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Why the Cayman Islands Are Better For Business

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Why the Cayman Islands Are Better For Business

Why the Cayman Islands Are Better For Business

Presented by Cayman Enterprise City

On February 8, 1794, the people of the Cayman Islands rescued the crews of a group of ten merchant ships. The ships had struck a reef and run aground during rough seas.

Legend has it that King George III of the United Kingdom rewarded the Caymanians with a promise never to introduce taxes as compensation for their generosity, as one of the ships carried a member of the King’s own family.

Whether this legend is true or not, the Cayman Islands have a rich history of relying on indirect taxes, making it one of the best places to do business in the world.

5 Reasons It’s Worth Relocating a Company to the Caymans

1. Life is Grand

The Cayman Islands are an English-speaking Overseas British Territory with year-round warmth and state-of-the-art infrastructure and attractions.

Grand Cayman, the largest of the three islands, has an area of about 200 km².

Its most striking features include: the shallow, reef-protected lagoon called the North Sound, as well as the famous Seven Mile Beach along the west of the island.

  • GDP per capita: 14th in the world – The highest standard of living in the Caribbean.
  • Ranked ‘The friendliest place on earth to live and work’ in a recent HSBC expat global survey.
  • Ranked: “The Caribbean’s Best Beach” – Seven Mile Beach by Caribbean Travel & Life

2. The Ideal Business Jurisdiction

Located in the Eastern Standard Timezone and 3.5 hrs from Toronto and 3 hrs from New York City, Cayman is the ideal business jurisdiction. The island also has direct flights to London, the gateway to Europe.

The Cayman Islands have the some of the highest anti-money laundering compliance requirements and offers a pro-business regulatory environment.

3. Taxation

The Caymans have a long history of having no direct taxes on residents and Cayman Island companies.

  • No corporate tax
  • No capital gains tax
  • No sales tax
  • No income or payroll tax

This has partly allowed the Caymans to become the sixth largest global financial centre and the #1 home to hedge funds in the world.

4. A Gateway to World-Class Companies and Services

The Cayman Islands is home to many global institutions including banking, accounting, and law firms.
Companies in the Cayman:

  • 40 of 50 of the world’s top banks have branches
  • The Big 4 accounting institutions
  • Global law offices such as Maples & Calder

It has a world-class infrastructure, excellent schools, colleges and medical facilities, plus every conceivable form of entertainment, sporting, dining and leisure facility.

5. Special Economic Zones

The Cayman Islands have recently introduced “Special Economic Zones” that specifically cater to exempted companies, creating an alternative licensing regime, as well as a number of additional incentives for entities wishing to establish a physical presence in the Islands.

  • 100% exempt from corporate, capital gains, sales, income tax and import duties
  • 100% foreign ownership permitted
  • Five year renewable work/residence visas granted within 5 days
  • 3-4 week fast-track set-up of operations
  • Intellectual Property owned offshore
  • No government reporting requirements
  • Strategic base with easy access to lucrative North and Latin American markets

One More Reason: Cayman Enterprise City

Cayman Enterprise City (“CEC”) is an award-winning Special Economic Zone located in the tax-neutral Cayman Islands, created for knowledge-based industries and has developed into an innovative, entrepreneurial technology hub benefiting from a tax-exempt environment.

CEC has stripped away the red-tape and financial constraints normally associated with setting up an offshore Cayman company with a physical presence. CEC enables international companies to easily and cost-effectively set up offices with staff on the ground and have a genuine offshore physical presence and generate active business income in the Cayman Islands.

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Maps

The Incredible Historical Map That Changed Cartography

Check out the Fra Mauro Mappa Mundi (c. 1450s), a historical map that formed a bridge between medieval and renaissance worldviews.

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Historical map of the world depicted as a circular planisphere of the world crafted in the 1450s in Venice, Italy by Fra Mauro.

The Incredible Historical Map That Changed Cartography

This map is the latest in our Vintage Viz series, which presents historical visualizations along with the context needed to understand them.

