CEC is a free zone. A free zone is a special economic zone within a country, usually designed to attract businesses either via tax benefits or other incentives.
High level process
You submit all relevant forms to the free zone and if successful, you pay the fees, wait for your visas to be issued and that's it:
- 100% exemption from income tax
- 100% exemption from corporate tax
- 100% exemption from capital gains tax
- 100% foreign ownership permitted
- 100% exemption from import duties
- Five year residency granted for employees and their dependents
This isn't the typical Cayman offshore company you hear about, usually frowned upon within the international community. This is a company within a free zone, where you will have to physically reside.