The Turks and Caicos Islands are an English speaking British Dependency which lie 930 km (575 miles) south-cast of Miami. A Governor is appointed by The British Government to represent Her Majesty the Queen. The Legislative Council, elected by the islanders, stands for four years, this ensuring political stability with Britain responsible for defence and foreign affairs.
The legal system is based on English common law with local statutes being approved by the British governments. There is legislation in place regulating company incorporation, trust matters and insurance and banking law under the control of a superintendent of the Financial Services Commission.
Secrecy is imposed by the Confidential Relationships Ordinance 1979 on anyone in possession of confidential information however obtained. Any breach of express or implied condition of professional or commercial confidence is severely punishable by a $50,000 fine and/or 3 years in Prison.
The local currency is the U. S. dollar. There are no exchange control regulations. The islands have no tax treaties with any other country, and there is no obligation to give information requested by any other government or revenue authority.
Under the Companies Ordinance 1981, a TCI Exempt company receives a certificate signed by the Governor which guarantees that the company will be exempt from all forms of taxation for a period of 20 years from the date of its incorporation.
Companies may be incorporated with a translation of the English name appearing on the certificate of Incorporation. There is also the ability to lodge a translated version of the English Memorandum and Articles of Association with the Registrar of Companies.
| General |
| Type of entity |
Exempt |
| Type of law |
Common |
| Minimum government fee |
US$100 Incorporation, $300 renewal |
| Corporate taxation |
Nil |
| Double tax treaties |
None |
| Name requirements |
The company can end with any word i.e Limited, Incorporated, in fact it can have no ending at all |
| Name restrictions |
Assurrance, Bank, Building Society, Trust Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal, Royal and other usual names (these names can be allowed if written consent is applied for from the Registrar of Companies |
| Change in Domicile permitted |
Yes |
| Share in capital or equivalent |
| Standard currency of share capital |
US$ |
| Permitted currencies of capital |
Any |
| Minimum paid uip share capital |
US$1 |
| Usual authorised share capital |
US$5,000 |
| Directors or Managers |
| Minumum number of directors/managers |
One |
| Local directors required |
No |
| Government register/pubic record of directors/managers |
No |
| Location of directors/managers meetings |
Anywhere |
| Members |
| Minimum number of shareholders/members |
One |
| Government register/public record of shareholders/members |
Optional |
| Location of members meetings |
Anywhere |
| Company Secretary |
| Company secretary required |
Yes (can be the same person/company as the Director) |
| Company secretary, local or qualified |
No |