Above: a rendering of the future home of Cayman Enterprise City
By the Caribbean Journal staff
The Cayman Enterprise City special economic zone in Grand Cayman has signed its 100th company, CEC announced this week.
The knowledge-based economic zone has been focused on attracting media, technology, biotech and other similar companies, highlighting a range of special economic concessions granted by the government.
The concessions include 100 percent exemptions from corporate tax, capital gains tax, sales tax, income tax, among others.
“We began 2013 with 29 companies on board and as of early January, we have brought 100 new companies with employees to Grand Cayman,” said Cayman Enterprise City CEO Charlie Kirkconnell.
The company said there are plans to break ground for a permanent zone campus in an as-yet-undisclosed location early this year, with the potential for 750,000 to 1 million square feet of Class A office space and business facilities.
For now, zone-designated buildings are being occupied by companies moving to Cayman, including the CEC City Centre building in George Town.
“The new campus will be built as quickly as our client pipeline demands,” Kirkconnell said. “We estimate that once construction is completed, the new project will have injected approximately C$300 million into the local economy.”