GSL / Offshore and International Law / Offshore zones / North & South America / Turks and Caicos Islands

Company Registration in the Turks and Caicos Islands - Business Starting & Setup

Want to set up a firm in the Turks and Caicos Islands? We can assist you in starting a business or in buying a shelf company in the Turks and Caicos Islands with a full package of necessary documents, legal advice and follow-up support. Incorporation of a firm in the Turks and Caicos Islands includes provision of a registered office (for at least 1 year in any of our service plans), an apostilled set of constitutional documents, secretarial services and assistance with compliance fee and pre-approval for opening an account in banks of the Turks and Caicos Islands. The total price of company formation in the Turks and Caicos Islands includes all necessary fees and charges for the first year of operation, as well as full one-year nominee service (package Optimum).

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Service packages Legislation Tax System
Service packages
Express
Standard
Optimum
Company registration
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Legal address per year
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Secretarial services for the first year
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Fees and duties for the first year
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Apostilled bound set of incorporation documents
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Compliance fee
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Nominee service per year
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Bank Account Pre-approval
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Price
2 480 USD

3 845 USD

4 345 USD

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Corporate Information

Legal System

Legal system of Turks and Caicos is based upon <b>English common law</b> and some locally modified laws of Bahamas and Jamaica.

Companies in Turks and Caicos are governed by the Companies Ordinance.

Types of Entity

The principal forms of business organization in Turks and Caicos are:

  • ordinary resident company;
  • exempt company;
  • foreign company;
  • limited life company;
  • hybrid company

The most common structure is the exempt company.

A company may apply to be registered as an exempted company, if its objects are to be carried out mainly outside the Turks and Caicos Islands.

Incorporation

Company Name

  • Suffixes to denote limited liability: Limited, Corporation, Incorporated or their abbreviations. Can also be incorporated without a suffix denoting limited liability.
  • The name of a proposed company contained in its memorandum of association may end with the words “International Business Company” or the abbreviation “IBC” which shall serve to identify it as an exempted company.
  • Can be in any language using the Latin alphabet or Chinese translation using the Latin alphabet.
  • Names requiring consent or a licence: bank, building society, savings, loans, insurance, assurance, reinsurance, fund management, investment funds, friendly society, trust, trustee, guarantee, indemnity, underwriters, co-operative, Commonwealth or their foreign language equivalents

Exempt Company Registration

To incorporate an exempt company in Turks and Caicos you should submit with Companies Registry the following documents:

  1. Memorandum of Association (3 copies)
  2. Articles of Association (3 copies)
  3. Any Resolution which may be signed by the parties

The Memorandum and Articles of Association should contain:

  • The proposed name of the company
  • The proposed registered office address
  • The objects of the company
  • A declaration that the liability of the members is limited
  • A declaration confirming that the activities of the company will be undertaken outside the Turks and Caicos Islands

After incorporation, the company should ensure that the location of the registered office is published in the Gazette.

It takes 1 day to register a company in Companies Registry, but on the whole it takes about a week to startup a new company in Turks and Caicos.

Restrictions on Activities

TCI exempt company cannot:

  • trade within the Turks and Caicos Islands, and may not own real estate there.
  • undertake the business of banking, insurance, assurance, reinsurance, fund management, collective investment schemes, the rendering of investment advice or any other activity, which may suggest an association with the banking and insurance industries.
  • solicit funds from the public or offer its shares for sale to the public.

Local Registered Office

TCI exempt company should maintain a registered office in the Turks and Caicos Islands at the address of the registered agent what means that a company should also appoint a registered agent.

The following documents should be kept at the registered office:

  • accounting records,
  • meeting minutes,
  • other accounting and reporting company documents

Seal

Every company registered under the Companies Ordinance 1981 shall have a common seal upon which its name is engraved in legible letters.

Redomicile

The redomiciliation of companies either to or from the Turks and Caicos Islands is <b>permitted</b>.

An existing overseas company may transfer its domicile to the Turks and Caicos Islands where the laws of the overseas country do not prohibit such a transfer. A Turks and Caicos company can transfer its domicile to an overseas country where the overseas country laws allow for such a transfer. Once a company is redomiciled to the Islands it is deemed to have been incorporated there under the 1981 Companies Ordinance.

Company Structure

Directors

A minimum of one director is required. The directors may be natural persons or bodies corporate, be of any nationality and need not resident in the Turks and Caicos Islands.

There is no requirement to file the details of directors on any public record.

Secretary

All companies incorporated in the Turks and Caicos Islands are required to appoint a company secretary. The company secretary may be a natural person or body corporate, be of any nationality and need not resident in the Turks and Caicos Islands.

Shareholders

An exempted company need only have one shareholder. The shareholders may be natural persons or bodies corporate, be of any nationality and need not resident in the Turks and Caicos Islands.

There is no requirement to file the details of shareholders on any public record.

The company need not hold any annual meetings and such as are held need not be held in the Turks and Caicos Islands.

Beneficiary

Beneficiaries’ details do not appear on a public profile. The identity of the beneficial owner of a Turks and Caicos company is treated as strictly confidential and must be disclosed as part of the obligatory due diligence to service providers including firms specializing in company formation, trust managers, lawyers, and accountants, as well as to the auditor. It can only be disclosed by them in the cases stipulated by law and following statutory procedure.

Share Capital and Shares

There is no minimum capital requirement.

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.

The minimum issued capital is one share of no par value or one share of par value.

Bearer shares are prohibited from January 1, 2014.

Core Services

— Incorporation

Price2 480 USD

(including incorporation tax and state registry fee)

— Annual government fees

Priceincluded

(Stamp Duty) and Companies Registry incorporation fee

— Corporate legal services

Price2 090 USD

(including registered address and registered agent)

—Delivery of documents by courier mail

Price160 USD

DHL or TNT, at cost of a Courier Service

— Apostilled set of Statutory documents

Price595 USD

Basic set of documents

Certificate of Incorporation

Memorandum of Association

Resolution of the subscriber

Minutes of the first Meeting of Directors

Share Certificates

Page with Apostille

Compare Jurisdictions

    Nominee Director

    Price990 USD

    Paid-up “nominee director” set includes the following documents

    Resolution effecting issuing the Power of Attorney

    Apostilled Power of Attorney

    Consent Letter

    Director Resignation Letter

    Nominee Director’s Declaration

    Resolution effecting the change of Director

    Nominee Shareholder

    Price375 USD

    Paid-up “nominee shareholder” set includes the following documents

    Deed of Trust

    Instrument of Transfer

    Compliance fee

    Compliance fee is payable in the cases of: renewal of a company, liquidation of a company, transfer out of a company, issue of a power of attorney to a new attorney, change of director / shareholder / BO (except the change to a nominee director / shareholder)

    Basic

    Price150 USD

    simple company structure with only 1 physical person

    For legal entity in structure under GSL administration

    Price50 USD

    additional compliance fee for legal entity in structure under GSL administration (per 1 entity)

    For legal entity in structure not under GSL administration

    Price100 USD

    additional compliance fee for legal entity in structure NOT under GSL administration (per 1 entity)

    For client with high risk Status

    Price250 USD

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