Mike Saycon From cei2008

Starting up a business can be a very daunting experience if you do not have the competent knowledge and the methods of what should come first as a priority. Even if you do manage to find simple solutions on how to start your business you will be faced by a multitude of compulsory obligations to comply with all that is needed in terms of paperwork and the needed time and effort to get your business started. Of course we are talking about setting up a business in a local setting. But what if by some chance that you decided upon setting op a business away from your locality or even in another county?

If setting up a business can be as task consuming as it already is, what more if you had to start a business over seas? According to Ken Dart, owner of Dart Realty Cayman, a residential and commercial property developer that is based in the Cayman Islands, recounted the time when their business first started out in the island nation, almost 25 years ago. Ken Dart said it was essential to know all the distinct details of how a business should start in a foreign country such as this. Knowing the proper policies that govern business standards and regulations is the first important step before a business can begin here.

Deciding on the proper organizational structure whether that be sole proprietorship or partnership can be a guiding basis on how to properly declare to the local government your business interests in the Cayman Islands. It should be noted that the Cayman Islands is one of the few places in the world that is exempted from any obligatory taxes that involve companies in declaring their assets and liabilities. Here are a few basic pointers in how to start investing and eventually set up a business endeavor in the Cayman Islands.

Obtaining a Trade and Business License:

If you are a foreign investor that wants to set up a business in the Cayman Islands, it is standard regulation to acquire a trade and business license if the company that you are setting up does not involve any partnership with any incorporated local business shareholders. As it is applicable to almost every part of the world, as foreign investors are required to incorporate partners that constitute a 60% partnership with local shareholders. A definition of the nature of business that will be established will mean having the need for it to be inspected, in the case of a restaurant business, the submission of the floor plans which include electrical, plumbing and other sorts of structural renovations are needed prior from approval.

Immigration Work Permits for Foreign Employees:

If you plan to bring in employees from outside of the jurisdiction of the Cayman Islands, it is suggested that you apply for the proper working permits to ensure the legality of your employees status during their time of working for your business. If in the case that you will not be able to find a local Caymanian to address the skills needed in your job requirements, the board of immigration will evaluate and review your request for applying for the proper working permits that will enable you to take in outside workers.

License to Operate on the Registered Business Address:

It should be noted that there are only two categories of establishments that are classified accordingly in regards to the policies of the Cayman Islands government, office spaces and retail spaces. Residential establishments can not be legally registered as a place in where you could start up your business unless you are the owner of the property or should ask permission from the owners themselves and only by then that the government will approve it. The trade and licensing board does not recommend the use of residential establishments as a point to do business activities.

Applying for the Basic Amenities Such as Electricity and Communications:

The Grand Cayman Islands has a very excellent and stable source of the basic amenities such as electricity and communications. Communication facilities that provide phone lines, cellular mobile services and Internet are of European standards. Electricity is also stable and there are no frequent occurrences of power outages except on occasions of bad and stormy weather. Basic utilities cost are very reasonable and affordable as well.

For more on this story go to:

http://www.cei2008.ca/how-to-start-a-business-in-the-cayman-islands/