Market Research in the Cayman Islands
The Cayman Islands lie about 180 miles northwest of Jamaica, comprising the islands of Little Cayman, Grand Cayman, and Cayman Brac. Grand Cayman is the largest island and the most populous, followed by Cayman Brac, with Little Cayman bringing up the rear. The capital is George Town, where more than half of all the people on the islands live.
The Cayman Islands is a global financial center known for banking, investment funds, and insurance. Another primary industry is tourism, one of the pillars of the economy. Real estate and construction are other leading industries. The islands have a solid regulatory framework, which may be the reason for their success in the financial services market.
- George Town, Grand Cayman. George Town, in southwest Grand Cayman, is a busy port. As a matter of fact, cargo ships offload every evening, and cruise ships call almost every day.
- West End, Cayman Brac. The airport, a gas station, two grocery stores, and a couple of condo complexes are in West End. Thus, the West End’s north shore has the largest number of residents on the island.
- Blossom Village, Little Cayman. This tiny village features an airport, as well as a water sports shop, and a general store. The Little Cayman Beach Resort is also in Blossom Village. It also has a small park with a children’s play area.
The islands’ position as a secretive offshore financial center raises the risk of corruption. On the other hand, the Caymans enjoy a stable political climate. Tourism was the main economic pursuit, but it had declined over the last few years. Despite the setbacks, the sector has bounced back and is now in full recovery mode. Experts expect tourists to flood the shores in even greater numbers than before.
Benefits and Strengths in the Market
- Absence of tax. The Cayman Islands have no direct taxes of any kind.
- Absence of exchange controls. You’re free to transfer large sums of money in and out of the islands.
- Reliable legal system. Cayman Islands law derives from English common law, supplemented by local legislation.
- Access to banks and professional services. At least 40 of the world’s 50 leading banks are in the Cayman Islands. So are all the major accounting firms.
- Speed and cost. Forming and maintaining Cayman entities has a low price tag. In fact, you can create a company on the day of filing.
- Economic and political stability. The Cayman Islands has a history of stable government.
- Excellent communications. The islands enjoy a state-of-the-art network. In addition, direct flights are available from several major global centers.
Residents of the Cayman Islands enjoy a standard of living like that of Switzerland. The population is one-fifth Black, one-fifth White, and a further two-fifths mixed. The other one-fifth comprises expats of various ethnic groups. The literacy rate is very close to 100 percent.
Reasons to Grow Your Business in the Cayman Islands Market
The Cayman Islands has a modern and developed economy with the highest GDP and standard of living in the region. It takes only an hour to reach Miami by air. The Caymans host about 50 flights per day from the US, UK, and Canada.
The government encourages investment in Cayman Brac and Little Cayman. Furthermore, it offers half off of import duties for approved investments in these islands. It also gives business owners reductions in some licensing fees.
About Market Research in the Cayman Islands
SIS Research can give you the Qualitative research coupled with the Quantitative data you need. Moreover, we can tell you the procedures, time, and cost of starting and running a Cayman Islands business. Qualitative Research methods include Customer Interviews and Focus Groups, while Quantitative methods include Telephone, Mobile, and App Surveys. Strategy Research consists of Competitive Analysis, Market Opportunity & Entry Research, and Go-To-Market Strategy.