Cayman Enterprise City (CEC), Cayman’s award-winning Special Economic Zone, and the Civil Aviation Authority of the Cayman Islands (CAA) announced this week the expansion of CEC’s Cayman Maritime Services Park, to include the opportunity for aviation services providers to be licensed into the Special Economic Zone. The Park will now be known as the Cayman Maritime and Aviation Services Park (CMASP).
The CEC Special Economic Zone consists of six business Parks, with each Park modelled around a growth industry with proven economics and a sustainable market demand. Each Park compliments the other Parks to create a dynamic and innovative environment based on the very best special economic zones in the world. The addition of aviation services expands Cayman’s offering and is expected to be instrumental in further diversifying Cayman’s economy and assisting the CAA with retention and growth of its aviation client base.
The CAA, the Cayman Islands Shipping Registry and CEC are working together to create the largest transportation services cluster in the region which will attract international maritime and aviation services businesses to set up a physical presence in the Islands. With this latest expansion, the CMASP will include aircraft owners and brokers, technology companies and start-ups engaged in innovative aviation research and development, the head offices of aviation industry businesses, aircraft manufacturing & repair businesses and businesses that provide management consultancy and other specialized services to the aviation industry.
CMASP will provide an environment that attracts all elements of the value-chain. This Park’s rich networking opportunities and core location will allow businesses to tap into resources, partnerships and ideas in a business environment that helps businesses develop, innovate and grow. CMASP will provide Class A office accommodation, a global, on-demand data centre and hosting services, and companies setting up in the CMASP will benefit from globally competitive Government concessions which make it cost-effective and time-efficient to set up a physical business presence and operate from Cayman’s tax-neutral platform. Concessions include a fast-track business licensing regime which enables businesses to be fully operational in their staffed Cayman office within 4-6 weeks.
The CAA has a well-established reputation as a world-class register for private aircraft operations, however, the Cayman Islands has had limited success in attracting the segment of the market that caters to commercial aircraft operations, including those that require an Air Operator’s Certificate (AOC). For the CAA to grant an AOC to an aircraft on the Cayman Islands Aircraft Registry, the operator must have its principal place of business in the territory. The CMASP can now aid the CAA in fulfilling this need and expanding their offering. With aviation registration and services becoming increasingly competitive around the globe, the opportunity for aviation service providers to be licensed into the CEC Special Economic Zone gives Cayman a competitive advantage over aircraft registries in competing jurisdictions.
Director-General of Civil Aviation, Richard Smith remarked “This is a very positive development for the Cayman Islands, as it presents the opportunity for multi-faceted international aviation industries to be established here. It is envisioned that the aviation park will host a dynamic international community of maritime and aviation services businesses, including aircraft owners and brokers, aviation industry financiers, technology companies and start‐ups engaged in innovative aviation research and development. Additionally, it also presents a basis for operators of Cayman Islands registered aircraft to establish their principle place of business within the jurisdiction to obtain an Air Operator Certificate for offshore commercial air transport.”
“The creation of the CMASP is an example of how a Government Authority and private enterprise can collaborate and innovate for the benefit of the jurisdiction. This will bring the Cayman Islands opportunities that didn’t previously exist, and CEC will put the weight of our marketing and business development team behind the effort to promote the Registry, the CMASP and the country generally” said Charlie Kirkconnell, CEO of CEC.