Special Economic Zones (Cayman Enterprise City) Order (2020 Revision)

Summary

This Order, made under the Special Economic Zones Law, formally establishes Cayman Enterprise City as a special economic zone, names Cayman Enterprise City Limited as its developer, and sets out the categories of business that may operate there under a trade certificate. This is the 2020 consolidated revision, incorporating amendments made between 2012 and 2019.

• Zone declaration: Schedule 1 lists specific parcels of land and buildings (including Breezy Castle, BritCay House, the Flagship Building, Brac Informatics Centre racks, and Strathvale House) declared as temporary spaces forming Cayman Enterprise City.
• Authorised business parks: Schedule 2 authorises businesses within named parks: Cayman Internet Park (IT, telecoms, software, data hosting), Cayman Science and Technology Park (biotech, pharma, environmental technology), Cayman Media Park (electronic and integrated media), Cayman Commodities and Derivatives Park, Cayman Outsource Park (restricted to the developer, its subsidiaries or formal partners), Cayman International Academic Park (higher education, requires Government written agreement), and Cayman Maritime and Aviation Services Park.
• CIMA licensee restriction: Entities licensed by CIMA cannot obtain a trade certificate to carry out their CIMA-licensed activities within the zone, but may operate a different, authorised business type there if it is their sole zone activity, and may establish a branch of their main business in the zone to service zone businesses and the public.
• Commodities exchange condition: No entity may be licensed to operate an electronic marketplace for commodities and derivatives in the Commodities and Derivatives Park until a suitable regulatory framework is approved by CIMA and the necessary legislation is in force.

The document is primarily a legislative instrument defining the zone's boundaries, its developer, and permitted business activities rather than imposing ongoing compliance obligations on regulated financial entities generally; its main practical relevance for CIMA licensees is the restriction on relocating CIMA-regulated activity into the zone.

Key obligations

• Entities holding CIMA licences must not obtain a trade certificate to carry out, within Cayman Enterprise City, the operations for which they are licensed by CIMA.
• A CIMA licensee wishing to operate an authorised business type in the zone must be able to establish that it is operating solely that business type in the zone.
• No entity may be licensed to operate, or undertake business activity at, an electronic marketplace for commodities and derivatives in the zone until CIMA has approved a suitable regulatory framework and the necessary legislation is in force.
• Businesses in the Cayman International Academic Park may not be licensed or commence operation until written agreement is provided by the Government.
• The Cayman Outsource Park may only be used by the developer, its subsidiaries, or businesses in formal partnership with the developer, servicing only zone-based businesses.

Applies to

special economic zone enterprises, developer (Cayman Enterprise City Limited), entities holding CIMA licences, businesses in Cayman Internet Park, Cayman Science and Technology Park, Cayman Media Park, Cayman Commodities and Derivatives Park, Cayman Outsource Park, Cayman International Academic Park, and Cayman Maritime and Aviation Services Park

Deadlines

• 30th April, 2020: Expiry of the temporary space designations for Breezy Castle, BritCay House, the Flagship Building, and the two Brac Informatics Centre rack spaces (Schedule 1, items 1-5).
• 30th April, 2023: Expiry of the temporary space designation for Strathvale House (Schedule 1, item 6).
• five years from the date of commencement of this Order: Expiry of the declaration of temporary spaces for the special economic zone under paragraph 2(2), unless extended by Cabinet on the Authority's recommendation.