Turks and Caicos Islands - Company Incorporation

One of the foundations upon which the TCI's success as an offshore centre has been built is the Companies Ordinance 1981. This legislation was closely modeled on the equivalent Cayman Islands law and is extremely flexible and provides in the shape of an exempted company for a minimum of disclosure. Meetings need not take place in the Islands, the objects may be unrestricted and details of shareholders and directors need not appear on any public record.

Following the introduction of the Companies Amendment Ordinance 2001 bearer shares issued must now be deposited with the company manager or the resident agent. The confidential information as to ownership and beneficial ownership together with a Register of Directors and Secretary would be maintained at the resident agents/registered office address.

An exempt TCI 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 name may be represented in any foreign language or characters. 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 24 hours. However it does take approximately 1 week for documents to arrive from TCI. Ready made companies are also available.

Local Requirements

The company must maintain a registered office address within the TCI and must also appoint a TCI resident as registered agent. We can provide these services as part of the domiciliary service fee.

Secrecy

Both the Companies Ordinance and the Confidential Relationships Ordinance make it an offence punishable by a maximum fine of US$50,000 and/or a prison sentence for anybody to reveal confidential information, including details of the owners and directors, about a TCI exempt company.