A promoter of hi-tech businesses says cutting-edge firms from India are already making their presence felt in Cayman and have based top-tier talent in the islands.
Jennifer McCarthy, head of client services and operations at TechCayman, an entity set up to foster innovation and business, said the country’s closeness to the US and business-friendly environment are a big draw.
“The people who are looking to relocate are putting their one percent of talent in this ‘near shore’ model because of the opportunities and benefits this country presents for them,” she said.
McCarthy added that as Cayman and its advantages become better-known in the region, it is hoped more hi-tech companies will make the move, which would also boost the job market.
“The ultimate goal is we will be creating places for young people, or retooling Caymanians who will grow in their jobs.”
McCarthy was speaking after the Compass on Monday reported that Indian experts predicted an influx of tech company start-ups from the country to Cayman.
India’s prestigious Economic Times newspaper said Cayman was being eyed by entrepreneurs as a top spot to tap into capital markets in the US and elsewhere, as well as from the subcontinent.
Somshubhro Pal Choudhury, co-founder and partner in the Bharat Innovation Fund, told the paper, “The US investors appear increasingly comfortable with Cayman Islands as a parent entity, with subsidiaries in India or the US or other countries as required, given its flexibility in managing complex global footprints.”
The article added that Indian experts said Cayman was “a region of interest” for software-as-a-service (SaaS) companies ambitious for global expansion.
It said that Indian industry insiders had revealed global venture capital firm Accel was among those who had asked SaaS start-ups in its portfolio to register in Cayman.
Ashitha Bhagwan, managing partner at Inventus Law Technology Partners, said, “Cayman Islands has emerged as a region of interest in the past year for Indian startups that are building global software products who want to have the flexibility of listing in India, US or a future dual listing.
“This has come on the back of investors’ push as Cayman Islands is a neutral territory, making it easier for startups, who want to move to India or US, based on their growth road map down the line.”
The article added that Cayman registry meant that companies were exempt under the country’s income tax legislation and that Cayman did not tax capital gains, unlike the US.
McCarthy explained that Cayman offered an “extraordinary way of life” as well as a strong business environment.
She said, “People want well-regulated countries. … Cayman has the capacity to win in a big way here.”
McCarthy said TechCayman was at present assisting a smaller tech business from India to set up in Cayman.
She added, “There are always conversations and some opportunities for larger companies, but these are in the early stages.
“People are keen to learn more. … There are early-stage conversations happening all the time.”
Related Videos
Maybe we will have Little India growth I mean Little Cayman growth.
It is great Indian tech wants to set up here but they will likely staff with Indians back home.