The Cayman Islands is a territory with a large population of 69000 persons. It contains three islands; the Cayman Brac, the Grand Cayman, and the Little Cayman. Immigrants from over 130 countries live there because of its flourishing economy.
Recently, the Cayman Islands have become a place of financial transactions and business.
Thus, many foreigners are in a hurry to join the fray and start a business in the Cayman Islands. Before taking this action, it is necessary to know some things first.
How easy is it to start a business in the Cayman Islands?
How easy is it to start a business in the Cayman Islands?
For Caymanians, starting a business in the Cayman Islands is a simple process. The registration and incorporation fees are meager. It takes two to four days to complete the process after the submission of documents.
Unlike other countries, the Cayman Islands permits one person to register a business. They don’t make it compulsory for businesses to have many shareholders.
Is the Cayman Islands a good place for business?
The high number of businesses in the Cayman Islands shows it is helpful for business. There are many benefits of doing business in the Cayman Islands. A reliable legal system is one of them, and there are no tax payments.
How can a foreigner start a business in the Cayman Islands?
Can a foreigner have a business in the Cayman Islands? Yes, but it must be a branch of an existing business in another country. This is the only way the business can operate in the Cayman Islands.
Most foreigners register a Non-Resident Company. It is the only type of company that foreigners have permission to register. They can do this by applying to the Minister of Finance through the Registrar of Companies.
According to the law, all non-resident companies must not trade on the islands. But they can plan and award contracts only to promote the company’s branch that is outside the island. Foreigners must verify that the company will abide by these rules. After verification, the Financial Secretary will give them a certificate of Non-Residency.
Below are some benefits of starting a non-resident company;
- There is no obligation to take on a shareholder.
- No tax imposition on the foreign-owned company
- Privacy of registration details
- At least one shareholder and one director are enough to start the business.
Business ideas to start on the Cayman Islands without money
The Cayman Islands is currently one of the best places to do business globally. Many people travel there to invest in a business. But because of the high cost of living, starting a business can be hard for the average Caymanian.
Below are some businesses that anyone can start in the Cayman Islands with no capital.
1. Massage Therapy Home Service
Many people come to the Cayman Islands for vacation, tourism, and relaxation. The island is an escape from their stress-filled lives and jobs. Hence, visitors pay for massage sessions to help them feel relaxed and refreshed. Massage therapy is for people with sore muscles, injuries, etc.
But beginners should offer only relaxation massage because it is easier.
Anyone with the internet can learn relaxation massage. When they combine this with some practice, they can start a massage therapy service. Massage home service does not need capital. You can source for or invest in aromatic oils, candles, bathrobes, towels, and a massage table.
2. Plan fishing tours
The Cayman Islands has a lot of fishing hotspots. Many tourists need someone to take them fishing during their visits. As a resident on the island, one can start a fishing tour business without spending money. To be a fishing guide, all you need is a boat and business savvy. The customers who will pay for your services won’t be far off. You must also have extensive knowledge of fishing, the island, and fishing spots.
3. Start a Franchise Consulting service
There are over 20,000 companies in the Cayman Islands, and most of them are under offshore control. Investors and business owners are looking for franchises and businesses for sale. As a franchise consultant, you can work with clients and advise them on buying the right franchise.
4. Start a taxi service
Taxi service is an excellent business opportunity in the Cayman Islands. It is because visitors and tourists need to move around. If you already have a car, you can start offering your services without spending a dime. This business promises to be lucrative because of the high influx of visitors on the island.
5. Rent out your living quarters
Regardless of where you live, there’s someone who is looking for an affordable place to spend a night or two. Because of the costly rates at luxury hotels on the Cayman Islands. People who can not afford them are always on the lookout for other accommodation. Anyone with a spare room, loft, or bed can start this business at no cost.
Franchise opportunities on the Cayman Islands
1. Eazi Site
Eazi site is a franchise opportunity available in the Cayman Islands. The franchise is home-based, so it doesn’t need renting or buying properties.
It is a flexible online business that comes at 8000 euros. The problem with most local businesses is that their websites are out of date.
Thus, the Eazi site aims to supply businesses with quality and functional websites. The websites are search engine optimized, and they need no coding.
This franchise is suitable for anyone in the Cayman Islands. It is because it has a lot of companies and businesses that need this service.
2. Coffee Bike
The coffee bike is a mobile coffee franchise available to those living in the Cayman Islands. Although it is open to other parts of the world, the interesting fact is that it is home-based.
The cost of this franchise is €12,500. Currently, there are over 200 coffee bike franchise partners in the world. The advantage this business has over others is its mobility. It means that they can move around, which is less stressful for them and preferable.
3. E1 International investment
E1 International investment holding is a home-based real estate franchise. It is a franchise available to those living in the Cayman Islands.
