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Home > Industry News > Knowledge-Based Special Economic Zone Launches in Grand Cayman

Knowledge-Based Special Economic Zone Launches in Grand Cayman

Cayman Islands

Cayman Enterprise City (CEC), the first technology-based Special Economic Zone of its kind in the Western Hemisphere is now open for business and welcoming clients. Enthusiastic support from the government and the private sector expedited the process of making the zone a reality, one year after the project gained approval from the government.

CEC’s tax and regulatory advantages are designed to attract companies from five hightech sectors covering biotechnology, internet and media ventures, commodities and derivatives, and academia. Benefits include: economic freedom in a tax-neutral environment, a 10-day streamlined business setup, exemption from import duties, and enhanced protection of intellectual property. It is estimated that businesses trading within the CEC and benefiting from the tax-neutral zone of the Cayman Islands may be able to reduce their operational costs by as much as 50 percent.

Companies entering the zone now will be housed in dedicated ‘Grade A’ listed offices on Grand Cayman. CEC will soon break ground for the main campus, and Phase I of the project is expected to be completed within two years.

For more information on Cayman Enterprise City visit

 

From left Mr. Danny O’Hara, Ms. Cindy O’Hara and Premier McKeeva Bush enjoying the Cayman Enterprise City launch event on the 3rd of February 2012.


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