Those who travel extensively know the tremendous benefits of charter airline travel. Air Charter refers to a variety of services available that allow individuals, corporations, or groups to charter airplanes for their use. Charter flights are inherently much more convenient than flying on commercial airlines, with direct flights to nearly anywhere in the world. But aside from the benefits that travellers enjoy in this growing aviation sector, smaller-sized charter airlines themselves have advantages as well, particularly when establishing a physical presence in the Cayman Islands.
Cayman Enterprise City (CEC), Cayman's award-winning Special Economic Zone, and the Civil Aviation Authority of the Cayman Islands (CAA) recently announced the creation of a new special economic zone called Cayman Maritime & Aviation City which now includes the opportunity for aviation services providers to be licensed as a special economic zone company and take advantage of the benefits CEC has to offer.
Charter airlines, and especially those with smaller fleets, can now realize a host of attractive business incentives which can only add to both a charter airline’s short and long-term success. To start, the Cayman Islands has a well-respected Aircraft Registry and regulations in addition to cutting-edge IT/Communications infrastructure. There is no Government reporting, accounting or auditing for Cayman registered companies. On top of that you only need one person to create a company and there is no minim amount of revenue needed to register a business. As long as that person can act as both shareholder and director of an Exempted Company or Special Economic Zone Company, that is all you need. On top of this, one of the most attractive elements of operating a business from the Cayman Islands, is that it is a tax neutral environment.
There is no restriction on the foreign ownership of property or land. The only taxes due when purchasing a property are a “stamp duty” tax, real estate tax (at the time of sale) and a fee on mortgages below a certain monetary value. Whether you decided to locate a charter airline in the Islands or not, the lack of direct taxes should be a big incentive to any location.
While the Cayman Islands is a small country with a focused economy, many well-known law firms and top global accounting firms are there to support the operation of your small charter airline. Many companies in the Cayman Islands are well known in their field, and are taking advantage of everything the Cayman Islands has to offer them, and this includes the perfect island lifestyle.
Setting up a company in the Cayman Islands with a physical business office can prove to be one of the best decisions you may ever make. There are more benefits than downfalls to creating an offshore empire.
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