Business in brief

Department of Commerce and Investment

The DCI recently hosted two workshops on laws and regulations for starting a business in the Cayman Islands on 17 and 24 September. The workshops are part of a DCI series that provides technical assistance to small business owners and those interested in starting a business in the Cayman Islands.

Workshop presenter Lynn M. Bodden, attorney-at-law and partner of the firm Bodden & Bodden, reviewed all of the points that should be considered when starting a business, including company incorporation, licenses and permits, negotiating a favourable lease and insuring your business.

“I was delighted to make this presentation, and encouraged by the turnout and participation. I am pleased to see that there are so many prospective entrepreneurs in our Islands,” said Ms Bodden.

Participant Jennifer Kristensen, owner of KidsAbility said she found the workshop very informative. “This was an excellent workshop for new business owners to ensure that they are doing business the legal way.” Organiser Charmaine Moss said, “It is refreshing to see how many people are interested in seeking assistance, and we are happy that entrepreneurs are taking the initiative to help themselves during this challenging economic time.”

DMS

The dms Gives Back foundation announced that it is accepting applications from local charity groups for review and consideration. Trina Savage, VP of Marketing & Communications said the “ dms Gives Back committee was established with the goal of creating a positive, long-lasting impact on the communities, the mission of DMS gives back is to enhance and enrich community programs that primarily benefit youth and families”. The staff of DMS take part in selecting which charities receive support in the four key areas of education, leadership, hunger prevention and health/wellness.

DMS is hosting its first dms Gives Back day where up to twelve applicants will be invited to present their proposal to the committee. DMS is calling out to all charities and non-profit groups to apply before 10 October for consideration of funding and the opportunity to present.

All applications submitted will be reviewed on 12 October, dms Gives Back Day, which will enable DMS and its affiliate companies can plan ahead for 2013 and allocate time, funds and in kind donations.

“dms Gives Back is proud to partner with some amazing non-profit organizations committed to improving the lives of the people of the Cayman Islands,” said Don Seymour, president of dms Organization. “These donations will assist thousands of individuals and families, resulting in a better community for us all.”

Through the coordination of the dms Gives Back Committee, the staff served more than 2,184 community service hours in 2011 and continues to support the local community in a company-wide initiative to build successful non-profit initiatives.

Maples and Calder

Maples and Calder Global Managing Partner Henry Smith has been appointed to the global Council of the Alternative Investment Management Association (AIMA) following a membership vote at the association’s AGM in London on 20 September 2012. Mr. Smith will be one of two representatives for the Americas region on the Council. Founded in 1990, AIMA is the global representative of the hedge fund industry, including hedge fund managers, fund of hedge funds managers, prime brokers, legal and accounting firms, investors, fund administrators and independent fund directors.

“I am honoured to have been elected to represent the Americas region on the AIMA Council,” said Mr. Smith. “The prevalence of the use of the Cayman Islands and the BVI as a domicile for both hedge funds and private equity funds means that significant numbers of industry participants in the Americas region are currently managing, administering or invested in Cayman Islands or BVI investment funds.

“I think it is extremely important for all these stakeholders in Cayman Islands and BVI based funds that the AIMA board has the benefit of input from an experienced member of the Cayman Islands funds industry. At Maples and Calder, we have spent many years forming alternative investment funds of all descriptions for clients across the Americas region and globally. We also have significant experience dealing with legislative changes, regulators and the industry press in Cayman, BVI and Ireland, as well as in the Americas region and in Europe.

“Just as our firm benefits from a global network of offices, including our Irish expertise and access to our affiliate, MaplesFS, we feel that we are in the precise position to offer AIMA members a global perspective, as we see, first hand, issues affecting them in different jurisdictions and from different angles. This is particularly important, given the ever-changing regulatory environment.”

Maritime Authority

The Maritime Authority of the Cayman Islands held a Cayman Yacht Seminar during the Monaco Yacht Show 2012. Around 60 invited guests attended the Salon Americas at the Monte Carlo Bay Hotel and Resort, and heard presentations on a wide range of topics, covering registration, ships under construction, mortgages, VAT, owners issues, super yacht and aircraft case law, information on the US, and a regulatory update covering MLC, 2006 and PYC and PSC.

