|
|
|
Home> Offshore Companies > TURKS AND CAICOS
JURISDICTIONS & FEES |
| TURKS AND CAICOS |
| General |
| Type of Company |
Exempt |
| Political Stability |
Good |
| Standard Authorised Capital |
No |
| Tax on Offshore Profits |
Nil |
| Corporate Requirements |
| Local Registered Office and Registered Agent Required |
Yes |
| Minimum Number of Directors/Managers |
1 |
| Local Directors Required |
No |
| Corporate Directors Permitted |
Yes |
| Minimum Number of Shareholders/Members |
1 |
| Local Shareholders Required |
No |
| Corporate Shareholders Permitted |
Yes |
| Company Secretary Required |
Yes |
| Bearer Shares Allowed |
Yes, but not available |
| Annual Requirements |
| Filing of Annual Return |
No |
| Submit Audited Accounts |
No |
| Min. Annual Tax / Licence Fees |
US$300 |
| Shelf Companies Available |
No |
|
GENERAL INFORMATION
INTRODUCTION
The Turks and Caicos Islands ("TCI") lie 920 kilometres south east of Miami, some 50 kilometres south west of the Bahamas. The Turks and Caicos Islands are a group of twenty tropical Islands and the total landmass extends to some 430 sq km. The Islands are a British Crown Colony and Britain maintains responsibility for defence and foreign affairs. The population of the Turks and Caicos Islands is approximately 19,000. and the economy is predominately based on tourism, offshore finance and fishing.
LANGUAGE
The official and spoken language is English.
TYPE OF LAW
Common Law, based on English Common Law with local modifications and local statutes.
COMPANY INFORMATION
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
Exempt Company
TIME TO INCORPORATE
One Day, but allow ten working days for receipt of documentation.
RESTRICTIONS ON NAME AND ACTIVITY
The following words cannot be used either in English or any other language: Assurance, Bank, Building Society, Commonwealth, Co-operative Society, Fidelity, Friendly Society, Guarantee, Indemnity, Insurance, Re-insurance, Trust, Trustee, Underwriter, Royal, Imperial, Empire, Municipal and Chartered or any derivatives of any of those words without the written consent of the Financial Secretary. The name of an exempt company need NOT indicate that the company is limited.
CLASSES OF SHARES PERMITTED
Registered shares, bearer shares, shares of no par value, preference shares, redeemable shares and shares with or without voting rights.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No.
LICENCE FEES
Companies with an authorised capital up to US$5,000 pay US$ 300 per year.
It is normal to incorporate an Exempt Company with an authorised share capital of US$ 5,000; divided in to 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 US$ 5,000, the capital duty is increased by 1% of any increase up to US$ 50,000, by 0.5% of any increase over US$ 50,000 and by 0.1% of any amount over and above US$ 100,000.
FINANCIAL STATEMENT REQUIREMENTS
Whilst there is no requirement to file annual audited accounts with the authorities, a company is required to keep financial records, which reflect the financial position of a company.
Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any error or omission. |
|
|
|