Initial Coin/Token Offerings ("ICOs") are becoming an increasingly popular means of fundraising for new projects and utilise blockchain technology to do so. Over the past 9 months, we have seen a significant surge in interest in these projects with the Cayman Islands becoming the jurisdiction of choice for launching ICOs and other blockchain technology projects.
For a number of reasons, we are also experiencing a need for these ICOs and blockchain technology projects to have a real, physical presence here in the Cayman Islands. In those circumstances, we have been referring our clients to the Special Economic Zone operated by Cayman Enterprise City.
Below we have answered the two most commonly asked questions in this regard.
Why choose the Cayman Islands for my ICO/blockchain technology project?
With so much uncertainty in the world, it's reassuring to know there is a place where media and technology companies and start-ups from across the globe can enjoy a safe, secure and appropriately regulated environment to develop and grow their businesses. The politically and economically stable Cayman Islands is the ideal jurisdiction for product development, business growth and asset protection. This tax-neutral British Overseas Territory is a Leading International Financial Centre and the hedge fund capital of the world. It provides the strength of British Law and IP protection, and is strategically Located just one hour from Miami and three hours from New York City, and has multiple direct flights to major US cities and London.
The spirit of entrepreneurship prevails here. Cayman's pro-business Government believes in a symbiotic relationship with business, and has ensured the environment is right for you to succeed, by not penalizing success with excessive taxation and over-regulation. They have put in place very appealing concessions, through a Special Economic Zone (SEZ) that makes it cost-effective and time-efficient to set up and operate your international business from here. The jurisdiction is well-managed and has attracted major financial institutions, leading law firms and accounting firms and there's a sophisticated business and IT infrastructure to support your business. Cayman offers a very high standard of living, has excellent schools and medical facilities and there is every kind of dining, sporting and leisure activity you could imagine.
Why Cayman Tech City?
Cayman Tech City, part of the Cayman Enterprise City Special Economic Zone, provides a time-efficient and cost-effective solution for media and technology development businesses seeking to establish a physical presence in the Cayman Islands. There are currently 125+ such businesses operating from within Cayman Tech City, 25 of which are involved in FinTech development activities utilizing innovative blockchain technology (including ICOs).
Once your Cayman Islands company has been incorporated by Stuarts, Cayman Tech City will guide you through the licensing process, including by assisting with (1) your business license application, (2) your work visa applications and (3) the set-up of your physical office. Companies set up in the SEZ have access to the following benefits/concessions granted by the Cayman Islands Government:
- The time-efficient business licensing regime enables you to be set up and legally operational in your staffed Cayman office within 4-6 weeks No H1-B visa problems - Renewable 5-year work/residency visas for staff from any country in the world, processed in 5 days
- A cost-effective platform for rapid business growth
- Access to our coveted business network of Cayman contacts
- Access to our concierge relocation services Part of a tech cluster with massive cross-marketing opportunities
- Access to 2 Tier-3 offshore data centres and cutting-edge fibre connectivity
- Access to our jobs portal and recruitment services
- Access to exclusive community networking, educational and social events
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.