George Town, Grand Cayman, Cayman Islands (9 November 2023) – The Cayman Enterprise City (CEC) socioeconomic development project has been recognised by fDi Intelligence, a division of the Financial Times, as the best free zone in the Americas for small and medium enterprises (SMEs) and was highly commended as a top free zone in the Americas behind regional winner Coyol Free Zone in Costa Rica.
This marks the sixth consecutive year that the Cayman Islands special economic zones (SEZs) operated by CEC have been awarded by the Financial Times and the second consecutive year for CEC to earn the title as the best in the Americas for SMEs, defined as companies employing between 50 and 250 employees globally with turnover between USD $12 million and USD $55 million.
“CEC is a well-established special economic zone that serves the Cayman Islands by helping to diversify our economy, serving as a platform for innovation, and providing meaningful opportunities for Cayman’s workforce and entrepreneurs,” said Financial Services Minister André Ebanks. “Congratulations to everyone who has contributed to making Cayman home to one of the world’s top free zones.”
CEC is the most cost-effective way for global businesses to establish a genuine physical presence in the Cayman Islands. After a decade of growth, reports have illustrated that CEC has improved the competitiveness of the jurisdiction for foreign direct investment and is now home to the largest innovation ecosystem in the region, with over 325 SEZ companies in the knowledge and technology sectors.
A new initiative that caught the judges’ attention this year is CEC’s introducer programme, the fDi Intelligence report mentions. The programme offers incentives to individuals who refer new enterprises to the free zone, in the form of cash payments or special rewards that can be redeemed at CEC’s various facilities.
“While CEC is home to global businesses of all sizes and at all stages of development, we take pride in again being recognised as the leading home in the Americas for SMEs,” said Charlie Kirkconnell, Chief Executive Officer at Cayman Enterprise City. “Fostering innovation and entrepreneurship is at the heart of our success and these accolades further fuel our passion for continuing to grow our region’s leading knowledge and technology-focused ecosystem.”
“We believe that our members’ active and enthusiastic contribution to the further development of our shared community indicates a very bright future for the CEC project and the Cayman Islands,” added Kirkconnell.
CEC streamlines processes and offers a comprehensive business support programme, which includes cost-effective operations, uniquely designed work environments, as well as ongoing networking events and corporate social responsibility (CSR) opportunities for industry professionals and businesses.
For more information, visit www.caymanenterprisecity.com.