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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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Business

11 Things Leaders Should Never Say to Teams

Here are 11 common phrases that managers should avoid saying to their teams, and what they should replace them with to get a better result.

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Being a leader comes with great responsibility.

Not only are you accountable for the success of your division or organization, but your team is also constantly reliant on you for feedback, coaching, and guiding personal development.

While juggling these priorities, it’s not always easy for a manager to know the exact right thing to say to employees on the team. To further complicate matters, we all have bad management habits that have compounded over time, and they can be difficult to shed.

Building a New Lexicon

Today’s infographic comes to us from Headway Capital, and it highlights 11 things that leaders should never say to their teams.

More importantly, it breaks down the negative implications of each instance, while also providing suggestions on how we can evolve our managerial skills to ensure that we are approaching each situation far more proactively.

11 Things Managers Should Never Say to Their Team

Life as a leader is busy, and it has many competing priorities.

However, to grow the type of company culture that pays long-term dividends, it’s worth it to try and better develop the way you give feedback to team members.

Typical Mistakes

Using the list of items in the infographic, we can generally categorize these mistakes in a few distinct categories.

1. Gut Reactions

The quick dismissal of someone’s effort (“That’s not important”) or the temptation to play the busy card (“I don’t have time to talk right now”) can send the message that an employee’s time or thoughts are not valued.

Instead, small adjustments can be made to encourage better outcomes. For example, you could make it clear that while you may be busy in the moment, that a time can be scheduled at a later date to discuss the issue in detail.

2. Business Truisms

Likewise, spouting overused, quasi-motivational business phrases (“Failure is not an option”) or using dictative language (“We’ve already tried that before”) can stifle innovation at a company.

It’s better to instead ask questions, such as “What is our backup plan if this idea doesn’t work?” or “What other options do you see?”, to expand the range of opportunities that can be pursued.

3. Generic Feedback

Finally, although phrases like “Keep doing what you’re doing” or “Nice job today” seem to be positive and engaging, they actually are ineffective from a development perspective.

Employees need specific feedback to grow, so all that has to happen here is to mention a specific task or project along with the feedback. Team members can then internalize precisely what made a project or task a success, and apply it to other areas in the workplace.

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Entrepreneurship

The 150 Apps that Power the Gig Economy

You’re likely familiar with companies like Uber, Airbnb, and Craigslist, but here are 100+ other apps that help make the gig economy possible.

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Here are 150 Apps that Power the Gig Economy

Go back in time a decade, and you’d have a tough time convincing anyone that they would be “employed” through an app on their phone.

And yet, in a short period of time, the emergence of the smartphone has enabled the gig economy to flourish into a multi-trillion dollar global market. And by leveraging apps like Uber, Airbnb, and Etsy, it’s estimated that 57 million people in the U.S. now participate in the gig economy each year in some shape or form.

What apps do these people use to turn their time, skills, hobbies, or assets (cars, home, parking spaces, etc.) into additional income streams?

App Examples

Today’s infographic comes to us from TitleMax, and it lists 150 different apps that are used within the gig economy – including many that pay gig workers directly.

Here are just some of the apps that are used in some of the major categories above:

Ridesharing
Uber and Lyft are what many think of when they hear about the gig economy. However, there are now dozens of rideshare apps out there to fill different niches – for example, Wingz offers flat-fee rides to the airport, while Curb connects riders with professional taxi drivers.

Errands
TaskRabbit, which was bought by IKEA, turns errands such as assembling furniture or cleaning a gutter into payable gigs. Meanwhile, apps like Dolly and Bellhops will connect you with movers, and LawnLove is for lawn care.

Art, Design, and Crafting
Etsy, a marketplace for handmade goods, is one the of the best known brands in this category. However, there are many other niche options here as well – for example, UncommonGoods specializes in unique gifts, while Society6 focuses on gallery quality art prints.

Writing and Editing
Lulu and Kindle Direct allow you to publish eBooks online and sell them, while proofreaders and editors can get paid for their copy editing services through Gramlee.

Delivery
Fast and efficient delivery services are a centerpiece to the gig economy, and there are no shortage of options here. DoorDash, UberEats, Caviar, and GrubHub allow users to get food delivered to their doors, while apps like Instacart focus on grocery delivery.

Multimedia
We all know that you can create videos and monetize them on places like YouTube or Twitch, but did you know you can be a voice actor through services like VoiceBunny? You can also sell rights to your photos via Foap, or do freelancing work through Upwork or Fiverr.

Whether you are tapping into the gig economy for an extra income stream or you are incorporating gig economy services into your life for added convenience, there is no shortage of options to choose from.

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