Premier of Cayman Islands William McKeeva Bush in his new year’s address announced the plans for the territory to attract additional investments. It will be done through the means of a ready to operate economic zone in the islands known as a Cayman Enterprise City. It is ready to accept companies.

According to Mr. Bush, since singing the Memorandum of Understanding between organizers of the SEZ and the government of Cayman Islands, Cayman Enterprise City has greatly evolved. The work by the Cayman Islands SEZ stakeholders has been described by the Premier as “extraordinary”. Thanks to it the Zone is now fully operational. The Special Economic Zone authority held the first meeting at the end of December. The authority confirmed its readiness to license Zone companies starting in January 2012.

The benefits for the investors, if they choose to locate their business activities there are:

• Exemption from income tax;
• Exemption from corporate tax;
• Exemption from capital gains tax;
• Exemption from tax on the repatriation of capital and profits;
• Exemption from work permits.

Companies established in the Enterprise City can be 100% foreign owned.
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Sources:
Cayman Islands government website: Premier’s New Year’s Message
Tax-news.com: Cayman Special Economic Zone Opens Up (4 January 2012)