Why do clothiers have such a difficult time making a profit when there is virtually no competition?
Answer Hi Tricia – thanks for your question. This is not an easy question to answer as so much depends on so many factors, but let me see if I can give you a good summary and then point you to some resources where you may find a lot more detail from the Government of Cayman itself. Expats wanting to work in Cayman must apply for a work permit. These are expensive, and the costs continue to change (go up). I think it’s good for 7 years. On top of this you’d have to apply for permanent residency and at last check was over $15,000. Now, if someone in the U.S. say wants to open a business on Grand Cayman, the business must be 60% owned by a Caymanian. This means you’ll have to find a business partner. Now, one way around this lobsided partnership is to get 2 partners, granting each of them 30% ownership, leaving you with 40%, and thus you maintain majority ownership as an individual. If after a period of time no Caymanian steps forward in interest, I believe you can get this waived but it’
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