Main Characteristics and the basic rules of Company registration in Turks and Caicos
Are you seriously thinking about expanding an existing business into new territories? For making such dreams into reality, selecting apt country is very important. It is not mandatory that you will have to take the venture to a large and popular destination. Sometimes, choosing an offbeat destination for expanding business activities can be profitable. You may choose The Turks and Caicos Islands for business expansion. This British Overseas Territory comprises of Turks and Caicos Islands located in the Atlantic Ocean.
Despite the small dimension and small population, Turks and Caicos Islands are ideal for venture expansion. Its natural resources, largely unexplored niches and investor friendly govt policies lure investors from various countries. However, you will gain from seeking our Turks and Caicos Company Formation packages.
Before starting business operation in any country, analyzing its economic aspects and growth prospects is necessary. The economy of Turks and Caicos Islands is largely dependent on tourism while fishing and financial services also contribute to the GDP to an extent. Its economy was affected by the global economic crisis but since then it has recovered. While a majority of the tourists hail from the USA, with time people from many other countries are also choosing it for vacationing. You can think of starting tourism related ventures here. Those companies into hospitality sector can also choose the islands. However, you can also start seafood related ventures here.
The logistics and transport setup of a country matters a lot for business communication needs. The country has an international airport and there are 6 other airports. Its road network is also being developed. These islands also have their own sea ports. However, no rail route exists here. These may be helpful for investors but seeking our Turks and Caicos Company Formation packages can be even more helpful.
The major attraction of the Turks and Caicos Islands is the zero taxation system. Investors need not pay taxes and limitations on monetary exchanges are minimal. Some money laundering problems surfaced in the 1990s and those have been resolved by aid taken from by the British government. Of late, the country is being equipped with investment friendly laws. It has privileged access to the markets in the EU and duty-free access to provinces in Canada.
Setting up business in the Turks and Caicos Islands should not be tedious. However, our guidance can ease the process. Contact BRIS group today to know more. Our Turks and Caicos Company Formation package is what you need.
|Turks and Caicos Company Formation||Financial Advantages|
|Taxation:||No taxes. There are certain advantages to be gained through the use of an “Exempted” company.“Exempted” companies are not subject to taxation of any kind in the Turks and Caicos. In any event, there are no income or capital taxes in the Turks and Caicos Islands and it is not anticipated that direct taxation will be introduced in the foreseeable future. The Governor of the Turks and Caicos Islands is empowered to give an undertaking to the effect that the activities of the “exempted” company will be free of taxation for a period of twenty (20) years.|
|Double Taxation Treaty Access:||No Treaty Access|
|Turks and Caicos Tax Information Exchange Agreements:||Yes, Turks and Caicos signs Exchange Agreements|
|Account Filing Requirements:||No accounting / reporting requirements|
|Annual Return Filing Requirements:||No annual return/ reporting requirements|
|Audit Requirements:||No audit required.|
|Turks and Caicos Company Formation||Registration Requirements|
|Share Capital:||US$5,000 Minimum paid up share capital: US$1|
|Classes of Share Available for Turks and Caicos company formation:||Shares with or without voting rights, redeemable shares, registered shares, preference shares, shares of no par value|
|Bearer Shares:||Yes, Allowed|
|Registered Office Required:||Yes required and must be maintained in Turks and Caicos Islands|
|Shareholders:||Minimum number is one|
|Directors:||Minimum number is one. Can be any nationality and need not be resident in Turks and Caicos Islands. Corporate directors are allowed.|
|Your Company language:||English|
|Name of your Company must be ended:||The company name can be in any language and there is no requirement for the word “limited” or “inc” to form part of the name.|
|Documents required for Turks and Caicos company formation:||A certified copy of your passport or ID and proof of your residential address dated less than 3 months.|
|Turks and Caicos Company Formation||Restrictions|
|For Turks and Caicos company formation you cannot use words in your company names without justification:||“Bank”, “Trustee Company”, “Assurance”, “Building Society”, ”Trust Company”, “Royal” etc.|
|Restrictions on Trading:||Not permitted to trade within the Turks and Caicos Islands|
|Not permitted without a licence:||Fund management, insurance, Banking, reinsurance, assurance, trust management, collective investment schemes, trusteeship business provision.|
|Turks and Caicos Company Formation||Confidentiality and Security|
|Publicly Accessible Records:||No public register of company officers (Directors, Shareholders, Secretary)|
|Nominee Shareholders and Nominee Directors:||Yes, Allowed|
|Disclosure of Beneficial Ownership to Authorities:||No|
|Meetings of Directors and Shareholders to be held:||Anywhere|
|Stability:||Stable jurisdiction and strong reputation.|
|About Turks and Caicos|
|Capital city:||Cockburn Town|
|Region:||An archipelago of 40 low-lying coral islands in the Atlantic Ocean, a British Overseas Territory southeast of the Bahamas|
|Political System:||Parliamentary Democracy|
|Governing corporate legislation:||Companies Ordinance 1981 as amended|
|Type of Law:||Common|
|Currency:||US Dollar (USD)|
|Language of Legislation and Corporate Documents:||English|
This publication is provided for information purposes only. This info should not be treated as a substitute for a tax or legal consultation or legislation. You should not act on the basis of the information contained in this publication without having obtained individual advice from the professional expert.
BRIS GROUP does not assume responsibility for any damage resulting from decisions made by the reader on the basis of this publication.