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Cayman Enterprise City, a Technology-based Special Economic Zone, Launches in the Cayman Islands

George Town, Grand Cayman, Cayman Islands (PRWEB) March 07, 2012

Cayman Enterprise City (CEC), the first technology-based Special Economic Zone of its kind in the Caribbean region, is now open for business and welcoming its first clients. The official launch of the SEZ was observed at a celebration attended by His Excellency the Governor of the Cayman Islands Mr. Duncan Taylor, Cayman Islands Premier, the Honorable McKeeva Bush, CEC executives and prominent business and community leaders. In January 2011 the Premier signed a Memorandum of Understanding allowing the CEC Development company exclusive rights to develop and operate a special economic zone, intended to attract internet, technology, commodities and derivatives, media, and biotechnology companies from around the world.

Speaking at the launch event Premier Bush commented on the expedited process that resulted in the timely launch. “It is an incredible accomplishment when we consider how much the elected government, the civil service and Cayman Enterprise City have achieved together in 12 short months to make this project a reality,” he said. The Premier added that the Special Economic Zones Law was passed by the Legislative Assembly in September 2011 and the Special Economic Zone Authority was established shortly after that. The Authority held its first meeting in December and is now licensing the first zone companies.

“The cooperation and pro-business attitude of the Cayman Islands government and the civil service has been outstanding,” noted Cayman Enterprise City CEO Jason Blick. “They truly understand the positive effect the zone will have on Cayman, and their support has been incredible.”

Cayman Enterprise City is expected to develop into the third pillar of the Cayman economy, alongside financial services and tourism, by attracting new technology based industries and global brands into establishing a physical presence in the Cayman Islands. A February Moody’s Investors Service report stated that CEC is an “important and credit positive diversification opportunity for this small island economy.” Around the globe SEZs have consistently boosted local economies, not only through direct foreign investment, but also by creating highly skilled jobs within the zone and generating work outside the zone in support sectors including construction, services and supply services.

The unique concessions offered through Cayman Enterprise City place it in the top 1% of all SEZs in the world and CEC’s guaranteed 10-day, fast-track set up of operations makes it easy for companies to quickly establish an office in Cayman’s tax-neutral jurisdiction. Companies in the zone are exempt from work permits and import duties. Some may be able to cut operational costs in half, and because all transactions are done from Cayman’s tax-neutral jurisdiction, companies are also guaranteed protection of intellectual property. Client businesses of Cayman Enterprise City also enjoy 100% foreign ownership;100% exemption from Income Tax, Corporate Tax and Capital Gains Tax for 50 years.

About Cayman Enterprise City

Cayman Enterprise City is a Special Economic Zone being developed in a state-of-the-art campus of innovative and sustainable architecture in Grand Cayman, designed to complement and respect the local environment. It will include: Cayman Internet & Technology Park, Cayman Biotech Park, Cayman Media Park, Cayman Global Commodities & Derivatives Park, Cayman Outsourcing Park and Cayman International Academic Park. There will be no manufacturing or industrial businesses within the zone. International businesses establishing within the zone will not be permitted to trade in Cayman outside of the zone so they cannot compete with local businesses. For more information call 345-945-3722, e-mail info@caymanenterprisecity.com or visit http://www.caymanenterprisecity.com.

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, Vocus PRW Holdings, LLC.
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2012 Silicon Valley Index: Annual Study Shows Silicon Valley Economy Mounting Impressive Recovery From Recession

2012 Silicon Valley Index

San Jose and Mountain View, Calif. (PRWEB) February 07, 2012

Silicon Valley’s innovation engine is driving a recovery that leads the nation, but the persistent public sector fiscal crisis and other factors are slowing widespread economic gains, according to the 2012 Silicon Valley Index released today by Joint Venture Silicon Valley and Silicon Valley Community Foundation.

The comprehensive yearly study on the economic strength and overall health of Silicon Valley indicates the region that was the last to succumb to the recession now appears to be the first to emerge, paced by tech sector growth that is spawning new companies and creating jobs. Yet these narrow gains, the drag on public finance and housing and the constraints of Proposition 13 are keeping most residents from benefiting.

“Though encouraging, we don’t see the report as a cause for celebration,” said Russell Hancock, CEO of Joint Venture, “Small businesses are clearly not out of the rough. The public sector is still in the throes of a fiscal crisis and median household income continues to fall as the gap between those succeeding and those struggling grows wider and wider. It’s as if we’re becoming two valleys.”

