2024: Doing Business in the Cayman Islands
Doing Business in the Cayman Islands
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 substantial 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.
Our Firm
1. What distinguishes your firm from others in your market?
Campbells is an equally-weighted contentious, and non-contentious full-service law firm with an impressive suite of attorneys and clients. We prioritize resolving our clients' issues as efficiently and cost-effectively as possible and are zealous in pursuing our clients' objectives.
2. What are three words that describe the culture of your firm?
Commercial. Innovative. Pragmatic.
3. How does your firm participate in Corporate Social Responsibility (CSR) and/or Environmental, Social and Governance (ESG) initiatives?
We currently offer a staff dress-down day program, which encourages employees to donate any amount they wish monthly and select their top nonprofits to support. We then give quarterly donations to those nonprofits. In 2023, Campbells took part in the WLG | impact '23 initiative by hosting our very first blood drive. We also operate an ad-hoc charity program, donating to local charities that align with our staff preferences upon request. Campbells is also at the forefront of assisting young Caymanians to develop their careers in a law firm environment.
4. Are there any new and exciting initiatives, practice areas or industry focuses in your firm?
We continue to see significant growth in our FinTech / Blockchain practice as Cayman and the British Virgin Islands position themselves as leading jurisdictions in this area.
Authors
Simon Thomas and Andrew Pullinger