It promises to be lucrative because people come to the Cayman Islands to invest in real estate. Buying this holding is as low as 350 euros per month, which gives you a license to operate under the holding.
Websites to find businesses of sale on the Cayman Islands
1. Easy Buy Sell Business
Easy Buy Sell Business is a website that offers businesses buying and selling. These businesses are finance and accounting, IT firms, restaurants, etc.
Business owners who want to sell their business in the Cayman Islands can create an ad and promote it. That way, potential buyers can see it and reach out to them.
Potential buyers can also find businesses for sale by using this website. They can contact the owner or even place an ad post about the business they are looking to buy.
The website is easy to use. It requires that the users sign up and create an account with their correct contact details.
Smergers is a website for a private network of members. There are business owners, investors, lenders, etc.
The website matches businesses with investors from all over the world.
People who need to sell their businesses in the Cayman Islands can source for a buyer on the website.
One advantage of using this website is that it promotes confidentiality and privacy.
They withhold sensitive information until the buyer and seller meet each other.
The website also scans profiles and reviews them before approval.
CIREBA is the abbreviation for the Cayman Islands Real Estate Brokers Association. It is a non-profit association network for real estate in the Cayman Islands.
The website lists properties through a member’s company for other members to show and sell to buyers. The website helps agents to list properties for sale. They can also connect with other agents who can get buyers for properties.
Tech business opportunities in the Cayman Islands
The Cayman Islands is not only about beaches, sunlight, and tax havens, it also has a fast-growing IT sector.
Below are some tech business opportunities that will thrive in the Cayman Islands.
App Development Firm
Almost every business today has an app. People use apps for businesses and services alike. It ensures that customers have easier access to the businesses of their choice.
If you are an app developer, you can sell your services to businesses that need an app. Or those who want to upgrade the ones they already have.
As an app developer, you might also have an app idea, which you can create and sell to companies in that sector.
App development is a competitive but lucrative sector. Hence, anyone venturing into it must polish their skills and deliver premium results.
Become a travel blogger
Everyone loves tropical islands. They imagine taking their next vacation on beautiful islands like the Cayman Islands.
Living in the Cayman Islands is an opportunity to start a travel blog. People want to live through you. Your pictures, description, and experiences will have them flocking to your travel blog. To start a travel blog, you must be ready to visit attractive places and take pictures for posting.
Blogging is full-time work that requires a lot of learning. Some basic knowledge you need is photography, writing, social media management, etc.
A travel blogger can earn thousands of dollars a month and above if the blog attracts visitors daily.
You need to remember that blogging is about consistency. For this to work, you must put effort into learning new things that will help it grow.
With many businesses in the Cayman Islands, SEO consulting is a good tech opportunity. An SEO consultant checks business websites and suggests how to improve their rankings.
Anyone with this knowledge can open an SEO consulting firm in the Cayman Islands.
Benefits of doing business on the Cayman Islands
High cost of living
For business owners, the high cost of living is an advantage. The prices of goods and services are higher than in other countries in Europe. This is because of the no-tax rule in the Cayman Islands.
Hence, business owners get more profit than they would in places with a low standard of living.
No Tax Payment
The no-tax rule on the Cayman Islands is one reason for its popularity.
Investors and business owners hurry to invest or open branches of their companies. This is because the government does not charge any tax on the businesses on the Island.
Another benefit of starting a business in the Cayman Islands is anonymity. The government offers investors protection and privacy about the businesses they own.
Not all business owners are multilingual. The Cayman Islands are suitable for them because English is their primary language.
They conduct all legal proceedings and businesses in English.
Working and living in the Cayman Islands can be like a part of a vacation. The natural scenery is a welcome change from living in other busy and noisy cities.
Challenges of starting a business on the Cayman Islands
We can’t think about starting a profitable small business ideas in Cayman Island without considering the cons. Even if the pros are many, we can’t overlook the following negatives:
High Cost of Living
The high cost of living is a benefit to business owners, yet a challenge if they live in the Cayman Islands. The expensive cost of goods and services puts a drain on one’s income when compared to other places in Europe.
This is a part of the reason people avoid starting a business there so they can save and invest their earnings.
Settling In difficulty
Unlike other cities in the UK, the Cayman Islands and its people live a laid-back lifestyle.
Foreigners who want to move in will need various services to help them settle in. Unfortunately, this might be hard because no one is in a rush over there.
This can be very unusual and unsettling for people who lived in fast-paced cities.
Poor Transport Links
The transportation system in the Cayman Islands has limits. People without personal transportation have to manage expensive taxis and buses.
This isn’t a problem for anyone running their businesses from home. The others have to consider this before starting a business in the Cayman Islands.
