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The crews of 10 commercial ships were saved by the Caymanians on February 8th, 1794. Rough seas caused the ships to hit a reef and get stranded.
According to legend, as payment for their generosity and since one of the ships contained a member of the King’s own family, King George III of the United Kingdom promised the Caymanians that they would never have to impose taxes again.
Whether this rumour is accurate or not, the Cayman Islands have a long history of depending on indirect taxation, which makes it one of the greatest places in the world to conduct business.
Five Good Reasons to Move Your Business to the Cayman Islands
1. Life is Great
The English-speaking Overseas British Territory of the Cayman Islands features year-round warmth, cutting-edge facilities, and tourist attractions.
The biggest of the three islands, Grand Cayman, covers an area of around 200 km2.
The tiny North Sound lagoon, which is sheltered by a reef, and the well-known Seven Mile Beach along the west of the island are some of its most notable characteristics.
1.The Caribbean region has the greatest level of life and the 14th-best GDP per capita in the world.
2.According to a recent HSBC study of expats worldwide, it is “The friendliest place on earth” to live and work.
3.Seven Mile Beach was listed as “The Caribbean’s Best Beach” by Caribbean Travel & Life.
2. The Optimal Economic Zone
Cayman is the perfect commercial jurisdiction; it is in the Eastern Standard Time zone, 3.5 hours from Toronto, and 3 hours from New York City. London, the entry point to Europe, is also reachable directly from the island.
The Cayman Islands feature some of the strictest anti-money laundering compliance standards and a regulatory climate that is friendly to business.
3. The taxing
There have never been any direct taxes imposed on citizens or businesses operating in the Cayman Islands.
1.Lack of corporation tax
2.zero capital gains tax
3.Zero sales tax
4.No payroll or income taxes
Due in part to this, the Cayman Islands are now the world’s top location for hedge funds and the sixth-largest global financial centre overall.
4. A Doorway to Top-Notch Businesses and Services
Numerous international organisations, including law, accounting, and financial organisations, are based in the Cayman Islands.
Businesses in Cayman:
1.The top 50 banks in the world have branches in 40 of them.
2.The Big Four accountancy firms
3.international legal firms like Maples & Calder
It boasts a first-rate infrastructure, first-rate educational, medical, and recreational facilities, as well as every imaginable type of entertainment and recreation.
5. Special Economic Zones
In recent years, the Cayman Islands have created “Special Economic Zones” that are tailored to exempted businesses. These zones provide an alternate licencing system as well as a range of extra benefits for organisations looking to establish a physical presence on the islands.
1. Corporate, capital gains, sales, income, and import tariffs are completely excluded.
2. Permitted 100% foreign ownership
3. Within five days, five-year renewable work and residency permits were issued.
4. Fast-track operations setup for 3–4 weeks
5. owns intellectual property abroad
6. No need to submit reports to the government
7. Strategic location with quick access to the rich markets of North and Latin America
Cayman Enterprise City is yet another rationale
In the tax-neutral Cayman Islands, Cayman Enterprise City (also known as “CEC”) is a recognised Special Economic Zone that was established for knowledge-based enterprises. It has now grown into a cutting-edge, entrepreneurial technology hub that takes advantage of the tax-exempt environment.
To establish an offshore Cayman business with a physical presence, CEC has removed the bureaucracy and financial restrictions that are often involved. International businesses may open offices and hire local workers with the help of CEC, giving them a real physical presence in the Cayman Islands and the ability to make money doing business there.