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Maritime Industry Prospers in Cayman Islands



Cayman Enterprise City (CEC), Cayman’s award-winning special economic zone, is geared up to target the world’s evolving maritime services industry in 2017 with Cayman Maritime Services Park (CMSP), the zone’s newest component. CMSP provides a pathway to prosperity for shipping companies and maritime service providers facing a climate of global instability, excessive regulation and environmental challenges, that are reshaping the industry.

International maritime related businesses struggling to maintain profits and stay ahead, are increasingly turning to innovation and technology and re-thinking the way they do business and the CMSP believes it has the solution. With all the benefits of the special economic zone and its new Maritime Services Park, the strength of the Cayman Islands flag, the well-respected Shipping Registry, and world-class professional services providers, Cayman has the components needed to meet the industry’s challenges in today’s uncertain world.

Government-issued concessions now make it cost-effective and time-efficient for shipping and maritime related companies to set up and operate a physical business presence onshore in Cayman. CMSP provides fast-track business licensing, work/residency visas for employees granted in 5 days and state-of-the-art offices, business centre facilities and services. By having an entity physically operating in the jurisdiction, companies can generate an active business income in Cayman, and by managing a global shipping or service company from a tax-neutral base, they can become more profitable and competitive in the global arena, get access to cheaper capital and increase shareholder value in these challenging and volatile times.

“Cayman offers shipping and maritime service companies safety, stability and security in a tax-neutral, well-managed and business-friendly environment. It provides the opportunity for global businesses to mitigate taxes and offer their staff a high-quality lifestyle, in a safe place with a first-world infrastructure. Cayman also offers excellent connectivity to the world with direct flights from Houston, New York, Miami and London, making it an ideal location from which to grow a global maritime business. Cayman truly is the industry’s pathway to prosperity.” said Charlie Kirkconnell, CEO of Cayman Maritime Service Park.

Cayman Maritime Services Park is focusing on attracting maritime services companies, as well as ship brokers, ship owners, shipping financiers, technology companies and those involved in maritime research and development as well as demurrage calculation and post deal expenses calculation. It includes head-offices and satellite offices of maritime industrial businesses as well as yacht manufacturing and repair businesses from around the world. These businesses include those in freight trading and brokerage, crew salaries and benefits processing, bunker brokerage companies, shipping operations, logistics planning and vessel management, management consulting and other specialized services to the maritime sector.

Senior management from CMSP and the Cayman Islands Shipping Registry is in New York City at the Capital Link Conference and the CMA Shipping 2017 Conference in Stamford Connecticut this week to meet with ship owners and operators and other industry players, to promote the benefits of Cayman as the Caribbean’s International Maritime Centre.



Topics: News  |   Maritime City
Hilary Cahill
Hilary McKenzie-Cahill is a Cayman Enterprise City staff alumni and former VP of Marketing and Business Development. Hilary is a serial entrepreneur and a powerhouse of energy, passionate about everything she undertakes.
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