Established in 2011, Cayman Enterprise City (CEC) has attracted hundreds of companies from over 20 countries. CEC members are stepping up to create a new energy and sense of community around Cayman’s digital economy.
What is a Special Economic Zone Company (SEZC)?
Each company registered in Cayman Enterprise City’s special economic zones is required to include this designation, as in for example “ABC Trading SEZC”. The letters ‘SEZC’ in your company’s name designate it as a ‘Special Economic Zone Company’.
The SEZC designation confirms that your company has met the stringent licensing and due diligence screening requirements of The Special Economic Zones Act, maintains a genuine physical presence in the Cayman Islands within CEC’s award winning, globally recognised special economic zones, and is subject to ongoing regulatory oversight by The Cayman Islands’ Government’s Special Economic Zone Authority (SEZA), which regulates all special economic zones in the Cayman Islands.
What are the advantages for businesses setting up in the Cayman Enterprise City (CEC) special economic zones?
No corporate, income, sales or capital gains tax
100% foreign company ownership permitted
A 4-6 week fast-track business licencing regime
Renewable 5-year work/residency visas granted in 5 days
Cutting-edge IT and business infrastructure
Offshore hosting and payment gateways
The ability to protect intellectual property offshore
An appropriately regulated business environment
A dynamic tech cluster with access to cross-marketing and growth opportunities
A skilled labour force and easy recruitment procedures
Professional relocation services and turn-key solutions
Thoughtfully designed work environments
Easy access & direct flights to the U.S., Canada, & London
A catalyst for rapid international growth
Warm, sunny climate year-round
A fantastic high-quality island lifestyle
What does SEZC mean?
Each company registered in Cayman Enterprise City’s special economic zones is required to include this designation, as in for example “ABC Trading SEZC”. The letters ‘SEZC’ in your company’s name designate it as a ‘Special Economic Zone Company’.
Do I need a physical presence in Cayman or can I have a virtual company?
To set up within Cayman’s special economic zones and take advantage of the available tax benefits and unique zone concessions, a company is required to maintain a physical presence and operate as a going concern in its designated industry. Further, where the company’s business activities in Cayman are within the scope of Cayman’s International Tax Co-operation (Economic Substance) Law, the company will also need to satisfy an economic substance test.
How does a company establish an offshore business presence with CEC?
The first step is to speak with us at Bell Rock. Your company’s business activities must align with the licensing parameters of CEC's special economic zones.
The second step is to determine the initial footprint you wish to establish which includes the number of individuals you would like to place in your Cayman office and your office space requirements.
The third step is to sign a Licence Agreement with CEC and send the initial deposit to commence the application process.
Once your In Principal Approval is granted for your Trade Certificate, that is the green light for Bell Rock to set up your Special Economic Zone Company and provide CEC with certified copies of all corporate documents, which we give to SEZA. Your Trade Certificate is then provided.
Generally, the entire process takes 4-6 weeks based on how quickly you can complete the paperwork and compile required documents. All of this can be done remotely from anywhere in the world and you do not have to be in Cayman to apply!
How long does it take to form a SEZC?
This can be done in as little as 24 hours by Bell Rock.
Does my company qualify for the Zone?
Certain business activities within the following industries below qualify for CEC's special economic zones.
Internet & technology, including green and environmental tech
Biotechnology and life sciences
Media, marketing, film, broadcasting and telecommunications
Commodities & derivatives including trading and investment management
Maritime & Aviation Services
How can Bell Rock assist with your SEZC?
As a licensed and regulated company manager we can assist with the formation of your SEZC, provide annual registered office and corporate services to ensure filings are made on time. We can also assist with applying for any applicable licenses required for the business with the regulator, as well as other support services such as professional independent directors, economic substance and compliance.
Feel free to contact us with any questions: info@bellrockgroup.com