Turks and Caïcos Islands - IBC Company Incorporation

Company Type	Time to Incorporate	Cost
IBC	2 days	£2460

Features of the TCI exempt company:

• Incorporation of a standard limited liability company usually takes one or two days.
• The name of the company may be in any language and the word Limited need not appear as part of the name. Suffixes such as Inc., Corp., AG., and IBC are common.
• The capital of the company may be expressed in any currency and there are no minimum capital requirements. Different classes of shares may be issued with different rights attaching to each class.
• It is not necessary to include reference to the company’s objects and powers in its memorandum of association, in which case the company has full power and authority to carry out any lawful activity.
• Only one subscriber is required to incorporate and Shareholders, Directors and Officers may be limited to one person each, with the same person fulfilling all three functions.
• Bearer shares may be issued and subsequently converted in registered form if desired and vice-versa. These bearer shares are subject to immobilisation, namely, the certificate(s) must be held at either the office of a licensed Company Manager or Agent, a Company Secretary, or the office of an accountant, attorney or a licensed bank or trustee.
• A company may act as a Shareholder, Director or Officer, who need not be resident nor hold meetings in the TCI.
• There is no legal requirement to maintain a public register of Shareholders, Directors and Officers, nor is a register of Mortgages and Charges required to be maintained.
• No annual return containing financial information or details of Shareholders, Directors and Officers need to be filed.
• Audits are not required.
• A moratorium on the levying of any taxes for a period of 20 years automatically applies to every exempt company.

An exempt company receives a certificate issued in the name of the Governor which guarantees that the company will be exempt from all forms of taxation, both in respect of its own operations and on the shares in the company, for a period of 20 years from its date of Incorporation.

Companies may be incorporated with a translation of the English name appearing on the Certificate of Incorporation. The company name may be represented in any foreign language. Additionally, a foreign language translation of the Memorandum and Articles of Association may be officially registered alongside the English version. The Certificate of Incorporation could bear both an English name and a translation of that name in Chinese characters.

Taxation

There are no direct taxes such as income tax, corporation tax, capital gains tax, profit tax, gift tax or death duties.

Shareholders

An exempted company need only have one shareholder and shares can be issued in bearer or registered form. There is no requirement to file the details of shareholders on any public record.

Directors

A minimum of one director is required and corporate directors are permitted. There is no requirement to file the details of directors on any public record.

Annual Reporting

There is no requirement to file accounts or a detailed annual return. Each company must file a short statement indicating that it has traded mainly outside the islands and that the company has complied with various statutory requirements.

Timescale

Incorporation can be achieved within a day. Incorporation documents are usually completed and available within 2 days.

Local Requirements

The company must maintain a local registered office and must also appoint a resident as registered agent. We can provide these services as part of the corporate administration fee.