Any Brac news?

[Damselfish]

I am not blaming EVERYTHING on America. I am blaming this series of events on an American corporation established in 1992 in the great state of North Carolina, but yet incorporated in the great state of Delaware. Sounds a little "dodgy" to me, as in tax "dodgy."

they may be dodgy, but not for this reason. It's very common for US companies in other states to be incorporated in Delaware, and not against the law in any way. It's not all a tax thing, but related to corporate friendly laws in Delaware and like it or not they are doing what makes sense and what the law encourages them to do. (I think some of the companies I've worked for have been incorporated there, they were in no way dodgy and certainly weren't based in Deleware.)

That said, I've only stayed at a Divi once long ago, but visited a few others and seen their history over the years, and it's never been an especially impressive sight. They seem to go for just barely good enough.

 

[fisheater]

I am not blaming EVERYTHING on America. I am blaming this series of events on an American corporation established in 1992 in the great state of North Carolina, but yet incorporated in the great state of Delaware. Sounds a little "dodgy" to me, as in tax "dodgy."

Isn't it pretty ironic for a Camanian to be talking about tax dodges in this tone? Those huge office buildings on Grand Cayman weren't built with scuba profits.


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[chibracdiver]

I guess I should have clarified that remark. I am aware of the corporate friendly state of Delaware as my largest account has the same set up there. Even though they have no office in Delaware or transact any business in the state they are allowed to take advantage of the incorporation. Since I am not an accountant I cannot answer the question intelligently. They are "dodging" some responsibilities whether it be financial, liability, etc. The question still needs to be asked...why?

I own a business in the state of Illinois, and I am incorporated in the state of Illinois. Silly me.

 

[knotical]

Is the lack of direct flights to the brac the problem? Can Cayman Air get enough people there on a regular basis to keep the resort profitable?

Although Divi cited that as a primary reason for closing the hotel, Cayman Air flights did not seem to be a problem during the years when the hotel was full for months on end. Sure, going through Grand Cayman isn't as convenient as direct flights, but what percent of trips do we take anywhere that don't include intervening stops?

 

[chibracdiver]

Fisheater, I am not Caymanian, but the rest of your post is spot on. Just visit the 5000 corporations at the Ugland House in GC to see how the real pros dodge tax liability/responsibility. How did the divi people miss this one?

 

[diverrex]

.... but what percent of trips do we take anywhere that don't include intervening stops?

But for many of us it adds two stops and change of planes. And that might be ok but the times of the Cayman Brac flights never lined up well for my other flights.

 

[Drew Sailbum]

Fisheater, I am not Caymanian, but the rest of your post is spot on. Just visit the 5000 corporations at the Ugland House in GC to see how the real pros dodge tax liability/responsibility. How did the divi people miss this one?

Actually the number reported is 12,748 corporations headquartered at Ugland House on South Church Street in Cayman.

Of course you have to go a bit further north to find some really shocking numbers... more than 200,000 businesses headquartered on North Orange Street. That would be North Orange Street in Wilmington, Delaware.

 

[chibracdiver]

Yea, but how's the diving off the coast of Delaware?

I think we can agree that Cayman and Delaware offer questionable advantages to certain corporations. Thanks for the update Drew.

 

[billinwilliamston]

Divi recently sent us timeshare owners a letter that starts:

The quoting didn't work to well, but really sorry to hear that. Having your slice of paradise pulled out from under you through no fault of your own has got to hurt.

Are there any options available?

 

[nipi]

If you read this article - http://www.step.org/attach.pl/2596/5699/Onshore secrecy, offshore transparency.pdf - you will see that as it summarises "directly testing the effectiveness of international rules mandating financial transparency and barring secrecy indicates that onshore centres are significantly behind their offshore competitors". It is Delaware & the rest of the U.S. that need to clean their act up not Cayman.