“This year’s Special Analysis examines Proposition 13 and reveals yet another challenge facing our region,” said Emmett D. Carson, Ph.D., CEO and President of Silicon Valley Community Foundation. “When Proposition 13 was approved, median home prices were growing faster than most other government revenue sources. Today’s new normal is characterized by reduced home prices and drops in assessed value, which means we must either adjust to fewer public services, find new sources of revenue or a combination of both. We need to ask ourselves if it is time to consider a new approach.”

The 2012 Index reports the latest data and trends in economic development, workforce, housing, education, public health, land use, environment, governance, arts and culture and other sectors throughout Santa Clara and San Mateo Counties and portions of Alameda and Santa Cruz Counties. An accompanying Special Analysis section of the report each year takes a closer look at a particularly significant topic.

The Index is published in conjunction with the annual “State of the Valley” conference, a town hall-style gathering of regional leaders, elected officials and citizens in a daylong discussion of Silicon Valley’s opportunities and challenges. The 2012 conference takes place Friday, February 10, at the McEnery San Jose Convention Center.

Other highlights of the 2012 Index and Special Analysis include:

Jobs – Silicon Valley added more than 42,000 jobs in 2011. Unemployment in the region fell 1.4 percent over the previous year to 8.3 percent in December 2011. This is lower than California at 10.9 percent and on par with the U.S. rate.

Innovation Engine – Patent registrations leapt by 30 percent over 2009 with 13,311 new patents registered in 2010, largely in computers, data processing and information storage. Silicon Valley accounted for 49 percent of total registrations statewide and 12 percent nationally, a one percent drop over the prior year. Venture capital investment in clean technology nearly doubled over the prior year and was strongest in energy generation, efficiency and storage. Silicon Valley had 12 IPOs in 2011, one more than in 2010, 46 percent of California’s offerings and 12 percent of the nationwide figure.

Public Sector Fiscal Crisis – City revenues in 2009/2010 fell eleven percent from the year prior, the second straight year of declining revenue since 2003/2004. From 2009 to 2010, total debt funding increased by 43 percent with $ 2.5 billion in 2010. This growth was mostly due to increased debt funding in education, transportation infrastructure and housing.

Housing – Residential foreclosures fell 16 percent from the first half of 2008 to the first half of 2011 in the region and declined 24 percent in California. Only five percent of new housing in Silicon Valley was classified as affordable, a 14-year low. Total new residential development expanded by 165 percent in the last year.

Income – Silicon Valley’s per capita income in 2011 expanded by four percent to reach $ 66,000. Per capita income in California and the nation increased just two percent over 2010. However, most residents continued to suffer earnings losses in 2010 as the region’s median income continued to slide for the second year in a row. Median incomes dropped three percent in the region, seven percent statewide and two percent nationally.

Talent Flows, Diversity – Science and engineering talent expanded by four percent in Silicon Valley and by eight percent in the U.S. Half the population speaks a language other than English in the home. Asian speakers make up the large shares, but speakers of European languages are on the rise.

Published annually since 1995, the Silicon Valley Index findings are reported in five major sections: People (talent flows, diversity); Economy (innovation, employment, income); Society (preparing for economic success, early education, arts and culture, health, safety); and Place (environment, land use, housing, commercial space). Governance was not included this year because it is the focus of the Special Analysis.

Joint Venture added the Community Foundation as its partner on the Index in 2008 and expanded the data to include all of San Mateo County. The Silicon Valley Index and Special Analysis may be downloaded from the Joint Venture website at http://www.jointventure.org and the Community Foundation website at http://www.siliconvalleycf.org.

ABOUT JOINT VENTURE SILICON VALLEY

Joint Venture Silicon Valley was established in 1993. A non-profit organization, the group convenes the region’s leaders across every major sector – government, business, academia, labor, and community organizations. The organization provides data and analysis on our region’s challenges, and leads initiatives to address those challenges. Joint Venture is funded by cities and counties, local companies, colleges and universities, labor and workforce institutions, and foundations. For more information, visit http://www.jointventure.org.