In a one-paragraph story called On Exactitude in Science (Del Rigor en la Ciencia), Jorge Luis Borges imagined an empire where cartography had reached such an exact science that only a map on the same scale of the empire would suffice.

The Fra Mauro Mappa Mundi (c. 1450s), named for the lay Camaldolite monk and cartographer whose Venetian workshop created it, is not nearly as large, at a paltry 77 inches in diameter (196 cm). But its impact and significance as a bridge between Middle Age and Renaissance thought certainly rivaled Borges’ imagined map.

One of ‘the Wonders of Venice’

Venice was the undisputed commercial power in the Mediterranean, whose trade routes connected east and west, stretching to Flanders, London, Algeria, and beyond.

This network was protected by fleets of warships built at the famous Arsenale di Venezia, the largest production facility in the West, whose workforce of thousands of arsenalotti built ships on an assembly line, centuries before Henry Ford.

A stone Lion of Saint Mark from the pediment of the Arsenale di Venezia, holding a closed book in its in paws.

The lion of St Mark guards the land gate to the Arsenale di Venezia, except instead of the usual open bible in its hands offering peace, this book is closed, reflecting its martial purpose. Source: Wikipedia

The Mappa Mundi (literally “map of the world”) was considered one of the wonders of Venice with a reputation that reached the Holy Land. It is a circular planisphere drawn on four sheets of parchment, mounted onto three poplar panels and reinforced by vertical battens.

The map is painted in rich reds, golds, and blues; this last pigment was obtained from rare lapis lazuli, imported from mines in Afghanistan. At its corners are four spheres showing the celestial and sublunar worlds, the four elements (earth, air, fire, and water), and an illumination of the Garden of Eden by Leonardo Bellini (active 1443-1490).

Japan (on the left edge, called the Isola de Cimpagu) appears here for the first time in a Western map. And contradicting Ptolemaic tradition, it also shows that it was possible to circumnavigate Africa, presaging the first European journey around the Cape of Good Hope by the Portuguese explorer Bartolomeu Dias in 1488.

NASA called the historical map “stunning” in its accuracy.

A Historical Map Between Two Worlds

Medieval maps, like the Hereford Mappa Mundi (c. 1300), were usually oriented with east at the top, because that’s where the Garden of Eden was thought to be. Fra Mauro, however, chose to orient his to the south, perhaps following Muslim geographers such as Muhammad ibn Muhammad al-Idrisi.

Significantly, the Garden of Eden is placed outside of geographic space and Jerusalem is no longer at the center, though it is still marked by a windrose. The nearly 3,000 place names and descriptions are written in the Venetian vernacular, rather than Latin.

At the same time, as much as Fra Mauro’s map is a departure from the past, it also retains traces of a medieval Christian worldview. For example, included on the map are the Kingdom of the Magi, the Kingdom of Prester John, and the Tomb of Adam.

T and O style mappa mundi

Isidore of Seville, Etymologiae (c. 600–625). Source: Wikipedia

The circular planisphere also follows the medieval T-O schema, first described by Isidore of Seville, with Asia occupying the top half of the circle, and Europe and Africa each occupying the bottom two quarters (Fra Mauro turns the ‘T’ on its side, to reflect a southern orientation). Around the circle, are many islands, beyond which is the “dark sea” where only shipwreck and misfortune await.

Fra Mauro’s Legacy

Fra Mauro died some time before 20 October 1459, and unfortunately his contributions fell into obscurity soon thereafter; until 1748, it was believed that the Mappa Mundi was a copy of a lost map by Marco Polo.

In 1811, the original was moved from Fra Mauro’s monastery of San Michele to the Biblioteca Nazionale Marciana, following the suppression of religious orders in the Napoleonic era, where it can be viewed today.

Two digital editions have also been produced by the Museo Galileo and the Engineering Historical Memory project, where readers can get a glimpse into a fascinating piece of cartographic history.

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