Archive for April, 2014

Cayman’s special economic zone providing new customers for local businesses

Monday, April 28th, 2014

Cayman Enterprise City, Cayman’s special economic zone, is providing a new important source of customers for small businesses in the Cayman Islands.

Initial promises made during pre-launch stage of Cayman’s Special Economic Zone are now being fulfilled as businesses across the spectrum reap the benefits. More than 100 companies have set up in the zone and local vendors, both large and small, are feeling the positive impact of new customers.

“Setting up an entire business operation from scratch in a new country can be a daunting task and the check list of things to do and items and services to purchase can be endless,” said Maria Phillip, Client Services Manager at CEC. “These range from IT equipment and services, telecommunications, recruitment, vehicles, accommodation and real estate, office furniture and supplies, office design and fit-out requirements all the way down to haircuts, babysitters and security services.”

The employees of zone companies are renting and buying property, and spending on health care, groceries, consumables, entertainment and more. Local hotels, realtors and residential landlords are already benefiting from this new client base. Local developer and landlord Stefan Baraud is seeing his business pick up. “I have had a number of units rented from both business owners and employees in the Zone,” said Baraud. “CEC has been a remarkable venture that has created new opportunities for developers, landlords and the like.”

Cayman Enterprise City enables entrepreneurs and established businesses to set up a physical operation in Cayman with offices and staff on the ground, to take advantage of Cayman’s tax-neutral status along with a raft of special zone concessions granted by Government. The zone’s Client Relocation Team is currently working with more than 120 local vendors and service providers to facilitate the process, and while some of them are large firms, there are many small businesses that are also benefiting from CEC’s impact.