(CNS Business): Announcing the introduction of on-line forms for local importers and exporters, officials said the move is intended to make the customs experience more efficient. In the latest development of the modernisation of the Cayman Islands Customs Department, access to on-line forms will reduce the time customers spend at the facilities. Previously, each port of entry into the Cayman Islands required the interaction of importers with the department's officials. Although people will still need to attend the customs offices for finalisation and payment, the completion of the form beforehand will reduce the time they spend at the offices. Dale Ramoon, the Acting Collector of Customs, said this was part of the modernisation efforts that the department has undertaken in recent times.

(CNS Business): Cayman Airways pilots are now using iPads as electronic flight bags (EFBs), replacing unwieldy and hard-to update paper manuals. Cayman’s national airline says it is the first in the Caribbean airline to use the Apple tablet for this purpose, following a growing practice by airlines in the US. The Cayman Civil Aviation Authority approved the use of the iPad tablets on board on Friday, 31 August, and the CAL pilots began using them the following Monday. This followed a 6-month test period in which Cayman Airways flew thousands of hours with iPads to test and evaluate the product and necessary software. The airline said that all pilots have been trained on the use of EFBs and have embraced the iPads technology.

(CNS Business): Both cruise and stay-over visitors to the Cayman Islands increased during the first seven months of 2012, according to the latest statistics from the Department of Tourism, when compared to last year. Air arrivals continue to soar, with the first seven months of 2012 representing a further 3.5% over 2011, which was already the best year since 2001. July 2012 also saw more people flying into Cayman during that month than for the last 8 years as there was a 3.7% increase in passengers flying to Cayman for the month. If  increases in air arrivals continue on this path for the rest of 2012, Cayman could be in for a record year in stay-over tourism. Since the beginning of the year 213,689 people have already visited the islands by plane.

(CNS Business): Maples and Calder has granted its 2012 non-legal scholarships to Abigail Bush, Briana Bergstrom, Chevis Dilbert, Jovonnie Anglin, Lloyd Barker and Jordan Ebanks. Henry Smith, Global Managing Partner at Maples said, "In addition to the academic successes of each of these talented individuals' to date,  we were equally impressed by how well-rounded they were overall, in their collective extra-curricular activities, work experience and community service. We're delighted to assist these dedicated students in achieving their goals." (Photo: scholarship recipients Chevis Dilbert, Abigail Bush, Lloyd Barker)

(CNS Business): KRyS Global, a firm dedicated to corporate recovery, insolvency, forensic accounting and business advisory services, has launched a fifth office, in Guernsey, to commence business this October 2012. The Guernsey office will be led by Timothy Le Cornu, who has been a Director in KRyS Global's Cayman Islands' office since 2008 and has over 17 years’ experience in investigating fraud and collecting in assets, particularly at the cross-border and international level. He is a qualified Insolvency Practitioner, a Fellow of INSOL and has acted as Joint Official Liquidator and Receiver of a number of Cayman and BVI entities. His experience spans not only to the Caribbean, but also Asia and Australia.

(CNS Business): A group of Cayman’s future business leaders recently enjoyed a life-changing experience when they attended an international Junior Achievement forum whose goal is to provide these motivated young people the tools to succeed in a global economy. JA Canada’s annual Next Generation Leaders forum, held 12-18 August in Halifax, Nova Scotia, brought together more than 150 top youth leaders from 10 countries, for business-focused presentations and workshops. (Far left: Moses Ebanks from the Cayman Islands)

(CNS Business): The man who blew the whistle on a massive tax evasion scam that cost the US government billions in lost revenue has been awarded US$104 million by the Internal Revenue Service (IRS). Brad Birkenfeld was an executive at Swiss banking giant UBS AG in Zurich in 2007 when he approached the IRS with information that served as the basis for a landmark court case that saw UBS pay a US$780 million settlement and turn over details on thousands of US holders of offshore accounts. The massive payout is understood to be the largest such reward to an individual ever made.

