Economic substance – how can Dart Real Estate help?

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The Cayman Islands’ economic substance laws (ES Law) were introduced at the end of 2019 in response to the Organisation for Economic Co-operation and Development (OECD)’s Inclusive Framework on Base Erosion and Profit Shifting, and since then law firms and other professional service providers have been assessing what these changes mean and how to be in compliance.

An inevitable result of this global impetus for economic substance in the Cayman Islands has been that businesses have turned to local service providers to deliver turnkey solutions to meet compliance requirements. The focus has been on solutions that allow business to continue to take advantage of the benefits of a Cayman Islands registered company, while fulfilling economic substance requirements in their jurisdiction of choice.

The ES Law in the Cayman Islands requires a “relevant entity” conducting “relevant activity” to prove economic substance in Cayman. The types of businesses that fall under a “relevant activity” include banking business, distribution and service centre business, financing and leasing business, fund management, headquarters or holding company business, insurance business, intellectual property business, and shipping business. A relevant entity that conducts one of these relevant activities has to satisfy the economic substance test in relation to each activity to comply with the law.

If you need assistance in this area, KPMG recently launched the KPMG Economic Substance Tool, a dynamic tool developed to assist with “in dealing with this complicated area of compliance.”

In terms of what is classified as a “relevant entity,” we leave that to the lawyers, but there are Cayman Islands incorporated companies, limited liability companies, limited liability partnerships and registered foreign companies that will fall into this category.

The ‘economic substance test’ determines that a “relevant entity” carrying out “relevant activity” must satisfy the test in order to be compliant with the ES Law. One of those tests relates to the fact that they must have “an adequate physical presence (including maintaining a place of business, or plant, property and equipment) in the Cayman Islands; and has an adequate number of full-time employees or other personnel with appropriate qualifications in the Cayman Islands.”

And this is where Dart Real Estate can help. Dart Real Estate is the largest property developer in the Cayman Islands and manages over 800,000 square feet of Class-A and Class-B office, retail, and commercial space in strategic business locations. These commercial spaces are located in premier locations on Grand Cayman and provide the “place of business” address for companies that must meet the economic substance test.

These new requirements have prompted demand for turnkey, flexible space. In response, Dart Real Estate launched readyspaces. This new concept on Grand Cayman delivers a turnkey option for international businesses to establish a presence, where a fully fitted space eliminates the necessity of setting up a professional environment in Cayman from scratch.

Readyspaces offers commercial office space at Grand Cayman’s Regatta Office Park. It provides a professional working environment for a variety of businesses and individuals on month-to-month terms. Regardless of each venture’s unique nature, readyspaces is equipped with a complete range of business essentials, including high-speed WiFi, a full-time receptionist, access to shared copier and printing facilities, shared kitchens and washrooms, access to high-tech meeting rooms, free and ample parking, a back-up generator, and secure 24/7 access. Premium units have a more open floor plan and space for internal or client meetings are also available.

All readyspaces units are fully furnished, modern and sophisticated. The functional, private units have fast become a vibrant environment with a buzz of business activity, making both independent work and collaboration easier. A convenient online management system makes it simple and straightforward to be a part of this business complex.

Dart Real Estate’s portfolio also includes Grand Cayman’s premium office space at Camana Bay, offering a prestigious business address for both local and international business. Camana Bay also offers a cutting-edge data centre, on-site physical security, environmental controls, and power protection. The Camana Bay Town Centre is one of the most technologically advanced and physically secure of its kind in the Caribbean and with a superior communications infrastructure is particularly well suited to the demands of international banking, financial services, legal, insurance and accounting businesses.

For organisations relocating employees to Grand Cayman to work in these offices, Dart Real Estate can also assist by locating properties for sale via Provenance Properties, the official Christie’s International Real Estate affiliate in the Cayman Islands. This seamless approach to assisting clients seeking a place to live and a place to work makes the process efficient and timely for businesses meeting the economic substance test.

Dart Real Estate has developed more than US$1.5 billion in mixed-use, residential, commercial, recreational, educational, and hospitality throughout the Cayman Islands and has committed to an additional US$1.5 billion investment in the next decade.

To find out more about how we can assist, contact our VP of Real Estate Sales and Marketing, Sue Nickason, on +1.345.325.8341.

Watch This Space: 62 Forum Lane, Camana Bay – Unit 6102, First Floor

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Are you part of a smaller team looking to join the growing and vibrant business community at Camana Bay? Available for immediate occupancy, this 454-square-foot, first-floor space is ideal for a compact office of three to five members with reconfiguration possible to accommodate specific needs.

This bright, modern office has garden views and is located within close proximity to Camana Bay’s Town Centre. Some of the many benefits of relocating your business to Camana Bay include on-site property management, a back-up power generator, and on-site security with key fob access.

