Archive for September, 2011

Cayman company Consolidated Water Co. Ltd. announces 4th Quarter Cash Dividend

Wednesday, September 14th, 2011

On September 12, it was announced by Consolidated Water Co. Ltd. (NASDAQ: CWCO) that the Board of Directors has declared a quarterly cash dividend of USD 0.075 per share.

The dividend is payable October 31, 2011 to shareholders of record at the close of business October 1, 2011.

Consolidated Water Co., the company that develops and operates seawater desalination plants and water distribution systems where natural supplies of potable water are scarce or nonexistent, operates water production and distribution facilities in the Cayman Islands, as well as the BVI, Belize, and the Bahamas.

The Company was established in 1973 as a private water utility in Grand Cayman and obtained its first public utility license in the jurisdiction in 1979.

Offshore Incorporation Specialist providing registrations in Cayman Islands expands into Europe

Saturday, September 10th, 2011

Offshore Incorporations Limited (OIL) is opening its first European office in London. This leading global company formation specialist based in Asia commented that the move will allow to further support Asia-based companies which increasingly require international structures to facilitate strong capital flows from Asia to Europe.

Offshore Incorporations Limited serves professional intermediaries. The company specializes in offshore company formation the Cayman Islands as well as Anguilla, the Bahamas, the British Virgin Islands, Delaware, Hong Kong, Mauritius, Samoa, the Seychelles and Singapore.

CEO for OIL, Martin Crawford, said that this is the 1st step aimed to expand OIL’s presence across Europe and it is an exciting milestone for the business that has just celebrated 25 years in Asia. He said: “We wish to continue supporting our clients as they grow globally and require a wider variety of services for their offshore activities. You just need to look at the fact that over 50% of new properties in London are purchased by Asian investors to see the growth in demand.”

Cayman beefs up security

Sunday, September 4th, 2011

Security authorities of the Cayman Islands are beefing up customs security at all entrance points because of rising fears that criminal and narcotics gangs from other regional locations are targeting this Caribbean territory.

As armed drug gangs relocate to the area in response to a vigorous crackdown on their activities by the US, Mexico, Colombia and other countries, neighboring territories in the Caribbean and Latin America are facing increased criminal activity.

Canadian security technology firm Smiths Detection will provide the jurisdiction with the tougher customs entry measures. According to Smiths Detection, the contract covering the service was its largest so far with the Cayman Islands Customs Department.

Cayman SEZ gets green light

Thursday, September 1st, 2011

It has been discussed that a special economic zone is to be launched by the Cayman Islands, in partnership with Cayman Enterprise City (CEC). The signing of an agreement with CEC has been announced by the government of the Cayman Islands. The newly-signed document allows the developer exclusive rights to construct, develop, operate and maintain a special economic zone (SEZ) in the Cayman islands. The agreement is aimed at attracting global science, technology, commodities and derivatives, media, and educational entities to the Cayman Islands.

McKeeva Bush, the Cayman Island’s Prime Minister said that CEC provides an opportunity for the jurisdiction to diversify its economic base. He also noted that this project requires no government investment because it will be completely privately funded. Also, the developer has not requested waivers for duties on materials or stamp duties.
While SEZs exist in a number of developed and emerging economies, the Cayman Islands’ SEZ will be the 1st in the Caribbean region.

Jason Blick, the CEO of CEC, said that the cooperation and inward investment-friendly attitude of the government of the Cayman Islands and the Civil Service have been outstanding. He noted: “They truly understand the positive effect the zone will have on Cayman, and their support has been incredible.”

The development of CEC’s 5 “parks” (Cayman Internet Park, Cayman Media Park, Cayman Biotech Park, Cayman Commodities Park, and Cayman International Academic Park) will be phased, with construction of the 1st phase expected to begin in 2012.

Currently, the Cayman government is to start establishing the legislative framework for CEC to operate.