30 profitable small business ideas in Cayman Islands
Starting a service business in the Cayman Islands can be profitable and exciting. The high cost of living makes it hard for the average Caymanian to get capital for a large scale business.
But there are other small business ideas for them. Some might need you to renovate a spare room into a warehouse for products. You can run others online while some are services you can offer for a price.
Below is a list of some small but profitable business ideas you can open on the Cayman Islands.
1. Interior design
Real estate is a central business sector in the Cayman Islands. Under it is the interior design business.
It is for those who have a knack for designing, organization, and aesthetics. There are a lot of construction companies that need interior designers to work for them.
But if they aren’t forthcoming, you can approach people who might need designers for their houses.
Practice makes perfect so you can do small design projects on your own. Take photographs of these and post them on social media using your location. This can be a faster way to get clients to know about your services.
2. Sell allergy cards
Allergies are very common today. When people move from one environment to another, their bodies react. These signs are allergic reactions.
One popular cause of allergies is food.
An allergy card contains the foods a person is allergic to. The purpose of this is for restaurants to avoid serving them any of those foods or spices.
Tourists are unfamiliar with the local language. Since you know the names of the local dishes, making an allergy card in the local language won’t be hard.
3. Furniture Making
Those who have carpentry skills can earn a lot of money from furniture making.
With the increase in real estate, starting a furniture-making service would be profitable.
All you need is the skills, tools, and the ability to network. Then can start a furniture-making business in your home or any space you have.
4. Plumbing Business
Another business on the Cayman Islands with promise is the plumbing business. Construction companies need plumbers to run water and drainage in their buildings.
Residents, or business buildings that have leakage or drainage issues, also need them. This business is for those who have skills in plumbing. You can either learn it or be self-taught through years of practice.
Unfortunately, plumbers are hard to find. That is why this business is profitable because the competition is not high. If the workload is too much, you can get people that will work with you.
5. Wall Paper Fixing
Another promising business in the construction sector is wallpaper fixing. Wallpapers are paper designs glued to walls to beautify them.
It’s a service that doesn’t need a lot of skill.
You can advertise and post samples of the fixed wallpaper designs on social media. This will get you customers who need services.
6. Start a Luggage Delivery service
Tourists and travellers in the Cayman Islands usually need a luggage delivery service. You can collect the luggage at the airports and deliver them to the hotels or lodgings.
This will help the tourists to avoid the stress of waiting for their luggage at checkpoints.
7. Open food mart
Everyone knows that food businesses are promising because people always eat. This is also true for the Cayman Islands, not only for residents but for visitors, too. To start a food mart. You should consider the different tastes of visitors and try to cook food that would please them.
You can make quick, ready-to-eat meals, lunch, dinner, snacks, or even desserts. Always ensure the food produced is fresh and healthy to prevent people from falling sick.
8. Pest control service
Pests are plants, animals, and insects that disturb human activity. They might bite and damage food and property.
Tropical islands like the Cayman Islands have a lot of pests. This is because the humid weather provides a conducive environment for them to breed.
To ensure that people who visit the island are comfortable, you can offer a pest control service. You can offer these services to households and businesses on the island.
9. Waterslide Centre
People who come to the Cayman Islands are eager to engage in water recreation. This might be because of the scenery or the heat which is common in tropical islands. You can start a centre where people can ride water slides.
The waterside centre can also include fast-food stops and other games to the centre. This will give the visitors a wider variety of entertainment.
10. Start a laundry service
A laundry service does laundry for clients. Tourists who come to the Cayman Islands will need someone to do their laundry.
So starting a laundry service will be profitable for you. You can use the island visitors as your major clients. Post fliers in places you know visitors would lodge. You can also offer pickup and delivery services to make your business remarkable.
11. Coffee Cafe
A Coffee café will do well in the Cayman islands because many tourists love coffee. This is a good business for those who don’t have money to start a business.
The cafe must be in a place where people can patronize the business. But, if you can’t build a coffee shop, it’ll be better to do a mobile coffee shop. Your coffee shop should have a variety of flavours on sale. This will easily attract customers to your shop.
12. Ethnic Eatery
Tourists who visit the Cayman Islands are from different ethnic backgrounds. They visit the islands all year round from different parts of the world.
If you have culinary skills, you can open a restaurant with different ethnic dishes.
A lot of visitors who miss their native dishes would patronize your restaurant.
13. Surf equipment rentals
Most tourists who visit the island would like to surf, but they don’t have surfing equipment. Anyone who knows surfing can earn money by opening a rental shop for tourists who want to go surfing.
This need allows the entrepreneur to earn an income from this business.
14. Boating tours
A boat tour is a brief trip in a boat done for tourists. The trip begins and ends in the same spot and it is usually less than a day.