ABOUT SILICON VALLEY COMMUNITY FOUNDATION

Silicon Valley Community Foundation is a catalyst and leader for innovative solutions to our region’s most challenging problems. Serving all of San Mateo and Santa Clara counties, the community foundation has more than $ 2 billion in assets under management and 1,500 philanthropic funds. The community foundation provides grants through donor advised and corporate funds in addition to its own endowment funds. The community foundation serves as a regional center for philanthropy, providing donors simple and effective ways to give locally and around the world. Find out more at http://www.siliconvalleycf.org

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, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Tax Season Content At myStockOptions.com Offers Crucial Tax Return Guidance For People With Stock-Based Compensation

Brookline, MA (PRWEB) March 8, 2011

For people with stock compensation (and their financial advisors), every tax season raises worries about making errors on tax returns that can lead to paying too much tax, penalties from the IRS, or even the ordeal of an IRS audit. With heightened IRS scrutiny of tax reporting, the need to avoid expensive mistakes with tax returns has never been stronger.

The clear, concise, and easy-to-read content at myStockOptions.com can help. The website has updated and expanded its guidance on the filing and reporting of tax returns that involve stock options, restricted stock, restricted stock units, performance shares, stock appreciation rights, and employee stock purchase plans. Core articles and FAQs, including diagrams of IRS forms, spell out the most common mistakes people make with stock grants on their tax returns. Annotated illustrations of Schedule D show exactly how to report sales of company stock. A fun, engaging podcast conveys key tips for tax returns, including errors to avoid.

“The tax reporting for stock compensation is complex,” states Bruce Brumberg, Editor-in-Chief of myStockOptions.com. “Even accountants and tax advisors sometimes make mistakes. Our goal is to help employees and their financial or tax advisors realize the full potential of equity grants by educating them about tax rules and helping them prevent costly errors. The last thing taxpayers want, especially now, is to pay too much tax or incur IRS penalties that take yet more money out of their pockets.”

More Than Just The Basics

The content on tax topics covers more than just the nuts and bolts of reporting and filing. The website’s award-winning content covers the full range of tax topics that stock grant holders may need to be familiar with. These topics include:

stock compensation issues that draw IRS scrutiny
interpreting Form W-2 for accurate tax-return reporting
understanding the new IRS Form 3922 for ESPPs and Form 3921 for ISOs
key changes in the income exemption amounts for calculating the alternative minimum tax
revised rules for using old AMT credits to help taxpayers stuck with ISO stock whose value has dropped
the complexity of estimated taxes with stock compensation
netting capital gains and losses with company stock
the impact of the deferred compensation provisions in IRC Section 409A
tax law changes made by the Tax Relief Act of 2010

Tax Center Makes Sense Of Reporting On Form W-2 And Schedule D

The hub of tax coverage on myStockOptions.com is the Tax Center. This part of the site includes FAQs that explain the reporting of stock compensation that employees receive on Form W-2. With clear annotations on the real IRS form, other FAQs show exactly how to report sales of company stock on Schedule D of Form 1040 (see the section Reporting Company Stock Sales on myStockOptions.com).

“Employees understand concepts much better using the straightforward illustrations provided by myStockOptions.com,” says one stock plan manager whose company has licensed the Tax Center to help its employees. “They find the tax information and annotated tax forms extremely helpful in simplifying the tax filing for stock trades. They are thrilled that this makes tax time easy.” (For information on corporate services, see the relevant section below.)

New Content Demystifies IRS Forms 3922 And 3921

A new set of content explains IRS Form 3922 for employee stock purchase plans and IRS Form 3921 for incentive stock options. With annotated examples of the forms that translate IRS jargon into understandable language, these articles and FAQs clarify what taxpayers need to understand about the information provided by the forms, which can help them better understand the complexities of ESPP or ISO taxation.

While the forms are not needed for tax-return reporting, they give the IRS new tools for catching expensive errors on the tax returns of people who sold ESPP or ISO stock. “Forms 3922 and 3921 ensure that the IRS will have more information about ESPP and ISO stock than it had before,” warns Mr. Brumberg. “This means the IRS will be better equipped to catch reporting mistakes, making accurate and timely tax return reporting now even more important.”

