Incorporate an International Business Company (IBC) in the Turks and Caicos Islands (TCI)
After you have submitted the proposed name of your IBC to us, approval of the company name can be obtained within several hours. Company names in Turks and Caicos may be in any language and there is no need to include any affix, you can carry out a free name check now using our Company Name check service; once approved, a name may be reserved for 10 days free of charge.We then present the Memorandum and Articles of Association of the company to the Registrar, a Certificate of Incorporation will be issued and your new company is incorporated.
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.
It typically takes just two days to incorporate a company in the TCI.
Formacompany has over 20 years’ experience forming companies in The Turks and Caicos Islands and across the world, and our staff will be available to offer advice and support through the entire incorporation process, from initially selecting a suitable company name through to finally commencing taxable activities.
What you need to set up an International Business Company (IBC) in the Turks and Caicos Islands (TCI)
To begin incorporation of your TCI IBC we will require the following:
- Your company name
- The full name, date of birth, address and nationality of all directors
- The full name and address of all shareholders
- The full name and address of the company secretary
Documents you are required to provide:
- Proof of identity (passport, national identity card, photographic driving licence).
- Proof of residential address (gas/electricity bill or credit/debit card bank statement dated within the last three months)
- All IBCs must have a registered office and a resident agent. The registered office must be a physical address in the TCI where accounting records, meeting minutes and other reports must be kept, and where documents may be legally served on the company; an office and a suitable agent is included in our Standard Company Formation Package.
Share Capital requirements
- There is no minimum share capital. . However, it is normal to incorporate with a share capital of US$5,000 divided into 5,000 shares valued at $1 each.
- Share duty is paid on the total amount of share capital and is increased once the total share capital exceeds $5,000.
- Shares may be issued in any currency with or without par value. Different classes of shares may be issued with different rights attaching to each class.
Ready Made Companies
- We have shelf companies in Turks and Caicos currently available, with a standard Memorandum and Articles designed to permit most general activities; making it possible to commence business at very short notice. Our ready made companies are in good standing, are not the subject of any insolvency proceedings and have not entered into any contracts or engaged in any business activities.
What it costs to set up an International Business Company (IBC) in the Turks and Caicos Islands (TCI)
Setting up a TCI IBC will cost £2460; this includes all duties, taxes and professional fees as well as a resident agent and a registered office.
What you receive after setting up your new business
- Original Certificate of Incorporation
- Original share certificates
- Original government receipt as evidence of payment of annual company registration and license fees
5 Advantages of an International Business Company (IBC) in the Turks and Caicos Islands (TCI)
- Incorporating in the TCI provides the benefits of offshore legislation. A TCI IBC is a limited liability company that conducts its trading and business outside of the TCI and is intended for offshore activities; modern offshore legislation provides maximum flexibility in global asset protection, tax and investment planning.
- A TCI IBC is initially exempt from all taxes and benefits from extremely low taxes thereafter. An IBC/ 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.
- Incorporating an IBC in the TCI provides extensive confidentiality for the directors and shareholders. 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. This means that the names of beneficial owners are not stored on any public record in the TCI.
- A single person can form an IBC in the TCI. Shareholders, Directors and Officers may be limited to one person with the same person fulfilling all three functions.
- Companies incorporated in the TCI have maximum flexibility in their scope of operations. It is not necessary to include a 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.
Important Information about Incorporating an International Business Company (IBC) in the Turks and Caicos Islands (TCI)
- Incorporation can be achieved within a day and incorporation documents are usually completed and available within two days.
- A single person can form an IBC in the Turks and Caicos Islands
- There is no need to file an annual return containing financial information or details of Shareholders, Directors and Officers.
- Audits are not required.