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Turk & Caicos Islands

 
   

Executive Summary
The Turks and Caicos Islands are located on an archipelago in the Caribbean Sea. It is a British Overseas territory, known as an attractive tourist destination, as well as an offshore financial centre.

Cockburn Town is the capital of Turks and Caicos, Provedenciales is its largest city. English is the official language. The islands cover a total area of approximately 430 sq km. Mayaguana, Dominican Republic and Bahamas are the neighbour states.

The UK monarch is the head of Turks and Caicos who is locally represented by an assigned governor. The unicameral House of Assembly has a legislative power, while the Premier leads the government.

The most important market segments are construction industry, financial services provision, hotels and restaurants, wholesale and retail trade. Most food products are imported. Beans and cassava are main local agricultural products. Fish, including lobsters and conch, is exported mainly to the US and the UK. The US and Canadian nationals constitute the biggest tourists group.

The US Dollar (USD) is used on the territory of the Turks and Caicos Islands.

Geography
The islands of Turks and Caicos are mainly flat limestone territories. The Caicos Islands constitute more than 95% of the country’s territory. The islands enjoy a dry and sunny weather the most part of the year, but they are also vulnerable to rather frequent hurricanes.

Map, Flag and Coat of Arm

 


Types of Company

Ordinary Resident Company

This type of company is often chosen for the purpose of conducting a business activity in Turks and Caicos or owning a property there. At the end of the company name the word “Limited” or “Ltd” must be present. Annual returns must be filed, providing all the information on a company’s shareholders and directors. Incorporation fees depend on the authorized capital of a company.

Exempt Company
The business of the company must be carried outside the territory of the jurisdiction. This type of company is exempted from taxes and enjoys a major level of confidentiality.  Different types of shares may be issued, including bearer shares and shares of no par value. Only one shareholder and one director may own/ administer a company. Shareholders, directors and secretaries may be resident or non-resident. Solely the information on a registered office and the Articles of Association are publicly available, all the other information is confidential. Accounts of this type of company need not be audited and filed. The only annual submission concerns the compliance of the Exempt company requirements. Capital may be registered in any currency.

Limited Life Company
This type of company unites characteristic traits of a company and partnership. The standard duration of the company must be limited to 50 years, while extension to 150 years is available on several occasions. Generally, a company is no longer existent upon occurrence of specifically outlined events. This structure may be managed by members or by managers. Members may have different levels of liability upon a company’s dissolution, which needs to be specified. A company’s name must end with “LLC” or “Limited Life Company”.

Hybrid Company
This company is supposed to have two types of shareholders: 1) those with voting rights, but receive no dividends; 2) those who receive dividends, but have no voting rights and no distribution of assets upon a company’s dissolution.

Foreign Company
A foreign company, wishing to conduct a business activity in Turks and Caicos or own a property there must be registered in the jurisdiction. The information on a company’s shareholders and directors must be filed, as well as a local representative of a company who acts on its behalf must be assigned.

Limited Partnership
A limited partnership can have no more than 100 partners. There must be at least one general partner whose liability is unlimited, and one limited partner whose liability is limited up to the capital invested into a partnership. A private person or a corporate entity may become partners, and at least one general partner must be resident in Turks and Caicos. The name of a this structure must ends with the words “Limited Partnership”, and it must have a registered office in the jurisdiction at all times. Only general partners may actively participate in a partnership’s management.

Limited Exempt Partnership
An exemption from paying taxes can be received for a period up to 50 years, if a limited partnership conducts all the activities outside the Turks and Caicos Islands. It is liable to pay annual fee as well as file a compliance declaration every year.

Trust
A trust deed and trust beneficiaries need not be registered, and there is no rule against perpetuity. Corporate trustees must be licensed. Redomiciliation of a trust to and from the Turks and Caicos Islands is allowed.

Taxation

Personal
There are no income and capital gains taxes for individuals. The only taxes which are applied on private persons are import duties, stamp duties, travel-related taxes and license fees. National insurance contributions are payable by employers and employees.

Corporate
Companies are liable to pay annual and license fees, as well as import and stamp duties at varying rates, depending on each particular situation. There are no corporation or capital gains taxes.

 
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