Clear Answers For All Types Of Stock Grants

Using concise explanations and easy-to-follow annotated diagrams of the actual IRS form, detailed FAQs show employees, accountants, and tax advisors how to complete Schedule D (“Capital Gains and Losses”) for a variety of situations involving sales of stock from:

nonqualified stock options (NQSOs)
incentive stock options (ISOs)
restricted stock
restricted stock units (RSUs)
performance shares
employee stock purchase plans (ESPPs)
stock appreciation rights (SARs)

These diagrams occur in the section Reporting Company Stock Sales, which answers a wide variety of questions, from basic to complex. Advanced reporting situations, all fully illustrated, include:

I exercised NQSOs, held the stock, and now have long-term capital gains on the sale. Do I get any “credit” on my tax return for the income tax I paid for the spread at exercise?

How am I taxed if I have made a disqualifying disposition of incentive stock option (ISO) shares in a different year than the year I exercised the option?

When I hold restricted stock and performance shares after vesting and later have capital gains on the sale, will I get any “credit” for the income tax I paid at vesting?

When my restricted stock units vested, my company automatically withheld shares to cover the tax. Do I need to report these shares on my Schedule D?

My company’s employee stock purchase plan (ESPP) is not tax-qualified under Section 423 of the Internal Revenue Code. How do I report any gain that results from the sale of my ESPP shares on my federal income-tax return?

How do I report any gain that results from the sale of my stock appreciation rights (SARs) shares on my federal income-tax return?

The answers to these questions are presented in plain English and are clearly illustrated. In an additional benefit for subscribers, all Premium and Pro Members can contact the experts at myStockOptions.com if they have complex questions not answered by the website.

Pro Membership Gives Advisors A Crucial Edge During Tax Season

myStockOptions.com Pro is a special membership for financial advisors, CPAs, and other professionals who have clients with stock compensation. MSO Pro gives advisors full access to the whole website and special features in the tools, where they can track and model stock grants for up to 25 separate clients. Access to the vast library of content at myStockOptions.com puts answers to tough client questions right at advisors’ fingertips. For more information, visit myStockOptions.com or call 617-734-1979.

Corporate Licensing Available

All the content on myStockOptions.com is ideally suited for licensing by companies and stock plan providers for their stock plan participants. A customized version of the website’s award-winning content can be seamlessly woven into companies’ HR, benefits, and/or compensation portals. Accessible through any internet browser, 24 hours a day, 7 days a week, licensed content from myStockOptions.com lets stock plan participants answer their own questions about their stock grants whenever they need to learn more–saving time for the stock plan staff and costs for the company. For more information, visit myStockOptions.com or call 617-734-1979.

About myStockOptions.com

With exclusive articles, 750+ FAQs, the Tax Center, Global Tax Guide, an extensive glossary, and interactive tools, myStockOptions.com is the premier online resource of educational content, tools, and self-study courses on stock options, restricted stock, restricted stock units, performance shares, stock appreciation rights, and employee stock purchase plans. myStockOptions.com is written and managed by leading experts in equity compensation, and is produced by a company with a long history of successful publications explaining complex legal and financial subjects in plain English.

The influential consumer magazine PC World ranks myStockOptions.com among “the most useful sites ever” that “deliver top-notch information, support, and services.” The accounting journal CPA Wealth Provider selected myStockOptions.com among companies “that have taken the lead through innovation, efficiency, initiative, or growth in the financial-planning area.” The Specialized Information Publishers’ Foundation honored MSO Pro with one of its Editorial Excellence Awards in the category of Best Interactive Content among niche publishers. The innovative Comparison Modeling Tool on myStockOptions.com is now patented.

myStockOptions.com has also received extensive favorable coverage in major publications, including BusinessWeek, The Wall Street Journal, The New York Times, the San Francisco Chronicle, and The Boston Globe, and on CNN, National Public Radio, PBS, Money.com, and MarketWatch.com.

myStockPlan.com, the publisher of myStockOptions.com, has also launched a new website: myNQDC.com, the only online educational resource devoted exclusively to nonqualified deferred compensation (NQDC). With clear writing and independent, unbiased expertise, myNQDC provides education about the financial planning, taxation, risk, and legal issues surrounding nonqualified deferred compensation and encourages participants to fully understand these topics and maximize the value of their plans. With tax rates likely to rise in the future, the tax-deferral advantages of NQDC will make these plans increasingly popular.

For more information, please contact Bruce Brumberg and Matt Simon at 617-734-1979.

http://www.mystockoptions.com

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©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.