Changes to Cayman Islands Immigration Law that would exempt proposed special economic zones from various requirements under the legislation are expected to come before the Legislative Assembly as early as this month.
A bill recently approved by the LA creates ‘zone trade certificates’, which allow companies to operate with the special economic zone in lieu of adherence to the Local Companies (Control) Law and local businesses licensing procedures.
The zone stipulates companies operating there can only do business overseas and not locally. The zone proposed by lawmakers has been dubbed ‘Cayman Enterprise City’.
Late last month, Enterprise City CEO Jason Blick said zone officials were in talks with 20 companies identified by Fortune magazine as ‘Fortune 50’ companies; among the world’s wealthiest.
Construction of the planned 500,000 square-foot Enterprise City would be done in phases during the next nine years, according to the most recent proposals.
To assist in luring certain companies in, certain concessions were made on import duty tariffs and those operating within the special economic zone will also be exempted from certain aspects on the country’s Immigration Law.
Those areas of proposed exemption include, according to a copy of the Immigration (Amendment) (No. 4) Bill, 2011, the removal of advertising requirements for jobs and of training requirements for Caymanians. Provisions for special economic zone companies to have a business staffing plan, as is required under Immigration Law for any company that employs 15 or more work permit holders, would be made not applicable to those companies.
There are certain sections of the Immigration Law that require the various immigration-related boards or the chief immigration officer to consider aspects of a work permit application including; the professional and technical qualifications of the worker and the economic or social benefits he or she may bring to the Islands. Also, certain requirements that pertain to the protection of local interests must be considered when weighing applications for a work permit approval.
According to the bill made public this week, those specific areas would not be applicable to companies working within the special economic zone.
In addition, companies working within the special economic zone would not have to apply for a change in a work permit if their employees’ job was re-designated or if that worker was promoted.
Despite the relaxation of certain requirements within the Immigration Law for special economic zone companies, Mr. Blick said in September that Cayman Enterprise City has already started an outreach programme at local schools.
“We have begun to talk to engage students in order to let young people know of the new opportunities for careers that will exist,” Mr. Blick said in late September. “These include IT, bioscience, derivatives, media; industries that were not traditionally a part of the economy. We are also reaching out to the construction community to come and talk with us.”
Premier McKeeva Bush has said the general idea with the Enterprise City is to get industries that have previously not had a presence in Cayman to invest and operate in the territory, or in those which have only seen limited development.
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Small businesses have thrived in the Cayman Islands for over a century. Mom and Pop businesses have served local Caymanian families that have been very proud of their acomplishment and ability to serve the community with trading of goods and services.
Caymanians are generally not against development at a reasonable pace but we are against OVER DEVELOPMENT at too fast a pace that will destroy the uniqueness of a pristine Tourist Destination with the touch of remoteness that tourists around the globe find very intriguing.I’m talking about the Cayman Islands.
Our tourism product must be protected despite advocacy for development.
I am very concerned that government is giving away so many concessions to billionaire developers and investors and at the same time the public purse seems to be ailing in this post recession economy, while our people struggle to pay their utility bills. Is there some juggling going on here.Are we robbing Peter to pay Paul? Where is the CUC tax that is now applied to the monthly bill of consumers being spent, and to what government projects, programs or otherwise is it being applied?
Someone has to pay for these huge concessions being thrown around as government relies greatly on custom fees from import duties and such. Something is just not fitting right here and there needs to be an explanation from the opposition and the independent member on this concern.
Again, I ask the question just WHO ARE WE DEVELOPING FOR?
We must as a people decide just how mega developments can and will destroy small businesses. The Big Fish will indeed Eat Up the Small Fish.
Every business development proposal by this UDP government needs to be well scrutinized with a fine tooth comb and if the Auditor General is not in their pockets as yet he too must report to the people of the Cayman Islands of the potential financial risks, losses and future financial demands that some of these Dart proposed projects partnering or not with government, the possible financial consequences that it will have on government and the economy and on the people. The Auditor General must get involved with the scrutiny and planning process of all these projects to protect the public purse from corruption and bankruptcy imposed upon us by loan sharking.
Small property owners will find that their small business tenants can or will be forced into rental or purchasing of the expensive storefront units located in the Cayman Enterprise City.
Small business owners could find themselves in a situation where the rent is so high that they are discouraged to continue in business and consequently lose their business.
It is no doubt in my mind that the Dart Group has other plans for the Cayman Islands other than just mere business development. We are giving up too much to this man he even wants
our roads,when will we learn?
I call on Mr. Ezzard Miller and the PPM leader Mr. Alden McLaughlin to bring a clear and articulate explanation for such a huge project in this little island that can ‘WIPE OUT small businesses in this region and the impact economically that Mr. Dart’s involvement with our government can have on the public purse because of the unceasing concessions granted to developers like Dart and Ryan that are never enjoyed by the people of these islands.
WE NEED TO TALK
It sounds like this bill will kill opportunities for Caymanaians. This appears especially true for the construction and buliding material supply community. If large companies can come to Cayman for building major projects and import materials and workers, duty free, etc. that may annhilate large companies already doing that are here now and struggling.