Expert: Drew Wilmoth - 2/20/2009

Question
QUESTION: Mr. Wilmoth.
I am from Guatemala, Central America. Due to security and job reasons, i am planning to move. I was in Grand Cayman for vacations and loved it with my wife and children. What will be your best advice for investment (install a company or finding a job) in Grand Cayman? What steps would you consider to start up with?
Thanks.
Foge

ANSWER: Setting up a business in a foreign country is a complicated matter. You must apply for the required Trade & Business license and meet investment requirements.

In Cayman you must solicit investment from interested Caymanians for any business. If there is enough interest, you must offer a minimum of 60% ownership stake to Caymanians. If there is not sufficient interest then you must apply for the appropriate Local Companies (Control) License.

The Immigration Department has a webpage with further resources on starting a business in Cayman. http://www.immigration.gov.ky/portal/page?_pageid=1608,2524900&_dad=portal&_sche

Also, with the current economic situation it may not be the best time to start a new business. Cayman is beginning to experience the strain of the worldwide economic downturn.

Because starting a business is complicated, I would recommend that you first work in Cayman for a period of time under another job. This would give you the opportunity to become more familiar with the community and better plan to make your business successful.

Remember that your family can accompany you as dependents on your work permit so long as you meet the income requirements. You will need to arrange for private schooling of young children.



---------- FOLLOW-UP ----------

QUESTION: Thanks.
If it is difficult to start a job in Cayman, how about finding jobs then? Whats your recomendation? How to?
Also, if i wish to fly from Miami to visit, lets say for 15 days,  do i need a visa or not? Thanks

Answer
Many jobs are best located by word of mouth. A recommendation from a friend or relative may strongly influence a hiring decision. This is the single best means of job seeking in Cayman.

All jobs in Cayman must be advertised first if they are to be offered to a expatriate. Advertisements are typically in the daily local newspapers, the Caymanian Compass or the Cayman Net News. The Friday edition of each paper contains the most advertisements.

Sometimes an employer may have decided to hire a candidate who was discovered by word of mouth recruitment and only later publishes the job advertisement to meet legal requirements of immigration. The net result is that not all advertised jobs are still actively recruiting applications from expatriates.

There are several placement agencies working to fill the staffing needs of the Cayman business community. Often these agencies focus on placement for professional positions in the finance sector. You may contact these agencies and discuss the type of job and your qualifications and they will try to assist you with placement.

Finally, you may wish to consider making direct contact with various firms where your skills may be best utilized. Many legal and accountancy firms are in a constant state of recruitment and actively seek qualified talent. Other businesses maintain a file of résumés from which to select once a position is open to recruitment.


The answer to your immigration question depends upon your immigration status and the passport you hold. Holders of a Guatemala passport must apply for a tourist visa through the British Embassy unless:

1) they hold an United States Alien Registration Card (Green Card) and arrive directly from the United States. or
2) they hold permanent residency or landed immigrant status in Canada and arrive directly from the United States or Canada. or
3) they hold permanent residency or landed immigrant status in the United Kingdom and arrive directly from the United Kingdom.

Persons taking advantage of these waiver provisions may only stay in Cayman for up to 30 days.

If you hold a different passport, you can check the lists of visa free and visa required countries on the Cayman Immigration website.

Visa required countries: http://www.immigration.gov.ky/portal/page?_pageid=1608,2524716&_dad=portal&_sche

Visa free countries: http://www.immigration.gov.ky/portal/page?_pageid=1608,2524721&_dad=portal&_sche