canada.

“I’m thrilled to be given the opportunity to join the CEC team in the early stages of such a dynamic organization with endless opportunities for advancement & development,” she said. “I’m excited to be a part of an organization which will play a significant role in attracting foreign investment to the country and in the country’s economic growth.”

As part of the team Sasha will develop a good database of prospective companies for CEC in target markets such as Silicon Valley, Austin’s Tech area and Toronto. She will also work with the Vice President of Marketing to create effective marketing campaigns in these markets. Sasha will be managing travel schedules and arrangements for the Business Development Team, and then will assist them with follow up reports to gauge the effectiveness of each trip.

Cayman Enterprise City will continue to build its team to increase its global push. Since February 2012 when it opened its doors, CEC has welcomed over 50 international companies that have moved into the zone or are signed up and in the licensing process.
The CEC Business Development team now has 150 companies in its sales pipeline.

“Cayman Enterprise offers young Caymanians such as me, the opportunity to get into new areas of business that until now were not available to us,” she said. “CEC provides the training and development catering to young Caymanians interested in developing in different areas that are not just limited to the banking and accounting sectors.”

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 which demonstrates substance over form. This enables businesses to 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 on CEC call +1-(345)-945-3722, e-mail h.cahill@CaymanEnterpriseCity.com or visit www.caymanenterprisecity.com.

“It’s the right opportunity at the right time for businesses,” he said. “I’m excited about coming in at this start up stage and working alongside our clients to bring the CEC business licencing model to market in Canada and the US and develop it based on our clients’ needs.

Morgan’s wealth of international experience from within the Internet technology, publishing and media industries will serve him well as Cayman Enterprise City expands its push to those sectors. Throughout his career with Bell Canada Yellow Pages he often represented sales on many key business development and marketing initiatives working with cross functional teams throughout the company.
“Canada will be a primary target for Cayman Enterprise City this year, so I’m pleased that Chris has joined us and is utilising his extensive business connections and contacts there,” said CEC CEO Charlie Kirkconnell. “He will be instrumental in helping us make inroads in key cities such as Toronto and Calgary. We have also had some interest from multinational IT companies based in Bermuda looking to set up their regional business development bases in CEC and I believe Chris’ knowledge of that market and connections within it will be extremely useful as well”.

Cayman Enterprise City plans to add additional experienced international business development managers this year to support its global push. Since February 2012 when it opened its doors, CEC has welcomed 44 new companies into its zone gateway locations. There are another 133 businesses in the sales pipeline and plans for a permanent campus are in the works with construction beginning this year.

In the first quarter of 2013 the CEC business development team will focus on the Canadian market where Canadian companies can benefit from the Tax Information Exchange Agreement between Canada and the Cayman Islands. The feedback from Canadian law firms and tax advisors has been favourable – setting up in Cayman and more specifically within CEC which provides ‘mind and management’, appears to be far more appealing to Canadian companies than Barbados which was the jurisdiction used prior to the CEC Zone being launched. Several other important North American markets including Silicon Valley, Austin Texas, New York City and Chicago will be targeted by the CEC business development team, which now includes an enthusiastic Christopher Morgan.

“I am someone that really embraces a new challenge and CEC is new and innovative; it’s something that really appeals to me and I believe that my experience and international contacts make me an ideal addition to the CEC team,” he said.

About Cayman Enterprise City
Cayman Enterprise City is a Special Economic based in the tax-neutral Cayman Islands and includes: Cayman Internet & Technology Park, Cayman Biotech Park, Cayman Media Park, Cayman Global Commodities & Derivatives Park and Cayman International Academic Park. For more information on CEC call +1(345) 945-3722, e-mail h.cahill@caymanenterprisecity.com or visit www.caymanenterprisecity.com.

Caribbean destinations like the Cayman Islands have been recognized not only for its pristine natural beauty, but also as a sophisticated, financially sound international business center.

Highly competitive on a global scale, the Cayman is ranked as the world’s 6th largest banking center and the number one hedge fund jurisdiction, according to the Cayman Enterprise City’s website.

In 2011, the Cayman Enterprise City negotiated an exclusive 49 year agreement with the Cayman Government to have a special economic zone to house a cluster of industry specific business parks within one campus, according to Hilary McKenzie-Cahill, Vice President of Marketing and Business Development for Cayman Enterprise City.

The agreement is designed to attract international businesses to Cayman and offers international companies doing business within the “zone” more incentives than what is normally allowed under a Cayman business structure.