This type of space does not come available often within Camana Bay; inclusive of utilities, excluding tenant internet and telecoms, this unit is truly turnkey. Situated amongst a diverse mix of businesses, this location offers a dynamic work environment and endless opportunities for networking.

To view a 3D tour of Unit 6102 click here, or contact our leasing team here to schedule a viewing today!

To learn more about other available Grand Cayman Class-A and Class-B commercial real estate located along the Seven Mile Beach corridor and in Grand Cayman’s capital of George Town, click here.


A new partner for Mourant

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Sara Galletly

Offshore law firm Mourant recently appointed five new partners, including one for its Cayman Islands office.

The appointments bring the number of partners in Mourant, which also has offices in London, Hong Kong, BVI, Guernsey and Jersey, to 64. The appointment of Sara Galletly brings the number of partners in the Cayman Islands office to 12.

Galletly, who joined Mourant in April 2016, is part of the specialist financial services regulatory team and has significant experience in both Cayman Islands and BVI regulatory matters. These matters include anti-money laundering, beneficial ownership, economic substance, regulation of Cayman funds and other vehicles, data protection and other evolving regulatory regimes, as well as licensing applications, inspections and enforcement matters.

Prior to specialising in regulatory law, Sara’s offshore practice focused on investment funds, as well as general corporate law and structured finance transactions.

Cayman Islands Office Managing Partner Hayden Isbister said Galletly is a valued member of the firm’s Cayman team.

“She’s one of three financial services regulatory lawyers promoted to partner this year,” he said. “We’re building our leadership capability in this area, in response to increased demand from our clients for regulatory services in all our locations, especially the Cayman Islands.”

Galletly wasn’t the only woman promoted to partner; Amy Demetriou and Sarah Huelin in the Jersey office were also appointed partners. Although the industry average for the number of women partners of law firms is 18% to 20% according to a 2019 PwC survey, 27% of Mourant’s partners are women, a testament to the firm’s stated inclusion strategy.

This story will appear in April 2020’s print edition of Camana Bay Times with the headline “A new partner for Mourant.”

A butcher shop and more: Carnivore opens in Camana Bay

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The Carnivore team, shown here on its opening night on 5 February, includes, from left, executive chef and partner, Dylan Benoit; partner Alberto Beraha; partner Mike Stroh; partner Kris Bergstrom; and operations manager and partner Eric Schwandt. Photo: Alan Markoff

By Alan Markoff

All that is missing in Camana Bay from the roster of the old nursery rhyme is the candlestick maker, now that the butcher has joined the baker, Petit Paris, on Market Street.

Carnivore Premium Meats, which opened last month, features more than just a butcher shop though, says executive chef and partner Dylan Benoit.

“It’s definitely a butcher shop, but then some,” he says, noting that Carnivore also sells sandwiches, pre-cooked meats, seasonings and even edible candles.

As its name suggests, Carnivore’s main offerings revolve around meat. Its selection includes lamb, pork, local free-range organic chicken, bison, venison, elk and of course, beef. Much of its beef is grass-fed Angus beef from the United States-based Joyce Farms, a company that not only never uses pesticides, animal by-products, hormones, growth stimulators or antibiotics, but that also practises regenerative agriculture methods.

“Grass-fed beef tends to be much more lean than traditional beef and the fat can have a slightly yellow colour,” says Benoit. “Our Joyce Farms beef is exceptionally well marbled and has a great flavour that isn’t as strong and ‘earthy’ as most other grass-fed beef on the market.”

In addition to bringing in American Waygu beef, Carnivore is also bringing in authentic Japanese Waygu beef.

“Eating Japanese Waygu is a completely different experience,” says Benoit. “It’s rich and buttery, but doesn’t taste greasy. It actually feels light in the mouth and has a different flavour.”
Japanese Waygu doesn’t come cheap — it’s priced at CI$10 per ounce at Carnivore.

“I think it’s something every meat lover should try once…” he says, adding with a smile after a pause, “a month.”

Carnivore offers all the basic cuts of meat as well as some gourmet cuts like tomahawk steaks. Special cuts can also be ordered in advance and if they are not immediately available, it can ordered for arrival within a week at the most.

“Our meats are flown in twice a week,” Benoit said. “Everything comes in fresh — not frozen — except for the Waygu hot dogs and the kosher meats.
Another important offering from Carnivore is dry-aged beef. The dry ageing, which gives beef a unique, nutty flavour, is done in Carnivore’s temperature-controlled ageing cellar.

Charcuterie, sausages and cooked meats
Not all of Carnivore’s meats are sold uncooked. It also serves a selection of charcuterie and pre-cooked meats like braised lamb shanks, venison osso bucco, bison back ribs, duck confit and various cuts of meat prepared in a sous vide. These meats are sold in vacuum-sealed wrapping and just need heating using a variety of methods.

