The IT Industry in Cayman Islands: Companies, Insights & Data
The Cayman Islands is known more for shipping, banking, low taxes, and beautiful sights. But the IT industry is not so far behind since the country is in the middle of digital transformation, and currently at the 4th stage of the digital transformation project. Within this project, most IT companies decided to settle there, and the existing ones have known successful progress. So after all, the Cayman Islands is not only about taxes and beaches, but it has a developing IT sector.
The main part of the tech sector relies on app development. Even back in 2014, Cayman Islands started to be an operational center for 22+ startups that were focused on developing apps for Google’s android, mainly. Later on, the country was a destination to set for companies such as Uniregistry, and Various that continued to develop the IT industry inside the country. The Cayman Islands doesn’t lack tech specialists, even if the country has ~65K inhabitants. Since the tax policy is flexible and real estate is cheap, many skilled professionals from both Latin and North America consider the Cayman Islands as a great place from where to work.
Why working with a Cayman Islands-based IT company
Consider Cayman Islands as a non-national-based IT destination. Here, out of hundreds of IT startups and tech companies, only 15% are founded and lead by native inhabitants. The other 85% or so are international IT & software companies that relocated to a place comfortable for both workers and companies.
In the Cayman Islands, you can find the entire spectrum of IT services and companies that perform from midrange to top. Of course, these companies charge according to their service quality, but then again - try the US market and you will get extra prices for everything. On top of everything, many Europeans found the Cayman Islands as a great choice to start or continue their business.
The average yearly salary of a web developer in the Cayman Islands is ~5K USD, while the average hourly rate is ~7 USD. These are pretty competitive prices compared to the US or Bolivia, for example.
What you should pay attention to when working with a Cayman Islands-based IT company
The huge company diversity in the Cayman Islands can have both positive and negative impacts, especially for those interested in budget projects. Out of 54+ IT and software companies registered in the Cayman Islands, many of them are still inexperienced in developing, design, marketing, or even simply B2B affairs. Yes, the risk of hitting an inexperienced company persists in every country, yet the chances here are bigger, due to the high number of startups that already call themselves “well-established web agencies”.
How reliable are Cayman Islands-based IT companies
IT companies that lack experience, in their turn can create project difficulties, such as delays in project delivery, miscommunication, lower-than-average project management to name a few. This is why Tech Behemoths comes to help in analyzing and finding the right partner for your digital project.
On the other hand, there are not a few IT and software companies that gained a name in the international IT market and perform decent to world-class services for their clients and have a good portfolio.
Generally, it all depends on the company, but certainly, the Cayman Islands is a country not to miss when looking for a digital partner.
Update: Tech Industry in the Cayman Islands in 2022
At the end of 2021 Cayman Islands position themselves as the leading tech hub in the Caribbean, aiming to attract more investors and clients. Parallel with this, Cayman Island faces transparency issues at the governmental and local level as the first website of the Cayman government was launched only in 2020. At the same time, Cayman faces credibility issues with EU, as EP (European Parliament) adopted a resolution targeting Cayman as tax heaven at the beginning of 2021. With all these, Cayman's 2022 doesn't look to promising in ICT as the contrast of 3 above-mentioned events puts the islands in a bad light