Wednesday, January 4, 2012
The Premier of the Cayman Islands, McKeeva Bush, in his new year's address, has noted that the territory is to attract additional investment as a result of the Cayman Enterprise City - the first special economic zone in the Caribbean - due to begin admitting companies this month.
Bush said the Cayman Enterprise City has made great strides since the signing of a Memorandum of Understanding between the organisers and the government eleven months ago.
Bush described 'extraordinary progress' by CEC stakeholders, which has meant that the CEC zone is now operational. The Special Economic Zones Law was passed by the legislative assembly in September 2011. The Special Economic Zone Authority held its first meeting in the last week of December, and has confirmed that it is prepared to license the first zone companies in January 2012.
Investors located in the zone will benefit from: exemptions from income tax; from corporate tax; from capital gains tax; from tax on the repatriation of capital and profits; exemptions from work permits; and companies will be permitted to be 100% foreign owned.