(CNS Business): The business community will be digging deep to pay for new work permits as of today following the increases to most permit fees. The new rates have now been implemented after government changed the regulations to reflect the fee hikes in this year’s budget. For the second time in two years the premier has turned to work permits to boost the public coffers and cover the mounting cost of operating the local government. Although it was expected that the financial services sector would bear the greatest burden in fee increases, most fees have gone up, impacting retail, building and the tourism industries among others at a time when many businesses can ill afford the extra costs.

(CNS Business): A national survey in the US reveals that 95% of those claiming they never use cloud computing actually do so via online banking and shopping, social networking, and storing photos and music. The survey by Wakefield Research, commissioned by Citrix, showed that most respondents believe the cloud is related to weather, while some referred to pillows, drugs and toilet paper. Those in the know claim working from home in their “birthday suit” is the cloud’s greatest advantage. The good news is that even those that don’t know exactly what the cloud is recognize its economic benefits and think the cloud is a catalyst for small business growth.

(CNS Business): Expanding its presence in Asia, Maples and Calder, which has had an office in Hong Hong since 1995, has now opened an office in Singapore. The Singapore office will be a full service, full execution office providing Cayman Islands and British Virgin Islands advice across the firm's core practice areas, including hedge and mutual funds, private equity, structured and asset finance, corporate law and trusts for high net worth individuals. Located in the Singapore Land Tower in Raffles Place, the office will be managed by funds partner, Nick Harrold, who is joined by corporate finance partner, James Burch, and private equity and corporate lawyer, Tom Katsaros. 

(CNS Business): One of five critical laws relating to the financial services sector hit a problem this week as it left the Legislative Assembly on its way to the governor’s office for assent. The Companies Amendment Law 2012, which passed through parliament last week, became the focus of attention because of a requirement for all Cayman registered companies and funds to keep full records of financial transactions here as well as where the companies do business. Government issued a short statement on Friday afternoon telling the financial services industry and the public that the Companies (Amendment) Bill, 2012, was not in effect and that government was aware of industry concerns and was working to make appropriate changes to address them.

(CNS Business): Turks & Caicos Governor Ric Todd signed a multi-million dollar agreement this week with Caicos Resorts Limited, owner of the world class Amanyara resort in Providenciales, Turks and Caicos Islands. Caicos Resorts Ltd has leased a further 17 acres of Crown Land at Northwest point for 999 years for a $3.04m down payment and an annual rental income. The resort plans to expand its successful villa program on the new site and is considering other additional facilities too, such as a spa and tennis centre.

(CNS Business): Ogier Cayman has appointed of a third articled clerk, Ridhiima Kapoor, for an 18-month term joining two other aspiring legal professionals admitted to the programme in September 2011. Kapoor completed her Bachelor of Laws degree from the University of Nottingham in 2011 and most recently finished her Legal Practice Course with commendation from the College of Law (Moorgate) in the UK. A recipient of numerous honours and scholarships throughout her academic career, Kapoor holds an International Baccalaureate (IB) diploma from the United World College of the Adriatic in Italy and is a graduate of St. Ignatius High School, obtaining her IGSCE in 2005.

(CNS Business): A number of amendments to critical financial legislation were passed through the Legislative Assembly last week on the eve of a visit from the OECD’s peer review group in connection with tax information. The new laws pushed through at the eleventh hour by government are expected to improve Cayman’s tax information exchange regime and address the remaining recommendations, outlined in the Phase 1 Peer Review by the Global Forum on Transparency and Exchange of Information for Tax Purposes. Five bills were gazetted on Friday but there are already concerns that some will have a significant, negative impact on the local offshore industry.

(CNS Business): Customers of Grand Cayman’s sole power supply company, CUC, can now generate energy from renewable and alternative sources and be compensated through stable, long-term rates through their Consumer-Owned Renewable Energy (CORE) Generation Programme. The Electricity Regulatory Authority of the Cayman Islands (ERA) announced this week that it has approved revisions to the existing Feed-in Tariffs (FITs), which has been in place since 1 February 2011.  Under the FIT programme, the rates paid to customers for all renewable energy generated will be CI 38.5 cents per kilowatt hour for residential customers and CI 37.5 cents per kWh for commercial customers.