[co-authors: Andrew Pullinger, Simon Thomas]*
In this new series, “Doing Business In,” we asked our members about the current business climate in their countries, investment opportunities, and what others should know about doing business there.
1. What is the current business climate in your jurisdiction, including major political, economic, and/or legal activities on the horizon in your country that could have a big impact on businesses?
We have benefitted from a stable political and economic environment for many decades, with a dynamic financial services industry that meets and exceeds international standards. In addition, the Private Funding of Legal Services Act 2020 came into force in May of 2021, heralding a new era of litigation funding in the jurisdiction.
2. From what countries do you see the most inbound investment? What about outbound?
Inbound – USA, UK, Hong Kong; outbound – USA and UK.
3. In what industries/sectors are you seeing the most opportunity for foreign investment?
The South American market is strong at the moment, particularly investment in Brazil. Hong Kong remains a strong market for us. We are exposed to a broad range of industries and sectors for foreign investment; however, FinTech continues to be a growth area.
4. What advantages and pitfalls should others know about doing business in your country?
The Cayman Islands has very strict standards when it comes to due diligence procedures and financial services; it is critical that those seeking to do business in the jurisdiction obtain appropriate legal advice.
5. What is one cultural fact or custom about your country that others should know when doing business there?
Cayman is a very cosmopolitan jurisdiction with a diverse range of professionals and sophisticated financial services. The vast majority of our work is international in nature, and we are accustomed to working with clients and attorneys around the globe.