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BACKGROUND
Geographical Location
The Turks and Caicos Islands are a group of 30 tropical Caribbean Islands in the North Atlantic Ocean, southeast
of The Bahamas, eight of which are inhabited. The land area, of approximately 430 sq. km., is low, flat limestone
with extensive marshes and mangrove swamps. The Islands have very limited natural water resources, and the inhabitants
rely on collecting rainwater for their water supplies.
Population
The Population is approximately 14,750 people.
Political Structure
The Islands are a British Crown protectorate, with H.M. Queen Elizabeth II acting as Head of State. She is
represented by a Lt. Governor. It has a two house parliament with the lower house, The Legislative Council has
twenty seats, of which thirteen are elected by universal suffrage every five years. The upper House, The Executive
Council consists of three ex-officio members and five Members appointed by the Governor from the Legislative Council.
Infrastructure and Economy
The Economy is based on fishing, tourism and offshore banking. The only farming undertaken is subsistence farming
of corn, cassava, citrus and beans. Most food and non-food products are imported.
Language
English
Currency
U.S. Dollar
Exchange Control
None
Type of Law
Based on English Common Law
Principal Corporate Legislation
The Companise Ordinance 1981 as amended.
KEY FEATURES TABLE
| General |
| Political Stability |
Good |
| British Based Legal System |
Yes |
| Type of Company |
Exempt |
| Disclosure of Beneficial Owner |
No |
| Migration of Domicile Permitted |
No |
| Tax on Offshore Profits |
Nil |
| Non-English Language Names Allowed |
Yes |
| Corporate Requirements |
| Minimum Number of Shareholders |
One |
| Minimum Number of Directors |
One |
| Bearer Shares Allowed |
Yes |
| Corporate Directors Permitted |
Yes |
| Secretary Required |
Yes |
| Standard Authorised Share Capital |
$5,000 |
| Local Requirements |
| Registered Office/Agent |
Yes |
| Company Secretary |
No |
| Local Directors |
No |
| Local Meetings |
No |
| Government Register of Directors |
No |
| Government Register of Shareholders |
No |
| Annual Requirements |
| Annual Return |
No |
| Audited Accounts |
No |
| Recurring Government Costs |
| Annual Tax/Licence Fee |
$300.00 |
| Annual Return Filing Fee |
Nil |
COMPANY FORMATION
Type of Company for International Trade and Investment
Exempted Company. Exemption from future taxation and increases in Government Taxes guaranteed for a period
of twenty years.
Procedure to Incorporate
Lodging of the Articles of Incorporation with the Registrar.
Restrictions on Trading
Cannot Trade within the Turks & Caicos Islands. Cannot Solicit funds from or sell its shares to the General
Public.
Powers of Company
A Company incorporated in the Turks & Caicos Islands has all the powers of a natural person.
Language of legislation and corporate documents
English
Shelf Companies available
Yes
Time Scale to Incorporate
Two days
Name Restrictions
Any name that is identical to, or likely to be confused with an existing Company. Any name that suggests Royval
or Government Patronage.
Language of Name
Can be in any Language.
Names requiring Consent or a Licence
"Bank", "Insurance", "Building Society", "Trust", "Trustee".
Etc.
Suffixes to denote Limited Liability
Can have any of the normal suffixes, but can also be incorporated without a suffix.
Disclosure of Beneficial Ownership to Authorities
No
SHARE CAPITAL, TAXATION, LICENCE FEES AND COMPLIANCE MATTERS
Authorised Share Capital
$5,000
Classes of Shares Permitted
- Registered Shares
- Bearer Shares
- Shares with or without a par value
- Preference shares
- Redeemable shares
- Shares with or without voting rights
Bearer Shares Permitted
Yes
Taxation
Nil
Double Taxation Agreements
The Turks & Caicos Islands are not party to any Double Taxation Agreements.
Licence Fees
$300.00 payable annually in January.
Financial Statement Requirements
No requirement for filing, but financial records should be kept to reflect the financial position of the Company.
STRUCTURE OF MANAGEMENT
DIRECTORS
Minimum number of Directors
One
COMPANY SECRETARY
Company Secretary Required
Yes
SHAREHOLDERS
Minimum number of Shareholders
One
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