Turks and Caicos is a British tropical archipelago located in the Atlantic Ocean, consisting of 40 islands and coral reefs. As the name implies, it consists of two island groups. Turks and Caicos Islands were among 35 jurisdictions identified by OECD in June 2000 as meeting the technical criteria for being recognized as an offshore zone. Setting up a company in this jurisdiction is facilitated by the absence of many taxes and financial reporting filing and auditing requirements.
The calculator allows you to calculate the approximate cost of maintenance of accounting services to support and audit the company.Calculate
Companies are incorporated and operate in accordance with the Turks and Caicos Islands Companies Ordinance, 2017. According to this document, a company must keep its documents in the office of its registered agent.
Legislation does not contain a requirement to file and publicly disclose financial statements, however any company must keep records sufficient to show and explain the company’s transactions. These records must also make it possible to determine the company’s financial position with sufficient accuracy at any time, including all supporting documents (invoices, receipts, contracts and any other documents evidencing transactions made by the company).
A company’s reporting period is 12 months and can begin in any of them.
Being a jurisdiction that works in the international financial arena, the Turks and Caicos Islands have adopted international standards for fighting money laundering and terrorism financing and incorporated requirements into their legal system.
Companies incorporated in the territory of the jurisdiction are not required to audit their financial statements.
In 2020, the Turks and Caicos Islands introduced the Base Erosion and Profit Shifting (BEPS) Project.
In accordance with this project, companies whose consolidated income exceeds 850,000,000 USD must file a tax return with the Registrar within 12 months after the end of the tax period.
Since this jurisdiction is an independent tax jurisdiction, information is kept private and not disclosed to other jurisdictions.
The Turks and Caicos Islands Financial Services Commission (TCIFSC), which is responsible for supervision of companies incorporated in the jurisdiction in accordance with the Turks and Caicos Islands Companies Ordinance, 2017, can impose a financial penalty on a company if it:
Below is the list of the rest of possible penalties.
The amount of the penalty depends on the violation itself and can vary from 20,000 USD to 50,000 USD.
Preparation of consolidated financial statements is not required.
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