“You just put the lamb shanks in hot water and while that is heating up, you can make your side dishes,” says Benoit.

The charcuterie is made in-house by Benoit.

Carnivore also makes its own sausages including bratwurst, bangers, chorizo and jerk pork sausages.

Spices, stocks and fats
There’s also a wide selection of products that will make cooking at home easier — and more delicious — for sale at Carnivore. Various meat stocks, tallow, duck fat and speciality mustard are all available in the display refrigerator.

Edible candles, made with beef fat and good for dipping with bread, are also available.

Look and feel
Carnivore features a modern look, which was helped by the fact that one of its partners is Mike Stroh, an architect who is also a partner of Trio Architecture in Camana Bay. Stroh provided the architectural design for the space while his colleague, Carolina Hane, was the interior designer.

Stroh said the design was inspired by the modernism of today’s world.

“We kept the design clean and simple to really showcase the main attraction at Carnivore: the meat!” he says. “The lighting we used throughout really helps define the different areas within the space. We added wall planters made out of milk jugs filled with fresh herbs to contrast the hard surfaces of concrete, porcelain and wood, making Carnivore a modern, yet warm, place to shop and get together.”

The Carnivore team brings together five people with different backgrounds and expertise. Stroh explains how it all came together.

“A few weeks after Alberto Beraha returned to Cayman from living abroad, he came to me with an idea: to create a high-end butcher shop on island,” he said. “Without discussing it much, I immediately thought that my friend Dylan Benoit had to be the ‘magician’ who could put the whole thing together. Within a few hours, the three of us were in my office going through an explosion of ideas and dreams.”

Carnivore then brought in Operations Manager Eric Schwandt, who had previously served as the manager of West Indies Wine Company, and a strategic partner, Kris Bergstrom, Stroh says.
“After one and a half years of hard work, dedication, discipline and imagination, those ideas and dreams became a reality.”

This article originally appeared in the March 2020 print edition of Camana Bay Times with the headline “A butcher shop and more.”

About the author

Alan Markoff has worked with Dart as the editor for Camana Bay Times for three years and has been writing professionally since 1997. Born and raised in Cleveland, Ohio, Alan graduated from the State University of New York at Albany with a degree in English, and first moved to the Cayman Islands in 1982. He has 16 years of experience in the real estate industry and previously worked as a journalist for Cayman Compass before joining Dart to relaunch the Camana Bay Times monthly newspaper. An avid baseball fan, Alan loves travelling but also schedules trips back home around catching a summer game or two with his home team, Cleveland Indians.

Addressing gender bias in the workplace at the Cayman Islands Institute of Professional Accountants summit

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Yasmine El-Ramly during her presentation at the Cayman Islands Institute of Professional Accountants summit in November, 2019.

By Anna Wootton

Despite progress in the equitable employment of women, unconscious gender bias is still preventing them from earning as much or reaching the same career heights as men.

During the two-day annual summit presented by the Cayman Islands Institute of Professional Accountants on 25-26 November, Yasmine El-Ramly, a senior manager with the Association of International Certified Professional Accountants, spoke about the impact of unconscious bias on women in the workplace. She began her presentation with some eye-opening statistics: While women represent 44.7 per cent of the workforce, they represent just 26.5 per cent of executive or senior-level managers, 11 per cent of top earners and just 4.8 per cent of CEOs.

The field of accounting shows similar gender bias. Although the percentage of women entering the field of accounting has increased significantly over the past 40 years, the percentage of women becoming partners in firms hasn’t kept pace. This gap reflects the fact that women are entering the accounting workforce, but they are either not staying or not being promoted.

“This is why organisations need to be intentional about advancing women,” El-Ramly said.

Unconscious biases 
To demonstrate how people develop unconscious biases, she projected a number of faces — which ranged in age, gender, ethnicity and style — and then asked attendees to partner up and discuss which face they would most prefer to be stuck with on a trapped elevator. Answers ranged from choosing someone based on their friendly smile, choosing an older companion because they looked maternal and choosing others because they looked “fun,” “creative” or “efficient.”

El-Ramly noted that unconscious biases are an “inescapable human condition [to which] no one is immune,” adding that after a fifth encounter with someone, the brain becomes lazy and writes a script for what it believes it knows — thus developing unconscious biases.
Some common unconscious biases include:

  • Confirmation bias — having a preconceived judgment about a group of people or place, and looking for evidence to confirm this judgment
  • Affinity bias — having a connection or preference for someone due to familiarity or personality similarities
  • Observation bias  the tendency to see what we expect to see
  • Conformity bias — behaving similarly to others in a group, even if doing so goes against your own judgment
  • Halo effect bias — the transference of one good deed or act onto a person’s entire personality
  • Horn effect bias — the transference of one negative deed or act onto a person’s entire personality

El-Ramly theorised that one reason women are remaining in the minority when it comes to leadership positions is because of affinity bias, which causes inherent preference for someone else due to familiarity or personality similarities. This is just one reason why the onus is on companies to recognise workplace bias, El-Ramly said, noting that there are several channels through which bias needs to be monitored. These channels include marketing and communications, recruitment and advancement, job placements and assignments, benefits, and company policies, among others.