The presentations were followed by a question and answer session, focusing on a number of hot topics, which included a detailed discussion on the application of Cayman Islands Labour Law to seafarers.

Sponsoring the seminar were Cayman Islands law firms, Appleby and Campbells, and US law firm, Alley Maass, Rogers and Lindsay.

The seminar guests were then invited to enjoy a cocktail during MACI’s Carnivale 2012 client party on the beautiful Las Brisas Terrace at the Monte Carlo Bay Hotel and Resort, and were treated to an evening of music and dancing in the warm evening air of Monaco. The client party was also co-sponsored by Appleby.

The seminar and party were extremely well attended and “provided an excellent opportunity for the Maritime Authority to interact with its clients on a more informal basis”, according to Greg Evans, director, Global Safety and Compliance of the Maritime Authority of the Cayman Islands.

The seminar series commenced during last year’s Monaco Yacht Show and a similar event was held in Turkey this past June. Other related events are planned to take place in Fort Lauderdale, London and Italy.

Mr. Evans says, “MACI regards the seminars as a vital tool to connect with our existing and potential new clients” and ultimately this offers an opportunity to continue ‘Building Solid Partnerships’, the overall theme of the event.

LIME

LIME has provided a sponsored internet connection for the halfway home in West Bay in support of the Bridge Foundation. The Bridge Foundation is a non-profit organisation dedicated to helping recovering drug addicts and alcoholics through their transition from prison or treatment to community life.

Julie Hutton, marketing manager, LIME Cayman Islands said “providing access to the internet means residents will be able to job hunt, learn basic computer skills and have access to email. In today’s world access to the internet is vital and residents will be able to post their resumes, get help writing a resume and search job listings as well as being able to research education opportunities.”

By establishing and operating Anchor House, an alcohol and drug-free halfway house, the foundation provides a haven for individuals so they can gradually work their way back to a purposeful life.

Rules are clear and applied across the board: applicants have to undergo addiction treatment, be participating in a counseling programme, have a sincere desire to pursue a clean lifestyle and be committed to abide by the foundation’s resident rules and guidelines. A maximum stay is for six months, and the Foundation provides accommodation for six male residents at any one time.

Joe Watler, administrative assistant and spokesperson for the foundation said everyone today needs access to the internet. “Our residents will benefit greatly from this valuable donation from LIME. It will help them improve their chances of getting a job and give them access to online education. Many companies offer training webinars where they bring together a virtual class, so there are no travel or trainer costs it makes training much more affordable and affords greater opportunities for our residents.”

LIME is also a supporter of the Cayman Islands Crisis Centre’s 10th annual Jingle Bell Walk Run. A long-time supporter of the Centre and its activities, LIME has contributed as a premier sponsor for this primary fundraising event for the Centre.

The Jingle Bell Walk Run will be held Sunday 9 December 2012, in Crystal Harbour, starting and ending at the Grand Caymanian Resort.

Allison Clark, Crisis Centre board member and chairperson of the fundraising committee, said “we are grateful to LIME for their on-going support of this event, which not only raises vital funds for operation, but also raises awareness in the community about the importance of personal safety and of our basic human right to live in an environment free of violence.”

Conyers Dill and Pearman

Conyers Dill employee of the quarter Carol Yochim has pledged 100 per cent of the cash award received to two on Island charities. Feed our Future which provides school meals to children in need in the Cayman Islands was one of the charities chosen by Carol. “I chose Feed our Future with the knowledge that my donation will assist in helping to feed children in our schools and families in need. Going to school hungry with no prospects of a meal all day is very sad so I want to thank Feed Our Future for their ongoing commitment to helping the children in our community. Please join me in sending whatever you can to this worthwhile organisation because our children are our future.”

Stacey VanDevelde of Feed our Future said too often, the only meal that school children receive is a school lunch. “And we are finding that more and more families are struggling with hunger for the first time in their lives. With the help of generous supporters like Carol we know that we can deliver one solution, that is to connect children to healthy, nutritious meals where they learn and play. With Carol’s support we are able to assure one hungry child school lunches for the entire school year. We are most grateful to the generosity of Carol for enabling this, together we are making a difference in a child’s life.