“As well as no corporate tax, no capital gains tax and no income tax, international businesses can also benefit from no import duties and five year work/residency visas along with a fast 10 day set-up process,” Cahill explained. “International companies are looking for a place to enjoy more efficient tax structuring and a lighter touch regulatory environment and the zone strips away the red-tape that was previously an impediment.”

To date, the Cayman Enterprise City has signed up 43 international companies who have either moved into the zone or who are in the licensing process and will soon be moving in, she disclosed. “These are primarily from North America; American and Canadian firms in the technology and new media sectors. We have also had a good response from commodities companies and traders in the U.S. and Latin America.”

Making the Caribbean an even more appealing destination for outside businesses is its close proximity to major U.S. cities. Cayman is located only three hours from New York City and one hour from Miami, which are hubs to some of the world’s largest companies.

Traditionally, the U.S. is primarily the biggest investor in the region, but the Caribbean has seen a major rise in other foreign investors, according to Jim Andrews, Managing Director of Integra Realty Resources’ Caribbean office and senior advising member of professional global standards body RICS.
The Export-Import Bank of China, owned by the Chinese government, is financing and developing large projects in the Bahamas as well as cruise ship berthing facilities and surrounding commercial development throughout the region, Andrews noted.

“We believe this is forming the foundation for more direct Chinese and other investment in the Caribbean in the coming years,” Andrews said.

In theory, it appears that corporations and investors simply look for the best overall business environment for their bottom line and places like the Caribbean have moved to the top of many firm’s radar around the world.

“In 2012 RICS ran a study in nine of the largest global financial centers looking at why investment and businesses locate in one area rather than another,” according to Tom Pienaar, Head of Corporate Affairs, RICS Americas. “The key conclusion was that corporations and investors value a coherent offering from policy makers that shows a city or country is open for business.”

He went on to say that “places where appropriate tax rates, good transport and digital infrastructure, streamlined planning regulations and skilled workers are all present make far more appealing places for a corporation to locate than fragmented, bureaucratic cities or regions.”

“RICS members, as strategic real estate advisers to governments and businesses, are ideally placed to help create these environments and help attract capital to a location,” Pienaar noted. The RICS “Corporate Real Estate: Investment and Global Cities” report can be downloaded at the bottom of the article.

Caribbean Real Estate Professionals Embrace Standards & Regulation

The Caribbean real estate market has historically shown poorly in its structure and professionalism, according to a group of real estate professionals polled from different parts of the Caribbean.

“In recessionary times (which we’ve experienced over the last five or six years), it’s become more and more important to have standards in place to ensure that professionals are operating within a uniformed structure,” said Uche Obi, Senior Valuer of Cayman Islands Government Land & Survey Department and RICS senior member.

Obi, who sits on the Caribbean Board of RICS, also added that the “structure includes both education and guidelines to support and promote the integrity of the real estate sector.”

“In Jamaica, standards and regulation ties in well since education and professionalism is something needed as end-users want to feel comfortable with the quality of work they receive from real estate professionals,” according to Eric Allen, National Land Agency’s Commissioner of Land Valuations in Jamaica.

Allen, who also serves as on the Caribbean Board for RICS, indicated that RICS standards are even being recognized favorably by the government, which is a major accomplishment in an area that has seen its share of government turmoil.

The ultimate goal is to have recognition of RICS standards throughout the Caribbean, so that end-users will feel secure by requiring real estate professionals to be RICS registered.

“There’s strong demand for RICS standards and regulation, Allen said”. “We’re getting support from some legs of the government for more accredited RICS professionals, but the next phase is to get support from policy regulators, which will be the big win.”

The question, according to Allen, is how to get that support. “Our numbers are definitely growing. We have just about 100 members, which is enough to show that standards are wanted.

While the desire for standards appears universal by the real estate professionals who were polled, questions governing standards in the Caribbean remain. “Market transparency has to be present in order to get the most from standards and that comes down to a question of self regulation versus external regulation,” Allen wondered.

Many of the Caribbean real estate markets have never had a requirement for licensed practitioners, making the move toward uniformed standards a work in progress.

In Barbados, for example, the real estate market has been “contentious,” Wayne Forde, Commissioner of Land Tax of Barbados, stated.

In the valuation discipline within real estate, “there are no standards guiding the profession, yet, over the last decade, there’s been a lot of development, with a lot of foreign investments being made.”

