CEC says tech zone campus still on agenda
Cayman Enterprise City at the Flagship Building
(CNS): Almost eight years after the idea for Cayman’s first special economic zone was conceived, the development of a physical campus has still not materialised. Nevertheless, as a result of an agreement with government to waive work permit fees and other taxes usually due to the public purse when overseas investors set up shop here, Cayman Enterprise City has been able to attract its 250th company in leased accommodation around Grand Cayman. In a press release about the success of the zone, officials said they still plan to build the campus, which received planning permission in April, with groundbreaking scheduled “for later this year”.
Almost since the get-go, officials have indicated plans to get the physical campus under development within that particular twelve-month period but the project is still using rented space under the specialist legislation created in 2012. In the absence of a physical development, the management team leases and then sublets accommodation to new businesses under a full package of benefits, including the work permit fee and tax breaks, which are not available to companies not under the zone. CEC has since adopted the Flagship building in downtown George Town as its main premises.
CEC said that since the zone was created it has contributed an estimated US$155 million to Cayman’s economy — $113 million in direct spending and $42 million indirectly, with $41 million of that generated last year. The company has used the favourable terms it secured under the government deal to attract knowledge and technology-based businesses to set up a physical presence in the Cayman Islands and recently reached the “significant milestone” of signing a rental deal for its 250th firm.
“For the past six years we have worked tirelessly to promote CEC and the Cayman Islands as an ideal base to conduct international business as well as support businesses who have established SEZ companies so that they can focus on growth and innovation,” said CEO Charlie Kirkconnell. “CEC’s success is good news for Cayman. The large number of knowledge-based entrepreneurs who have established a genuine physical presence are bringing much sought-after diversity to Cayman’s economy.”
In recent months, CEC has been attracting fintech and blockchain development companies and CEC predicts that within five years there will be over 500 businesses in Cayman’s special economic zones, with roughly 60% of those operating from within Cayman Tech City.
Officials also said that CEC has been working with government to connect Caymanians with opportunities inside the various tech zones that comprise the project. Each summer young Caymanians participate in the internship programme, connecting students and graduates with industry professionals. This summer CEC assisted in the expansion of the University College of the Cayman Islands (UCCI) STEM Summer Camp.
“From the onset, one of the primary objectives of the CEC development project has been to help create new job opportunities for Caymanians,” said Kirkconnell. “CEC’s growth means an increasing number of new creative job opportunities that many young Caymanians have had to previously leave Cayman to pursue.”
Category: Local News
If the CEC concept is so good for government, Caymanians and Caymsn, then why not make the CEC subsidies apply to all businesses.
Charlie it would be nice to have your numbers mentioned by an indepedant audit firm. I took a walk in one of your leased premises and saw in most of the office space they were no more than a one man show. Not much furniture, not much tech equipment and the parking lot was full second Japanese vehicles. How does this project contribute to the island? Better if you had gave Caymanian businesses owners the break on permit fees and on rent, etc….
They’ve signed their 250th business but how many of them have left? What is their current number today? How many leases have expired since they started?
The whole thing is a work permit ducking scam!
Well it is one way to lease some of that grade b empty office space downtown, so those folks are happy. All of the tenants are sketchy, it’s all internet gold and bitcoin sales, dubious medical devices, telemarketers and other businesses who need a regulation-free environment.
No
I, voting citizen, want a significant amount of CIG realised profits set aside in an interest-bearing account earmark for — and ONLY for — a future trade school here in the Cayman Islands. You want my vote future MLA? This had better be on your platform as top of your agenda.
…..and THAT is how we truly invest in our future, and our children’s children’s future.
The 250th company…employing how many permit and oversight-exempt “entrepreneurs”, creating how many full-time Caymanian positions?
They must be waiting for Ironwood to finish first
Poor decision and waiver issue. We get ripped off front, back and Centre. Bigggg joke.
Can government verify the numbers and impact of CEC?
Yes they can, they can use the same “profitability” that they use for Cayman Airways.
Either way, it is incremental business for Cayman that would largely not otherwise have been here. Dont see the downside.
Absolutely not!
lies make baby jesus cry
there is only one question here:
why didn’t cig link concessions to actual construction progress on the ‘campus’?
because that would have been the sensible thing to do
All smoke and mirrors, they have created a ring-fenced non-regulated area with no oversight. Amazing how owners of an SEZC can be arrested for securities fraud with no impact on operations or comment from CIMA. Just another hit to Cayman’s global reputation. Meanwhile the rest of us operating in Cayman are subject to an alphabet soup of regulations. Just another special interest.
forget the sales waffle this has made about as much difference as the health city….
haha…yep soon-come…zzzzzzzzzz
the virtual scam city will live forever….
Why waive work permit fees for a real estate deal? CEC is nothing more than rented office space. It has not become what was promised and few Caymanians work in these companies.
Multi-million dollar investment for our x-box professionals techies, just stupid. Another attempt to circumnavigate around bringing in tech professionals to instead educate stupid.
Wow 250 business renting space. Funny, only see a handful of positions available on the website. Most people who I have met work for CEC and only met a few people who work for a company within the CEC. Huh.