Ogier

On Saturday, 22 September, a team of volunteers from the staff of Ogier Fiduciary Services (Cayman) Limited (OFSCL) and Ogier Cayman, together with family members and friends, took part in a “clean-up” project at The Pines Retirement Home. Following the recent move of residents and staff to the new premises, there was a need for a general cleaning of the old premises so that management can now use the building for new purposes, including an expanded laundry facility and a workshop.

A team of about 30 volunteers spent the morning sweeping, mopping, cleaning bathrooms and kitchens and washing down walls.

Terrie Farrington, Secretary of the Pines, gave the volunteers a tour of the impressive new facility.

“We were delighted that we could take part in such a worthwhile project. We had a very good turn out from our staff and a few hours of our time really made a difference,” said Fiona Barrie, chief operating officer of OFSCL.

Managing Partner, Nick Rogers, added: “Ogier is proud to have assisted with a number fundraising and community efforts this year. With the Ogier Stroke and Stride and the Ogier Art Award having taken place recently, we have reached out to the community at large and hope to continue offering our support with causes that positively impact our local and global society.

Alphasoft

For the fifth year, Alphasoft has donated computers or software to Triple C School. Alphasoft’s first year donation to Triple C School included computers for the administrators, followed by equipment upgrading of the student computer lab in the second and third year. In 2011, Triple C faculty and staff received new machines, which were needed and greatly appreciated.

This year, rather than equipment, the bulk of the donation was licensing for Microsoft Windows 7 for most of the computers in the school and Server 2008 R2 licensing to upgrade the servers. In addition, a new server machine rounded out this year’s contribution.

Rob Crysler, IT administrator at Triple C expressed said, “The ongoing support from Alphasoft has made a significant difference to Triple C, particularly in keeping up with the fast pace of obsolescence in the IT field. We are extremely grateful to Alphasoft for their commitment to Triple C School.”

The donations have helped in providing every student that has attended Triple C Middle and High School with six years of formal computer training in all aspects from word processing to website development and has applied that knowledge in multiple ways in their academic and artistic studies during their time in school.

Water Authority

The Water Authority Board recently approved a $1,000 donation, to support the East End Primary School (EEPS) PTA. The donation will be used towards the Community After School Programme which was implemented last year with great success. The programme provides children with a fun and safe environment for them to learn and play in after school. Since the programme began a significant improvement in the school’s academic and general performance has been noted. With the continued support of local organisations, the goal of having educated well rounded and independent thinking children will become a reality.

Water Authority Director, Gelia Frederick-van Genderen said the Water Authority is pleased to support the EEPS PTA’s Community After School Programme which is helping to provide the children of the Cayman Islands with equal opportunities by expanding their range of knowledge in all areas to include music, dance, drama, physical education and literacy. “The education of our children is crucial to the development and future of the Cayman Islands and great care needs to be taken to ensure they have every opportunity available to them. We wish the children and families of the EEPS all the best for the 2012/2013 school year,” she added.

The EEPS PTA noted the Water Authority’s support of the school and its student focused programmes since 2009. “We are pleased that Water Authority has once again found it possible to support our programmes as we continue to deliver a sound and balanced foundation for our students at East End Primary”.

DMS

The dms Gives Back foundation announced that it is accepting applications from local charity groups for review and consideration. Trina Savage, VP of Marketing & Communications said the “ dms Gives Back committee was established with the goal of creating a positive, long-lasting impact on the communities, the mission of DMS gives back is to enhance and enrich community programs that primarily benefit youth and families”. The staff of DMS take part in selecting which charities receive support in the four key areas of education, leadership, hunger prevention and health/wellness.

DMS is hosting its first dms Gives Back day where up to twelve applicants will be invited to present their proposal to the committee. DMS is calling out to all charities and non-profit groups to apply before 10 October for consideration of funding and the opportunity to present.

All applications submitted will be reviewed on 12 October, dms Gives Back Day, which will enable DMS and its affiliate companies can plan ahead for 2013 and allocate time, funds and in kind donations.

“dms Gives Back is proud to partner with some amazing non-profit organizations committed to improving the lives of the people of the Cayman Islands,” said Don Seymour, president of dms Organization. “These donations will assist thousands of individuals and families, resulting in a better community for us all.”

Through the coordination of the dms Gives Back Committee, the staff served more than 2,184 community service hours in 2011 and continues to support the local community in a company-wide initiative to build successful non-profit initiatives.

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