Although companies should step up their ownership of perpetuating historic patterns that do not serve or support diversity in the workplace, El-Ramly said it is also important that individuals become more aware of their biases.

“Recognise, reflect and respond,” she said, giving a three-step approach to awareness, noting that perception is reality and to change reality, people must change their perceptions.

“Individuals who are looking to advance in an organisation should have a sponsor, or someone within the organisation, who can help them become more visible and advocate on their behalf when or as needed,” El-Ramly suggested. “Sponsors spend political capital as necessary for the advancement or access to opportunities that will benefit their protégés.”

El-Ramly believes the answer begins with an inclusive and coaching culture.

“It is the foundation that is needed to groom talent and build successful firm-wide initiatives such as mentoring and modified work arrangements that will engage talent and keep the best and brightest in our organisations and professions.”

This article originally appeared in the January 2020 print edition of Camana Bay Times with the headline “Addressing Gender Bias in the Workplace.”

About the Author
Anna Wootton is the Digital Marketing & PR Manager for Dart’s real estate companies and assets, including Dart Real Estate, Provenance Properties, Camana Bay and The Residences at Seafire. Born in the Cayman Islands, with British heritage and a Canadian passport, Anna is multinational with a Caymankind heart. Anna has a background in journalism and a Bachelor’s degree in English Literature from University of British Columbia. She has worked in Camana Bay for the past six years and can be found at an afternoon Ryde class or getting her paint on at 3 Girls & A Kiln.


Offshore law firm Mourant welcomes two new Articled Clerks

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Rejonté Rivers, left, and David Ramsaran recently joined Mourant as articled clerks in the firm’s Cayman Islands corporate practice.

Two Caymanians recently joined the offshore law firm Mourant as articled clerks.

The addition of David Ramsaran and Rejonté Rivers, who will both work in Mourant’s corporate department, brings the number of employees at the firm’s offices in Camana Bay to 90.

Ramsaran, the 2018 Chantal Whittaker Memorial Scholarship recipient, recently completed his legal practice course at the University of Law in London. Prior to that, he graduated with first-class honours in law from Oxford Brookes University. He is no stranger to Mourant’s offices, having completed four consecutive summer internships with the firm.

“I have really enjoyed working at Mourant during previous summer internships and I’m very grateful for their support during my studies,” he said. “I look forward to developing as a lawyer with the incredible Mourant team.”

Rivers originally joined Mourant’s corporate services arm in January 2015 as a corporate administrator. She progressed to senior corporate administrator and then to client services manager on the governance team, while simultaneously working toward a graduate diploma in law at BPP University. Upon completion of that diploma in July 2018, she continued her studies and successfully finished the professional practice course at the Truman Bodden Law School in July 2019. While completing that course, Rivers transferred to the law firm as a paralegal in October 2018.

“It has been a challenging and exciting three years of pursuing my legal education and working hard in my various roles,” Rivers said. “I have grown and developed so much thanks to the opportunities and support from Mourant since joining the firm almost five years ago.”

Hayden Isbister, managing partner of the Cayman Islands office, welcomed the two new articled clerks to the firm.

“We’re committed to nurturing and developing our people to be the best they can be and pleased to have previously supported them both on our student programmes,” he said. “I look forward to seeing David and Rejonté continue to grow their careers in the firm and wish them every success in their new roles.”

This article originally appeared in the November 2019 print edition of Camana Bay Times with the headline “Mourant welcomes two new Articled Clerks.”


Camana Bay Times: Global risks and their implications on the table at CAIS 2020 in the Cayman Islands

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Ian Bremmer during his keynote address at CAIS19. Photo: Janet Jarchow

By Susanna De Saram

The global implications of the current turbulent relationship between the United States and China will likely be a key talking point for Ian Bremmer, one of the world’s leading experts on geopolitical risk, when he speaks at the 2020 Cayman Alternative Investment Summit in February.

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Cayman Compass: Work Starts on Camana Bay Residential Community

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Project officials broke ground Friday on Camana Bay’s first for-sale residential development, known as ‘OLEA’.

Located next to Cayman International School, the project is being developed by Dart Real Estate and the NCB Group, and will feature 124 residences comprised of condos, townhouses and duplexes that range from one to four bedrooms.

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