Special Economic Zone In The Cayman Islands Creates New Aviation Services Park

The Cayman Islands is a market leading jurisdiction in both the aviation and shipping industries. In keeping with this, the Special Economic Zone in the Cayman Islands (the "SEZ"), has recently created the Cayman Aviation Services Park to sit alongside the existing Cayman Maritime Services Park established in 2015.

The Special Economic Zones (Cayman Enterprise City) (Amendment) Order, 2017 provides that the Cayman Maritime and Aviation Services Park is designed to attract maritime and aviation services businesses to assist in establishing the Cayman Islands as the largest maritime and aviation services cluster in the region. Businesses such as the following may set up operations in the Cayman Islands under the SEZ regime and obtain the benefits and concessions provided by the SEZ:

1. In the aviation sector -
   
   
   1. commercial air transport operations, including –
      
      
      1. transporting passengers over regular routes and on regular schedules;
      2. charter flights to transport passengers, for scenic flights or forsightseeing;
      3. air transport equipment rental (with operators) for passenger or freight transport, or both;
      4. general aviation activities such as aero clubs transporting passengers for instruction or pleasure;
      5. aerial surveillance and load-lifting, or both, and
      6. transporting freight, over regular routes and on regular schedules or non-scheduled routes;
   2. aerospace-related activities - developing and launching satellites, and space vehicles, space transport, innovative aviation and aerospace research and development and
   3. manufacturing and management - aircraft manufacturing and repair activities, logistics planning and aircraft management, management consulting and other specialised services to the aviation and aerospace development sector.
2. In the maritime sector -
   
   
   1. ship owners;
   2. shipbrokers;
   3. shipping financiers;
   4. technology companies and start-ups engaged in innovative maritime research and development;
   5. the head offices or satellite offices of maritime industrial businesses and yacht manufacturing and repair businesses;
   6. demurrage calculation and post deal expenses calculation businesses;
   7. freight trading and brokerage businesses;
   8. crew salaries and benefits processing companies;
   9. bunker brokerage companies;
   10. shipping operations;
   11. logistics planning and vessel management companies;
   12. management consulting businesses and
   13. other specialised services to maritime sector businesses.

Originally created in 2011, the SEZ now includes the Internet Park, the Science and Technology Park, the Cayman Media Park, Cayman Commodities & Derivatives Park and the Cayman Maritime and Aviation Services Park.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.