Archive for October, 2006

Cayman Stock Exchange

Saturday, October 28th, 2006

The Cayman Stock Exchange (CSX) was opened in 1997. After 2 years, in 1999, it was included into the London Stock Exchange’s list of approved organizations. So, this is the first offshore exchange to achieve this designation.

In October 2000, KPMG, one of the leading providers of Audit, Tax and Advisory services, declared in its independent review that the Cayman Stock Exchange met international standards in its activity.

The CSX allows the listing of specialist debt, derivative warrants, depositary receipts, mutual funds and eurobonds. It also provides a facility for domestic companies that meet the requirements to list trade. For companies trading on another recognized exchange CSX has a secondary listing facility.

The CSX cooperates with Bloomberg Financial Markets, which providing global financial information, to develop an electronic listing and trading service and news wire service. Bloomberg and CSX display a buying and selling price any time.

Nowadays, the leading financial institutions in the world are listed their products on the Cayman Stock Exchange known as the major market player providing investors with the appropriate regulation and comfort they in investment decision-making.

Bureau Increases Compliance Expertise

Tuesday, October 24th, 2006

It is obvious that the regulatory environment is increasingly enhanced worldwide, therefore, the Cayman Islands Investment Bureau (CIIB) has reinforced its domestic compliance regimen for advising foreign investors who want to do business in the Cayman Islands. This specialized expertise comes through Shannon McKenzie who is CIIB Investment Services Administrator. Now she becomes a member of the International Compliance Association (ICA), accordingly, the CIIB has right for corporate membership.

Ms McKenzie says that the corporate membership will make the Bureau better-recognized for the high standards to which it actually adheres as well as demonstrate Cayman government’s commitment to the role of compliance.

Shannon McKenzie has recently earned a Diploma in Compliance from the University of Manchester Business School. She studied the responsibilities and duties of a compliance and anti-money-laundering professional and acquired good knowledge about the contribution of effective compliance on good corporate governance.

CIIB Executive Director, Dr. Dax Basdeo, says that compliance professionals are demanded globally, so, the Diploma in Compliance is an crucial requirement for such economic development agencies as the Cayman Islands Investment Bureau.

Ms. McKenzie has more than 6-year experience in the civil service. Currently, she is pursuing a Masters in Business Administration from the University of Leicester. She is an active member of the community and participant at different and committees as well as a member of the Young Business & Professional Women’s Club.

Investments into the Cayman Islands

Friday, October 20th, 2006

Investing in the Cayman Islands is a profitable venture – no matter, whether you invest in land or real estate, mutual funds or business partnership.

Investing in the Cayman Islands has many advantages that businessmen from all over the world find crucial. It goes without saying that the 1st advantage is the absence of local taxes – there is no income tax, non resident tax, capital gains or other similar taxes in this country.

Many people invest in Cayman because of its stability and security. This is a country with a strong and dynamic economy and a stable government.

Other factors that affect the investors’ choice are privacy and investment freedom. No reporting of income or ownership to government agencies and no restrictions on investment purchases are applied to those who invest in the Cayman Islands.

The Cayman Islands Investment Bureau (CIIB) () is an institution that provides customized information, investment marketing materials and services to businesses and potential investors in the Cayman Islands. The CIIB staff provide consultation, liaison and coordination services to help investors successfully proceed with their ventures.

Banking Supervision in the Cayman Islands

Monday, October 16th, 2006

Cayman government is protecting the country’s status of a reputable international financial centre by means of strict examination procedures for new licenses and precise supervision of existing licensees.

The government requirements include also an audit caried out by approved local auditors.

The Banking Division in the Cayman Islands is responsible for processing applications for bank and bank & trust company licenses, and for making recommendations to the Governor in Council for the issuing or not issuing a license. The banking division deals with both off-site and on-site supervision of the banking institutions.

The government appoints a professional Inspector of Financial Services. The Inspector leads a banking supervision team charged with examination of all applications for licenses, issuing recommendations to the Governor in Council to approve bank licenses and monitoring the business of a licensed banks.

Banking as 25% of Cayman Economy

Thursday, October 12th, 2006

Recently, Cayman Islands Bankers’ Association (CIBA) has carried out an economic impact study that highlighted the importance of the banking industry to the cayman economy taking into consideration the fact that the banking sector contributes about 25% of the GDP of the Cayman Islands.

The Cayman Islands Financial Services Association (CIFSA), the finance industry promotional body, has endorsed the results of the study on the banking industry in Cayman. The results of the study are important for the protection of the international reputation of the financial services sector of the Cayman Islands.

In accordance with the report, the banking sector contributes to the economy a total of USD 500 million, with USD 407 million of that being direct and USD 93 million – indirect and induced impact.

Mr Eduardo D’Angelo P. Silva, CIFSA Director and CIBA President, says that the banking sector is a central part of the financial sector in Cayman as well as is the most established one. Therefore, it is important to realize how it contributes to the economy quantitatively.

The study revealed that the employment impact of the sector was also essential as it comprised 8% of total employment in Cayman. As to wage and salary related expenditure, it accounted for 62.5% of the total economic impact.

Direct contribution to government revenues was estimated at about 6.4% of the total impact, which is USD 32.2 million.

The study was implemented by StratInfo. Previously, this Miami-based research company has completed an impact study for the Florida International Bankers Association.

Cable & Wireless Launches Next-Generation Services for Corporate Clients

Saturday, October 7th, 2006

On September 27, 2006, Cable & Wireless launched a world-class corporate data networking solution that utilizes IP-VPN QoS using MPLS network. The new solution is a major company’s investment in infrastructure and personnel development. Cable & Wireless’ data networks are now working faster and smarter and costs per unit are reduced.

The company is the 1st to offer its comprehensive MPLS network in the Caribbean. Its new IP-VPN Qos service will bring notable benefits to company’s corporate customers, especially to those in the Cayman Islands the business community of which is a part of the larger global marketplace.

Cable & Wireless is one of the leading international communications companies in the world operating through 2 separate business units – International and UK. The International business unit deals with operating integrated telecommunications companies in 33 countries, including the Cayman Islands, offering mobile, broadband, domestic and international fixed line services to resident and business clients.

Cable and Wireless (Cayman Islands) Limited has been working in Cayman under Government franchise since 1966. During its years in the Cayman Islands, Cable & Wireless has made substantial capital investment in developing, expanding and promoting its services.

Cable and Wireless’ qualitative services in the Cayman Islands provides great potential for country’s offshore services industry.

Offshore Banking Services in the Cayman Islands

Tuesday, October 3rd, 2006

The Cayman Islands offers a wide variety of banking products for both residents and non-residents.

Deposit, savings and checking accounts are available to clients at many banks with competitive interest rates that are offered in all major currencies. Time deposits are especially popular in Cayman, although interest rates correspond to prevailing international rates.

Other banking services are letters of credit, foreign exchange, safe custody, guarantees, mortgages and commercial loans.

Internet banking is available online at any moment.

The advantages of opening a bank account in the Cayman Islands are as follows:

– no capital gains tax, Corporation Tax, property tax, withholding tax, payroll tax or income tax payable by employees;

– no exchange control, freedom of transfer of funds in and out of Cayman in any currency, freedom to open and maintain accounts in any currency;

– no reserve asset requirements;

– competitiveness in the Euro currency markets;

– statutory confidentiality of client information.

Not all the banks in the Cayman Islands are dealing with moving billions in business operations around the world. Most banks also provide opportunities for investors on a smaller scale to take advantage of tax-free climate ensuring privacy for all reputable transactions. Many overseas investors take this opportunity and are satisfied with the results.