I OVERVIEW OF M&A ACTIVITY -
According to a report of the Cayman Islands Economics and Statistics Office, the Islands’ economy began to recover from the economic downturn in 2011, with real gross domestic product growing at an estimated annualised rate of 1.1 per cent, compared to a contraction of 3.4 per cent in 2010. The Cayman Islands also witnessed an 11.1 per cent increase in new company registrations in 2011; 9,066 new companies were incorporated compared to 8,157 a year earlier. As of 31 December 2011, there were a total of 92,964 active Cayman companies, not significantly lower than the 93,693 Cayman companies that were active at the end of 2008 (which was the highest number of active Cayman companies recorded on a year-end basis to date).
The latest Global Financial Centres Index (‘GFCI 11’), a barometer tracking the shifts of competitiveness in global financial centres, recently ranked the Cayman Islands as the third-highest ranking offshore jurisdiction. While offshore centres have suffered economic challenges in the past four years, they are reportedly beginning to recover and according to the GFCI 11, the Cayman Islands was the offshore jurisdiction that has improved the most in the six months since the previous GFCI, ranking number 40 in the financial centre rankings overall, up from number 46 in the GFCI 10.
Originally published in The Mergers & Acquisitions Review, 6th edition (published in August 2012 – editor Simon Robinson).
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.
Topics: Board of Directors, Competition, Economic Development, EU, Foreign Investment, Offshore Funds, Stock Redemption
Published In: Business Organization Updates, Finance & Banking Updates, International Trade Updates, Mergers & Acquisitions Updates, Securities Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© Harney Westwood & Riegels | Attorney Advertising