Opening a business in the Cayman Islands’ special economic zones is a great choice for many people who want to move to the Cayman Islands or who want to leverage the tax neutral jurisdiction for their international operations. Here are some of the most common questions people have about moving to and opening a business in the Cayman Islands.
- Opening a Business in the Special Economic Zone (SEZ)
- Running Your Company in Cayman
- Life in the Cayman Islands
- No corporate, income, sales or capital gains tax
- 100% foreign company ownership permitted
- A 4-6 week fast-track business
- Renewable 5-year work/residency visas granted in 5 days
- Cutting-edge IT and business infrastructure
- Offshore hosting & payment gateway
- An appropriately regulated environment
- No Government reporting or filing requirements
- A tech cluster with massive cross-marketing opportunities
- A skilled
labourforce and easy recruitment procedures
- ’One-stop-shop’ administration services
- Easy access & direct flights to the U.S., Canada, & London
- A catalyst for rapid international growth
- Warm, sunny climate year-round
- A fantastic high-quality island lifestyle
In order to set up within Cayman’s special economic zones and take advantage of the available tax benefits and zone concessions, a company is required to maintain a physical presence in the SEZ and operate as a going concern in its designated industry. Further, where the company’s business activities in Cayman are within the scope of Cayman’s International Tax Co-operation (Economic Substance) Law, the company will also need to satisfy an economic substance test.
The first step is to speak to a Business Development Manager at CEC to determine whether your company’s business activities align with the licensing parameters of the Zone. The second step is to determine the initial footprint you wish to establish which includes the number of people you would like in your Cayman office and your office space requirements. The third step is to sign a Licence Agreement with CEC and send the initial deposit to commence the application process. This can be done remotely on our online web portal. Once the deposit is received we provide you assistance in completing your application paperwork, which we submit to the Special Economic Zone Authority (SEZA) for you. Within 5 working days your application will be processed and while this process is going on, CEC will assist you in completing the paperwork for the renewable 5-year work/residency visas for the staff you wish to place in your Cayman office. Once
It varies from law firm to law firm, but will generally range from US$3,500 to US$5,500 including the Government fees and law firm’s formation charges to provide a Registered Office for you. Please note that these figures do not include additional legal fees or billable hours that may be required outside of the standard establishment of a SEZCO. We are happy to make an introduction to a local law firm who can assist you in getting your company established if you are not already working with one.
- Internet & technology, including green and environmental tech
- Biotechnology and life sciences
- Media, marketing, film,
- Commodities & derivatives including trading and investment management
- Maritime & Aviation Services
Our packages offer everything from comfortable co-workspace, to small private lockable offices, to large custom designed office suites, floors or entire buildings.
- A workstation in a co-working suite
- Fully-serviced turn-key offices
- Customized office space tailored to your large company needs
- A Trade Certificate (the license to operate in the Zone)
- Zone Employment Certificates (5 Year Work/Residency Visas for staff)
- Access to all Zone business
- Fully-furnished and serviced office space or un-serviced if you wish
- Water, electricity, sewerage fee, security, janitorial, parking and service fees
- Use of shared meeting rooms, kitchen, dedicated phone number, Internet, phone handsets, shared receptionist who receives all
in-boundcalls, servicesand boardroom bookings on your behalf
- Use of document management machines including printers/fax/copiers/scanners and shredders*
Some limitations of registering your company in the Zone are:
- A Zone Company is not allowed to trade directly with the local Cayman market
- Employees with visas from CEC companies are expected to work only from the company’s offices or other buildings within the Zone.
- Foreign employees of zone companies on Zone Employment Certificates cannot take a job concurrently in a non-zone company as one cannot hold both a ZEC and a work permit at the same time. Caymanians can however work both inside the Zone and outside the Zone.
- The nature of the business activities undertaken, must be as per those specified on your application form.