In other words, people who are likely unqualified are providing services to end-users with no recourse for the quality of their work on a project.

“As membership continues to increase, we’re able to advise government as a chapter, which gives our message regarding the need for standards more credibility,” Obi explained. “The more you have in numbers, the more vocal and impactful you are when seeking government support.”

In the Cayman, where the standard of living and the infrastructure is much higher than in many of the other Caribbean islands, RICS is establishing itself in the marketplace and making major strides in partnering with banks and government, Obi mentioned.

For example, the Cayman Islands Government as well as two (2) major banks have adopted the Valuers Registration Scheme (VRS). This scheme was established to regulate the standards of valuations prepared by members. Also, a significant number of members have signed up to the program.

Along with every other discipline within the real estate industry, many of the valuation professionals will meet at the Cayman Islands Property & Construction Conference on Feb 28, with the agenda revolving around ways that property and construction professionals can enhance the industry.

Having RICS accreditation has improved the quality of work for many of my colleagues, who previously took a “laissez-faire” approach to their craft, Allen recalls.

“It’s obvious that being RICS registered has also increased the overall professionalism in the market place and encouraged more people to want to become members. There are still a number of real estate professionals who should be RICS certified who aren’t. We’re not done yet though,” Allen concludes.

Aside from the need to promote standards throughout the Caribbean real estate industry, Obi cited the need to enhance the infrastructure on many of the islands and the opportunity that exists to help create best practices that could be duplicated by governments throughout the Caribbean.

“In the Cayman Islands, the Owen Roberts International Airport needs to be expanded to accommodate long haul flights and a Cruise berthing facility constructed. However, Government doesn’t have the funds to provide these infrastructures, so the Public Private Partnerships (P3) model is being explored,” he added.

Obi believes that P3s are the best way for governments in the Caribbean to get develop these projects and RICS professional members can play a vital role in advising government as well as being part of the development team.

P3s – which involves a contract between a public sector body and a private party, where the private party provides a public service or project and assumes substantial financial, technical and operational risk in the project.

This form of procurement has become an increasingly popular way to provide infrastructure projects over the last 10 or so years. In the Caribbean, Chinese firms have played a significant role and are now used in over 40 countries. It is important to note that concerns that the funding structure shifts the provision of public services and essential infrastructure to the private sector allowing them to profit from public money remains an issue.

Global summaries and recommendations for addressing the P3 concerns can be found in research report below “The Future of The Private Finance Initiative and Public Private Partnerships.”

-END-
Written by Chad Clinton from RICS

January 02, 2013

Founders of Cayman Enterprise City (CEC), the Caribbean’s new hub for high-tech innovation are totally committed to the success of their Special Economic Zone and the companies establishing in it. As a business licensing vehicle CEC provides everything necessary for entrepreneurs, SME’s and global companies to cost effectively and easily incorporate and set up a base for international operations in the tax-neutral Cayman Islands . Based on the successful Dubai free zone model, CEC is fast becoming the region’s epicenter for entrepreneurship and enterprise. Beyond its own business proposition, CEC is also very passionate about working with zone companies to help them prosper and grow. These working relationships are good for both CEC and the corporations within the zone.

An example is the strategic partnership between Cayman Enterprise City and Latitude19 Technology an offshore e-commerce and payment gateway startup that recently established in the zone. Employees from both CEC and the technology company teamed up at the Internet Retailer Conference and Exhibition in Chicago with a common goal of attracting businesses to CEC and the Cayman Islands. Staff from Latitude19 Technology attended the conference last year, and received a lot of questions about setting up a business in the Cayman Islands, so this year Cayman Enterprise City was brought in to help market.
“We partnered with the CEC Business Development team to make sure we had the complete message delivered − from business setup to E-commerce solutions,” said Mike Whalen Vice President of Business Development and Strategy for Latitude19 Technology. “We have a mutual interest in attracting new business to Cayman; our business development efforts truly complement each other and it was a great team effort.”

“We had a phenomenal response,” said CEC colleague Dean Allen who spoke with exhibitors who had already heard about Cayman Enterprise City and were very interested in the Zone benefits. “A lot of them expressed frustration with their tax burdens and many are looking at using CEC as a tax exempt base for their international sales” he added.
The whole team promoted CEC as the perfect solution for companies feeling overburdened with taxes and regulations, and the Cayman Islands as the ideal tax-neutral jurisdiction in an economically stable British Overseas Territory. The CEC Business Development team is now following up leads cultivated at the show in Chicago, and several companies have already started the set up process.

