Cayman Enterprise City
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Cayman Enterprise City is a development project which consists of three special economic zones focused on attracting knowledge-based and specialized-services businesses to set up a physical presence in the Cayman Islands. It is a government initiative[1] that has been outsourced to Cayman Enterprise City, a privately owned development company. To facilitate the development of special economic zones in the Cayman Islands, special economic zones laws were enacted in September 2011 and February 2012.[1] The government established the Special Economic Zone Authority ("SEZA") as the licensing and regulatory body.[2]
Background
The Cayman Islands is an international finance center and tourist destination, and Cayman Enterprise City was developed to expand and diversify the economy by attracting new knowledge-based industries to the islands. A further objective was to create new technology-focused careers and to transfer knowledge to locals.[3] Cayman Enterprise City has strategic partnerships with the Cayman Islands Government, The National Workforce Development Agency, and the University College of the Cayman Islands.
Economic Impact
It has been reported that the economic impact of Cayman Enterprise City in the Cayman Islands was US$41.56 million in 2017[4].
Awards
In 2018, Cayman Enterprise City was awarded the Freezone of the Year, Americas Award and was commended for Workforce Training & Development by fDi magazine[5].
Benefits
The zones offer a number of benefits to companies located within, including several concessions and special treatment by Government:
- 100% Exempt from corporate tax
- 100% Exempt from income tax
- 100% Exempt from sales tax
- 100% Exempt from capital gains tax
- 4-6 week fast-track set up of operations
- Renewable 5-year work/residency visas granted for staff from any country, within 5 working days
- 100% Exempt from import duties
Progress
Cayman Enterprise City consists of three special economic zones. Since its launch in February 2012, the Cayman Enterprise City special economic zones have attracted over 250 companies to set up a physical office presence within the three zones.[6] Companies are currently located in four interim commercial buildings located around George Town, the capital of Grand Cayman, while a new master campus is being developed. The new purpose-built campus will be on a 70-acre site.[7] and will encompass approximately 750,000 sq. ft. of Class A commercial office space and a further 250,000 sq. ft. of residential and retail space.[7] The first phase of the Cayman Enterprise City campus was approved by the Central Planning Authority in April 2018[8] and broke ground in November 2018[9].
Citations
- ^ a b "Cayman Enterprise City". www.gov.ky. Retrieved 2016-01-07.
- ^ "Special Economic Zones". www.dci.gov.ky. Retrieved 2016-01-07.
- ^ "Enterprise City, college promote tech education :: Cayman Compass". www.compasscayman.com. Retrieved 2016-01-07.
- ^ "Cayman Enterprise City grows estimated economic impact :: Cayman Compass". www.compasscayman.com. Retrieved 9 May 2019.
- ^ "fDi's Global Free Zones of the Year 2018 – the winners :: fDi Intelligence". www.fdiintelligence.com. Retrieved 9 May 2019.
- ^ "Meet the Senior Management Team". Cayman Enterprise City Website. Retrieved 31 July 2018.
- ^ a b "Enterprise City campus gets zoning approval :: Cayman Compass". www.compasscayman.com. Retrieved 2016-01-07.
- ^ "Enterprise City campus first phase approved". caymancompass.com. Retrieved 31 July 2018.
- ^ "Officials break ground on Enterprise City". caymancompass.com. Retrieved 9 May 2019.