Turks and Caïcos International Business Companies
Turks & Caicos Key Points
- Time – 2 days to incorporate your company
- Directors – only one director of any nationality, is necessary for your company
- Shareholders – only one shareholder required who may be either an individual or corporate body
- Shareholders – 100% foreign shareholders allowed
- Share Capital – the share Capital requirement is only US$5000
- Support – using our 20 years experience we guide you throughout every step of the company formation process
Turks and Caïcos Islands’ Tax Free Status
In The Turks and Caïcos Islands there are no taxes whatsoever, Corporate or Personal, on Income, Profits, Capital or Capital Gains. Further, there are no Real Estate Taxes, Estate or Inheritance Taxes, Sales Taxes or use Taxes.
Exempt Companies are exempted from all forms of taxation for a period of twenty years from the date of incorporation.
Some of the advantages of an Exempted Company in The Turks and Caicos Islands:
- Confidentiality, The Turks and Caïcos Islands have no requirements to file details of shareholders or directors
- In addition, there are no requirements for general Shareholder Meetings
- Authorised capital may be expressed in any currency with no minimum paid up capital requirement
- The company name can be in any language with no requirement for the word Limited to be part of the name
- The Governor, upon application, can confer company exoneration from future direct taxation and any increases in annual filing fees for up to twenty years
A Board of Directors may be comprised of one or more directors who may be individuals or companies. It is a requirement for every Company to appoint a Company Secretary who may be an individual or a company, and who may also be the sole director of the Company.
There is no legal requirement that Directors should reside in the Turks and Caïcos. Exempted Companies file a Declaration that certain requirements of the Ordinance have been complied with and that the operations of the Company have continued to be conducted outside the Islands.
As well as The Companies Ordinance, which applies specifically to the business affairs of Exempted Companies, the Confidential Relationships Ordinance imposes a duty of Confidentiality upon Banks, Professional Advisers, Government Officers and other persons holding positions of Trust.
Advantages with the Turks and Caïcos
- Turks & Caicos is politically stable – a British protectorate
- The official language is English
- The official currency is the US$ dollar
Incorporation of an IBC
The corporate name of a Turks and Caïcos Islands corporation must include Ltd, Corp or Inc.
A Company can be incorporated in the Turks and Caïcos within a day. Incorporation documents are usually completed and available within 2 days.
Capital and Members
It is normal to incorporate an exempt company with an authorised share capital of $5,000; divided into 5,000 common voting shares of US$1 each, this being the maximum capital for the minimum duty payable at the time of incorporation. Thereafter if the authorised share capital exceeds $5,000, the capital duty is increased by 1% of any increase up to $50,000, by 0.5% of any increase over $50,000 and by 0.1% of any amount over and above $100,000. The minimum issued capital is one share of no par value or one share of par value.
Directors and Officers
The minimum number of directors is one. The directors may be individuals or companies, be of any nationality and need not be resident in the Turks and Caïcos Islands. All companies incorporated in the Turks and Caïcos Islands are required to appoint a company secretary. The company secretary may be an individual or company, be of any nationality and need not be resident in the Turks and Caïcos Islands.
Books and Registers
Financial Statement are not required for filing, but financial records should be kept to reflect the financial position of the company.
An IBC must keep at all times, at the Registered Office of the company:
Minutes of each meeting of:
- Board of Directors
- Director’s committee and Officers and Members