CEC has secured concessions for international businesses that place it within the top 1% of the Special Economic Zones in the world: , a 50-year tax-free guarantee (no income tax, no corporation tax, no sales tax, no capital gains tax), no import duties, quick easy set up and more along with 5 Year Work/Residency Visas. The focus is on five key business sectors: information communications technology (ICT), media, biotechnology, commodity & derivatives and academia. Forty eight companies are currently operating their businesses within CEC or in the licensing process and another 168 are in the sales pipeline.

Latitude19 Technology, so named because Cayman is located at Latitude 19 on the world map, was among the first to sign up when CEC opened for business. In 10 short days the company had a Trade Certificate, and Class A fully-serviced offices to conduct business.
“I chose to be in the Special Economic Zone because we want to be the premier international online gateway and I want substance over form and the ability to have a real physical operation in Cayman,” said owner Tim Moore. “CEC enables the small and medium entrepreneur to do that, and there’s a strong desire to have businesses down here.”

“Since our launch in February last year we have accomplished much and 2012 was a very busy and successful year for Cayman Enterprise City. We are diving into 2013 we great enthusiasm but appreciate we have much hard work ahead of us to reach our goal of creating the best Special Economic Zone in the world. We are growing our team of talented staff and are totally focused on helping our zone clients grow and achieve their goals too” said Charlie Kirkconnell Chief Executive Officer .

George Town, Grand Cayman 28th December 2012 – Ms. Cindy O’Hara, The Chairman of Cayman Enterprise City (CEC), Cayman’s new Special Economic Zone, announced today that CEO Jason Blick, will be stepping down from his role as CEO of the company to focus his efforts on a new role as the Chairman of Cayman Commodities & Derivatives Exchange (CCDX). The CCDX will be the platform behind the Cayman Enterprise City Commodities & Derivatives Park. Mr. Blick will remain as a Director and shareholder of CEC and will continue to bring his expertise, working with the business development team on large international brands, and presenting the benefits of them establishing a presence within the Zone.

In January 2013 CEC’s Chief Strategy Officer, Caymanian lawyer and businessman, Mr. Charlie Kirkconnell will be stepping up to take the role of CEO. Mr. Blick and Mr. Kirkconnell have worked closely together over the past 18 months towards Mr. Kirkconnell taking over the Chief Executive Officer’s role, and the Board of Directors is pleased with the move and the timing of the transition.

“It was Jason’s great vision that conceived Cayman Enterprise City and his tireless effort and tenacity that have helped make CEC a reality. Over the past two years we have worked together cohesively to create and launch what we intend will become the finest Special Economic Zone in the world. Developing the right team to take CEC forward has been an integral part of that process. It was always our intention for Jason to impart his Special Economic Zone expertise as CEO whilst getting CEC launched and fully operational. Now that we are developing some critical mass as far as clients, systems, processes and offerings are concerned, and our world class team is fully trained, the timing for this transition is perfect as we approach the New Year. Jason will focus his energy on launching the Cayman Commodities and Derivatives Exchange, which is a critical platform for the CEC Commodities & Derivatives Park.” said Ms. O’Hara.

“I look forward to remaining as a director and shareholder of CEC and continuing to develop business channels and opportunities together with the CEC Sales team. Now that CEC is well and truly off and running, I am pleased to be able to focus on the Cayman Commodities & Derivatives Exchange which will bring tremendous opportunities to the Cayman Islands” Blick said.
“It has been an incredible journey over the past year and a half, learning the Special Economic Zone business licensing model and this industry from the ground up, working alongside Jason and the team to develop the operations of our unique Zone. We are supplementing our existing team with excellent new staff members to take us to the next level, and we have some very exciting initiatives that we will be announcing in the New Year.” said Mr. Kirkconnell.

Since it recent launch in February 2012, CEC has made good traction and has signed up 43 international companies to move into the Zone already, with another 130 active prospects in the growing sales pipeline. Many of these companies are in the Internet & Technology sector, as well as a number in the Commodities and Derivatives, and Media sectors, with the majority coming from the United States and Canada.

About Cayman Enterprise City
Cayman Enterprise City is a Special Economic Zone being developed in Grand Cayman. The Zone includes: Cayman Internet & Technology Park, Cayman Biotechnology Park, Cayman Media Park, Cayman Commodities & Derivatives Park and Cayman International Academic Park. For more information on CEC call +1 345 945 3722, e-mail h.cahill@caymanenterprisecity.com or visit www.caymanenterprisecity.com.

