In 24 short months 105 companies have set up in the zone; CEC is set for further rapid grow in 2014

George Town, Grand Cayman, Cayman Islands – Cayman Enterprise City (CEC), the Cayman Islands’ Special Economic Zone, is celebrating two years in business and targeting new markets in 2014 to continue growth and expansion. More than 105 companies − startups and mid-sized enterprises seeking international offices have been attracted to set up in the Cayman Islands because of the SEZ.

“After much incredibly hard work and commitment from our team, 2013 turned into a very good year as we are successfully spreading the word overseas that CEC is an ideal base for conducting international business,” says CEO Charlie Kirkconnell. “We are pleased with the recognition CEC has received locally and internationally in connection with our special economic zone project and are thankful for the tremendous support from Government, the business community and residents of Cayman. The positive feedback and support from the community has been very encouraging.”

Cayman Enterprise City recently won the prestigious Caribbean Export Development Agency and the Caribbean Association of Investment Promotion Agencies (CAIPA) Regional Investors of the Year Contest in the Special Award category. The award recognizes an investment project that positively impacts a local economy including the labor market by creating jobs. CEC entered the competition at the invitation of the Government, which recognized early that the establishment of an SEZ focused on knowledge-based industries would promote direct foreign investment, boost Cayman’s economy and create knowledge transfer.

The zone is designed to attract companies in new industries that have not previously been attracted to Cayman; Internet and technology, media, commodities and derivatives, biotechnology, and academia, by providing a technology cluster where companies can enjoy cross-marketing opportunities and collaboration from a tax-neutral base.

It’s not just the international companies coming into CEC that are benefiting from the establishment of the zone – CEC is stimulating Cayman’s economy and creating new opportunities for locals.  As well as the incremental revenues being generated by government, the multiplier-effect has already begun with zone companies and their staff spending in the local economy on homes, vehicles, office furniture and business equipment and all their consumable needs.

Kirkconnell says Cayman Enterprise City is primed for major growth as more and more international companies seek to structure more efficiently, CEC is meeting a genuine need. With its business development team of corporate relocation specialists and vast network of international channel partners, CEC has established successful programs marketing to the technology industry in North America and is now targeting markets in Europe and Asia. The majority of the businesses currently in the zone are tech companies, and in 2014 the business development team will additionally focus on commodities companies, starting with Canada, known for its mining industry.

As well as bringing 105 companies to Cayman, CEC’s accomplishments during it short 24 months in business include opening 4 gateway zone buildings to temporarily house zone companies, providing referral business to over 100 local companies who are vendors and services providers to CEC and zone companies.

At the end of 2013 CEC launched www.ZoneJobs.ky a free jobs portal to give locals access to the jobs that are starting to be created within the zone and as a father of two, Kirkconnell says he is particularly enthused about CEC’s Enterprise Cayman initiative which is a partnership with the Cayman Islands Government developed to connect Caymanians with opportunities within the zone.

Kirkconnell has this to say: We are investing in Cayman’s youth and sponsoring meaningful STEM (Science Technology Engineering and Math) initiatives with a view to encouraging greater interest in these subjects from a young age. We are committed to training and further education that will enhance their STEM education and are aiming to target scholarships, create more internship and entrepreneurial opportunities and facilitate the creation of a new generation of highly skilled Caymanian technicians, innovators and entrepreneurs. We are currently developing a new website so we can start to more widely communicate our Enterprise Cayman initiatives to the youth of Cayman and encourage them to get involved and take advantage of the opportunities.

The CEO is confident that Cayman Enterprise City is set for a very successful year as the zone continues to expand.

“Client satisfaction is high, with many already starting to expand their footprint within the zone. These companies simply wouldn’t have come to Cayman without the zone. Jobs have been created and the multiplier effect of a growing population is already significantly impacting the local economy. In 2014 we aim to attract another 120-150 businesses and build a vibrant, creative community here in the Cayman Islands,” he said.

About Cayman Enterprise City

Cayman Enterprise City is a Special Economic Zone in the Cayman Islands focused on knowledge- based industries, technology companies and specialized services businesses. With a dedicated Government Authority and guaranteed fast-track processes, International companies can quickly and efficiently establish a genuine physical presence in Cayman. Businesses can take advantage of Cayman’s jurisdictional benefits which include zero corporate tax, zero income tax and zero capital gains tax, along with a raft of special zone concessions and incentives. These concessions were designed to attract international companies from five specific high-tech sectors; internet and technology, media and new-media ventures, biotechnology, commodities and derivatives, and academia.

For more information call +1-345-945-3722, e-mail [email protected] or visit www.caymanenterprisecity.com