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Choosing the Cayman Islands Over Other Regions for Your Blockchain Company

[fa icon="clock-o"] Jul 4, 2018 5:19:15 PM [fa icon="user"] Chris Morgan [fa icon="folder-open'] Tech City, Why Cayman?

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Discerning entrepreneurs in the blockchain and FinTech space have a world of options when it comes to selecting where to set-up business. Your onshore counsel may have advised you to seek offshore locations to place your IP – as new regulations onshore are emerging all the time – but how can you separate ideal spaces for your crypto or blockchain business from those not suited at all?

Let’s take a look at what makes the Cayman Islands ideal for blockchain companies to establish themselves over other overseas territories like Bermuda.

An Established Network with Space to Grow
While other regions may have set their sights on establishing themselves as a blockchain friendly hub, the Cayman Islands has one clear advantage– Grand Cayman is already a firmly established hub for the financial world. The island has a reputation for protecting intellectual property and encouraging the growth of financial companies that spans hundreds of years.

It’s no coincidence that the major players in the financial world, alongside over 58 blockchain companies, have already established this region as their base. Cayman offers a unique haven for companies seeking to grow and while retaining their own intellectual property. 

Because of its reputation, Cayman has already seen an influx of blockchain technology companies and conferences. Clients within Cayman Tech City, already include companies developing:
• A platform that rewards users with crypto-redeemable blocks for viewing ads
• Technology designs to autonomously stabalise the value of digital asset relative to other digital assets
• Technology collating and publishing real-time data on factors influencing the value of new token offerings and existing crypto assets

Fast Incorporation & Protection of Interests
When blockchain technology first hit mainstream – with the value of cryptocurrencies like Bitcoin soaring – it’s not unfair to say that many regulators didn’t quite know what to do with this emerging form of payment and various new decentralized technologies. Months after BTC hit its peak and then plummeted, globally we’ve come a long way in terms of regulations.

Despite great strides in definitions, no standard understanding of what blockchain technology represents yet exists and emerging regulations are still wildly variable. It might seem to you that they change on a daily basis and you’re not wrong – it was less than six months ago that China outright banned all cryptocurrencies and yet in June here we are witnessing China herald blockchain and cryptocurrencies as breakthroughs set to revolutionize the world. When global superpowers can’t seem to make up their mind on what to do with blockchain regulations, finding a fast way to protect your interests is important.

There’s arguably no faster way to do this than in Grand Cayman – where you can incorporate within 48 hours with the right paperwork and (unlike in places such as Bermuda) there’s no need for approval from the Minister of Finance. At Cayman Enterprise City we make this process even more easy by providing you with fast 5-year renewable work permits (where required for staff) and physical spaces, as well as a pre-established network of blockchain contacts on-island that you can use for your professional and personal growth.

Once established, there are a few other things you’ll find you prefer about Cayman:
• The annual fees are cheaper than in many other territories (as little as $732 as compared to $1995 in Bermuda)
• It’s not necessary for your company to contain words like ‘Limited’, ‘Ltd’, ‘Inc’, or ‘Corp’
• Cayman also has no capital gains tax, no income tax, no payroll tax, and no sales tax
• You have no government reporting or auditing requirements

Cayman Islands Sunset

Endless Summer & Spectacular Sunsets
We wouldn’t be fairly representing Cayman without mentioning the weather in the Cayman Islands. For many, the appeal of a Caribbean island that’s just an hour from Florida and three hours from New York is enough to solidify their decision to establish a business on Grand Cayman. With all the convenience of an American town but located in the heart of the tropics – where the summer really is as endless at a constant 85 degrees Fahrenheit on average – you’ll find yourself admiring spectacular sunsets from any one of our locations on the island.

Growing Your Business with the Right Partner
We understand that when it comes to selecting the right location for your blockchain business it’s as much about the network of businesses you can partner with as it is the actual location. Cayman Enterprise City is a special economic zone and thriving offshore business hub for companies looking to locate their interests in the Cayman Islands.

When it comes to incorporation our aim is to make the process as easy as possible for you, supplying you with everything you need to establish yourself (from the legal documents to a physical location meaning you’ll have a genuine staffed office in a stable offshore jurisdiction) so there’s nothing you need to prepare or complete alone. With over 200 blockchain, Tech, internet, digital marketing, biotech, commodities, aviation and maritime companies taking advantage of the benefits of Cayman Enterprise City, we can make establishing your presence in Cayman easy. Get in touch with us today and we can talk you through your options.

 

 

Chris Morgan

Written by Chris Morgan

Chris Morgan is a highly experienced business development and marketing professional with a diverse background in business development, advertising and information services. He is a team builder and innovator with strong leadership and communication skills. Chris has first-hand experience working with teams throughout the Caribbean, Bermuda and Canada.

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