Cayman Enterprise City is serious about Biotech. Over the next two years they will be building a dedicated campus for the knowledge cluster, including a specialised campus for Biotech. The completed Biotech & Life Sciences Campus will be a hub for pharmaceutical, biochemical and indeed the generic scientific research and scientific development. The Cayman Islands also intend to introduce some of the worlds most competitive and exciting IP laws.

With Phase One of the campus completing construction in December 2014, Cayman Enterprise City has allocated space in their gateway office buildings, consisting of a grade A hurricane proof building specifically to accommodate R & D, laboratory and office functionality of Biotech & Life Sciences companies in a regulated and secure environment. CEC’s BioTech Park has been receiving much interest from the biotech industry since its launch this February, in particular the ability to have patents registered offshore.

The Cayman Islands have long been known for the financial services, one of the largest banking destinations in the world. Cayman Enterprise City, in partnership with the Cayman Government, represents a diversification of the economy. The Cayman Government has been immensely supportive of the project, passing numerous laws to allow the formation of the zone, and to provide it with considerable concessions to attract international business.

“When we began planning Cayman Enterprise City, we studied the other special economic zones around the world, and working with advisors at KPMG, we planned a set of concessions that would rank Cayman Enterprise City in the top one-percent of the zones in the world. We’ve been incredibly fortunate with the support from the Cayman Government, and those concessions have been written into the law and guaranteed to our Special Economic Zone clients,” said Mr. Jason Blick, CEO of Cayman Enterprise City.

“The obvious reason for companies to look at Cayman Enterprise City is for the tax benefits. There is no corporate tax, no income tax and no capital gains tax, guaranteed for 50 years.  There are no import or export duties.  A special economic zone is an OECD approved model for economic development and diversification. This provides companies in the zone greater protection over their financial assets,” continued Mr. Jason Blick.

The specialised needs of Biotech & Life Sciences companies is recognised within Cayman Enterprise City, whereas Media or Technology Companies have clear designated requirements for internet bandwidth and data-centers, Biotech Companies may require unique amenities and facilities.

“With regards to Biotech that is one of the areas that we are looking to our tenant companies for input, to help define the facilities and amenities required. We’ve held conversations with companies involved in stem-cell research, to those dealing with computational aspects of Biotech Research. By listening closely to the needs of our clients we can realise a vibrant and cutting edge cluster,” concluded Mr. Jason Blick.

About Cayman Enterprise City

Cayman Enterprise City is a Special Economic Zone being developed in a state-of-the-art campus of innovative and sustainable architecture in Grand Cayman, designed to complement and respect the local environment. It will include: Cayman Internet & Technology Park, Cayman Biotech Park, Cayman Media Park, Cayman Global Commodities & Derivatives Park and Cayman International Academic Park.  There will be no manufacturing or industrial businesses within the zone. International businesses establishing within the zone will not be permitted to trade in Cayman outside of the zone so they cannot compete with local businesses.

About Jason Blick

Jason qualified as a Solicitor of England and Wales and has worked with Special Economic Zones since 1999. He served as Head of Berryman’s Lace Mawer in the Middle East before becoming the CEO of an emerging markets bank with operations in 11 countries across the Middle East and Asia. He became Managing Partner of FP Law, a law firm advising on Special Economic Zones. Jason has written and lectured extensively on finance law and considered an expert on Special Economic Zones.

Adela Gonzales White
Cayman Enterprise City
941-350-8735

]]> http://www.caymanenterprisecity.com/news/cayman-enterprise-city-ceo-talks-life-sciences-in-special-economic-zone/cayman-enterprise-city-ceo-talks-life-sciences-in-special-economic-zone/feed 0 http://www.caymanenterprisecity.com/news/thought-leaders-%e2%80%a2-cayman-enterprise-city-special-economic-zone/thought-leaders-%e2%80%a2-cayman-enterprise-city-special-economic-zone http://www.caymanenterprisecity.com/news/thought-leaders-%e2%80%a2-cayman-enterprise-city-special-economic-zone/thought-leaders-%e2%80%a2-cayman-enterprise-city-special-economic-zone#comments Wed, 08 Aug 2012 01:14:20 +0000 CEC http://www.caymanenterprisecity.com/?p=751 Jason Blick, CEO of Cayman Enterprise City, talks about Cayman and the Special Economic Zone.