Frequently Asked Questions

Yes, you can form an entirely new company if you wish. As per the question above, it would be a SEZCO. Please note that if you have an existing Cayman Islands Exempted Limited Company, it can be converted into a SEZCO by your Cayman corporate services provider for a small fee.

This can be done in as little as 5 days. The corporate services provider who will help you with your SEZCO will first undertake some due diligence, check to see if the name you require is available, then reserve it and incorporate the SEZCO for you.

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 that can assist you in getting your company established if you are not already working with one.

There is no minimum capital requirement to incorporate a Special Economic Zone Company (SEZCO).

You have to form a Company (SEZCO). If you would like to form a SEZCO and you're not sure where to start, we recommend getting in touch with the team at Cayman Enterprise City. We can walk you through the process and connect you with a Cayman Islands law firm or corporate service provider who will be fully versed on SEZCOs and Cayman's SEZ law.

Yes, exempted companies in the Cayman Islands can be converted for a government fee of CI$600.00. This can be done by contacting your legal service provider.

Yes, it is. Learn more about CIMA here.

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.

Immigration will expect the employee’s salary to be sufficient to maintain the employee and his/her dependents (if any). The minimum salary that Immigration looks for is in the range of US $45,000/annum where there are no dependents. For dependents, Immigration expects an additional US $7,500/annum per dependent. Salaries may be variable or paid in a non-salary form e.g. dividends and capital gains.

Any employee(s) that will be working for a SEZ company will require a Zone Employment Certificate (ZEC) if they are not Caymanian. Please note that foreigners who have been granted Permanent Residency with the Right to Work do not require a ZEC. Individuals cannot hold both a ZEC and a work permit to work outside the zone at the same time. Caymanians can, however, work both inside the zone and outside the zone.

If an employee leaves the company, you can hire a replacement. If it is an expatriate, you will be required to submit new documentation for the new employee to obtain a Zone Employment Certificate. Please contact Cayman Enterprise City’s Client Services team on info@caymanenterprisecity.com for the necessary forms.

Reinvest a large percentage of your profits that would typically go towards corporate tax back into your global business. Imagine if your company had an office or branch in a jurisdiction where you could legitimately earn 100% tax-exempt revenues on your international business (outside the U.S.). By saving those taxes, your business would become more profitable, which means you could be more competitive in the global arena. It also means you would get access to cheaper capital and increase shareholder value. These are some of the reasons why over 250 international companies have established a genuine physical presence of their own with CEC.

Both Cayman Tech City and Cayman Enterprise City (CEC) refer as Special Economic Zones in the Cayman Islands, aimed at attracting businesses in specific industries. However, the main difference between the two is that Cayman Tech City is designed to attract companies in the technology sector and aims to foster the growth of the technology and innovation industry in the Cayman Islands. Cayman Tech City is a great fit for companies in areas such as fintech, blockchain, biotech, and other technology-related fields.

Meanwhile, Cayman Enterprise City is a broader Special Economic Zone that encompasses various industries, not limited to just technology. CEC consists of multiple components, including Cayman Tech City, Cayman Commodities & Derivatives Centre for commodities and derivatives trading, and Cayman Maritime & Aviation City for maritime and aviation-related industries. CEC as a whole aims to attract a diverse range of international businesses to set up operations in the Cayman Islands.

Business packages include the following:

• 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 centre facilities
• 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-bound calls, mail services and boardroom bookings on your behalf
• Use of document management machines including printers/fax/copiers/scanners and shredders

The first step is to speak to a Global Mobility Manager at CEC to determine how your company’s business activities might align with the licensing parameters of CEC's special economic zones.

The second step is to determine the initial footprint you wish to establish which includes the number of individuals you would like to place 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. While this 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 your In Principal Approval is granted for your Trade Certificate, that is the green light for your local Cayman corporate services provider to set up your Special Economic Zone Company and provide CEC with certified copies of all corporate documents, which we give to SEZA. Your Trade Certificate is then provided.

Generally, the entire process takes 4-6 weeks based on how quickly you can complete the paperwork and compile required documents. All of this can be done remotely from anywhere in the world and you do not have to be in Cayman to apply!

CEC has a completely flexible model and a company can upgrade to another product offering to suit their needs and expansion plans. Once the decision is made to upgrade to another product offering, the staff at Cayman Enterprise City can accommodate the change with the snap of a finger.

Once you are a client of Cayman Enterprise City, we would be delighted to refer you to trusted Cayman Islands banks or financial services institutions. They can help you with all your offshore banking needs including; setting up Cayman Islands personal bank accounts and corporate bank accounts, credit cards, debit cards and online banking, etc. The well-respected institutions we work with also have trust departments, investment services and some have fund services, should you need them.

Absolutely! Cayman is the No. 1 hedge fund jurisdiction in the world and the 10th largest banking centre and we have an abundance of well-qualified professionals. The top 5 global accounting firms all have a large presence here in Cayman and offer accounting and auditing services. There are also many mid-sized accounting firms and our Client Services team would be happy to make an introduction for you.

There is a local labour law that stipulates all companies need to provide a contract for their employees and sign up with a local health insurance provider and a local pension provider, even if your employees have health and pension plans overseas. Contributing to a local pension plan is compulsory after a 9 month holiday upon your arrival in Cayman. CEC staff will provide you with full details on this and the health plans available.

There are no restrictions and zone companies are encouraged to hire locals where possible. Because Cayman is one of the world’s leading banking centres we do have an excellent workforce of educated local professionals. CEC has a jobs portal where clients can post jobs free of charge. We also work with local recruitment firms that can assist you.

There is a regular mail service and all major international courier services are available in the Cayman Islands. In particular, we work closely with DHL, FedEx and Sprint.

Both British and American school systems are used in the Cayman Islands. The Cayman International School (CIS) and Triple C school follow the US system and CIS has a Baccalaureate programme. St Ignatius Catholic School and Cayman Prep School follow the English system. Please note that children who are not Caymanian are not eligible to attend Government Schools/Public Schools.

Children in the Cayman Islands can be homeschooled with prior approval from the Department of Education Services (DES). Learn more here.

There are many including American, US Air, Delta, British Airways, Jet Blue, Cayman Airways, Air Canada, and WestJet. There are direct flights from Miami, Tampa, New York, Panama, Boston, Chicago, Dallas, Charlotte, Raleigh Durham, Toronto, London England, Philadelphia, Houston, Newark, Atlanta, Nassau Bahamas, Kingston Jamaica, La Ceiba Honduras, and Havana Cuba.

Located in the capital George Town, just a few minutes from our zone buildings.

You are entitled to bring in your business equipment duty-free as Zone companies are exempt from import duties for business equipment (except for vehicles and boats which can leave the zone). As a new resident, you are allowed a duty holiday of 6 months to bring in your used household items and personal effects duty free. Again, that does not include vehicles and boats, which are dutiable. The CEC Client Services team would be happy to put you in touch with shippers and movers who can help you in this regard.

It is possible as long as the animal or bird is not on the endangered species list. Here is a helpful resource on importing pets to the Cayman Islands.

The Cayman Islands has dropped all Covid restrictions including vaccinations for work-permit holders and Zone Employment Certificate (ZEC) holders.

Absolutely. CEC offers the most cost-effective pathway to Permanent Residency in the Cayman Islands.