Author: Ben Meade | Date: 22 October 2018
Cayman Enterprise City (CEC) has been recognised as 2018’s most promising free zone in the Americas for small and medium-sized (SME) investors. In the annual search for the world’s best free zones, the jury from fDi Magazine, part of the UK’s Financial Times group, awarded CEC in two categories: one with commendation for ‘Workforce Training & Development’ and the another for ‘SME Winner: Americas’.
“This year saw some incredibly strong entries in each of the categories of the fDi’s Global Free Zone Awards. We are honoured that the CEC project has been identified as the most promising SME free zone in the Americas and has been recognised for our efforts to support the next generation to pursue innovative technology jobs of the future – jobs that are increasingly becoming available within Cayman’s special economic zones,” said CEO Charlie Kirkconnell.
“These internationally recognised awards are a testament to the success of CEC as well as the strength of the jurisdiction.”
In total, 79 entries were received from across the globe and the judging panel selected winners based on performance over the past year including elements such as percentage increase in tenants, strong growth, facilities, and implementation of new incentives giving the free zones a competitive edge.
With a dedicated government authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn allows them to generate active business income within a tax neutral environment. To date the CEC development project has contributed an estimated US $155.16 million to Cayman’s economy ($113.01 million in direct spending and $42.15 million indirectly). Last year alone, CEC contributed an estimated US $41.56 million. The 2017 figures reflect a 9.4% increase over 2016’s $37.6 million. In April 2018, a $39 million-dollar plan for the first phase of a new 53-acre campus was approved by the Central Planning Authority and in September 2018, CEC welcomed their 250th company to set up a physical presence in the Cayman Islands.