This is unlike the ship’s cruise for days, with cabins for accommodation. Most times, people use a sightseeing boat for a boating tour, so you must have these available. Since tourists like the waterside sights, boat tours can be a promising business for you.
15. Bikini and swimming trunk sales
Anyone who wants to go to the beach must-have swimwear.
This business will bring earnings because tourists do not travel with bathing suits. They prefer to buy at their destination. ,
The store can be near the beach so that anyone who needs swimwear can buy one.
16. Car rental
Some people prefer to drive themselves around. They rent cars whenever they travel to foreign places so that they can explore alone.
Starting a car rental service on the Cayman island will cater to visitors like this. If you have cars or bikes. Then you can offer this service to many people.
17. Sale of herbs and spices
If you live on the Cayman island, then you know are various herbs and spices that grow there.
You can dry, package and sell this to visitors and tourists. Many tourists want these herbs and spices, especially if they have healing properties.
18. Gift shop
Thousands of tourists travel to the Cayman islands every year. This means many of them would return home with gifts for their family member and friends.
You can sell items made by artists and crafters. These can include jewellery, postcards from art prints and so on.
19. Finance Consulting Firm
Financial advisors are very important people. You need to have expert knowledge about finances, and how to manage them on small and large scales. Establishing a finance consulting firm does not need an immense sum. It can be a promising startup because of the large number of businesses in the Cayman Islands.
20. Cooking classes
Do you love to cook and get excellent reviews of your skills? Are you familiar with recipes that capture the flavours of the islands?
Then you can organize classes for people who want to learn during their travels.
The culinary aspect of tourism is on the rise as people want to travel and try new food and drink experiences.
Some of them would also like to learn so that they can try these recipes when they get back to their cities.
21. Airport Shuttle
Airport shuttles transport people from the airport to either their lodge.
You can pick travellers at an agreed location and drop them off. Make sure that your vehicles are spacious, with enough room for riders to keep their luggage.
22. Travel Photography
A travel photographer is someone that uses a camera to capture beautiful images. They can sell these images to blogs, magazines, television ads, and framed prints for sale.
A travel photographer must know how to capture high-definition images of landscapes. They must be people who enjoy the outdoors, like living on the road, hiking and exploring to get the perfect shot. They must be sociable and able to convince people of their skills to get new clients and customers.
23. Day Spa
Day spas offer a relaxing environment and other treatments to refresh and restore. Some services offered by day spas are pedicures, massages, manicures, waxing, and aromatherapy.
This business is ideal for those who love to enhance beauty and improve wellbeing.
24. Financial Planner
The average annual Pay of a financial planner is between $40,100–$130,000.
Financial planners are entrepreneurs who help make financial plans for individuals and organizations. These plans cover cash management, retirement, investments, insurance, estate planning, and so on. A financial planner can work for small business owners and companies alike.
25. Art and craft business
If you have artistic talents or crafty hobbies, you can start a craft business.
Visitors to the Cayman Islands like to buy artistic or craft pieces. If you have made several crafts at your leisure, you can set up a shop in the city.
If possible, your store should be near where visitors can see it and buy the crafts.
26. Tour guide
A tour guide is a person who provides information on the culture and history of a place during tours. Anyone living in the Cayman Islands can start a local tour company. This is a good business idea with a lot of perks.
You can start guiding people on tours while still having your full-time job. If you have a van or vehicle, you can take people on a tour of the island at your convenience. The Cayman Islands have places to explore, so you can show visitors around and tell them the history.
27. Start a destination wedding service
A popular trend for couples is destination weddings. One popular location for this is the Cayman Islands. It has scenic views that make it perfect for a destination wedding.
You can offer to plan weddings or help couples get married even on the spur of the moment. Things like paperwork, officiating minister, and photographers can be part of your services too.
28. Sale of merchandise
Most times, tourists usually buy local items to take home with them. They love to see items that look unique and are not available in their cities.
The items might vary depending on the clients. But take time to research unique items that are peculiar to the Cayman Islands, and how to get them.
29. Snorkeling Services
A snorkeling business sells or rents out safety and snorkeling equipment for water-lovers. You will need to invest in snorkeling equipment for your clients to use.
30. Outdoor cleaning
The Cayman Islands is a tropical island that offers a haven to tourists. They don’t want to use their time cleaning because they’d rather relax
If you love working outdoors, then this business would pay well on an island. You can make a good income cleaning outside hotels, resorts, and parks. This is for businesses that have large parking lots and need regular cleaning.
You can do outdoor cleaning using cheap equipment like pickup tools and a broom. So it is very cheap to start because it doesn’t need startup funds.
Its better to always make plans before starting any new venture. You can check the guide on how to write winning business plans to help you draft your own business plans. In some cases you might also need additional feasibility study of the market and how people in the particular location you have chosen respond to such services or products.