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).
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.
The principal forms of business organization in Turks and Caicos are:
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.
To incorporate an exempt company in Turks and Caicos you should submit with Companies Registry the following documents:
The Memorandum and Articles of Association should contain:
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.
TCI exempt company cannot:
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:
Every company registered under the Companies Ordinance 1981 shall have a common seal upon which its name is engraved in legible letters.
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.
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.
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.
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.
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.
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.
Price2 480 USD
(including incorporation tax and state registry fee)
(Stamp Duty) and Companies Registry incorporation fee
Price2 090 USD
(including registered address and registered agent)
DHL or TNT, at cost of a Courier Service
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Paid-up “nominee director” set includes the following documents
Paid-up “nominee shareholder” set includes the following documents
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)
simple company structure with only 1 physical person
additional compliance fee for legal entity in structure under GSL administration (per 1 entity)
additional compliance fee for legal entity in structure NOT under GSL administration (per 1 entity)