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

Legislation of Turks and Caicos Islands

Service packages Legislation Tax System

List of laws and regulations

Act name
Scope of law
Your Consultant
Поиск консультанта...

Поиск консультанта...

Tax treaties entered

Tax Exchange Information Agreement (TEIA)

Australia
Canada
Denmark
Faroe Islands
Finland
France
Germany
Greenland
Iceland
Ireland
Netherlands
New Zealand
Norway
Portugal
Sweden
United Kingdom.

List of state regulatory authorities

Government of Turks & Caicos Islands
Turks & Caicos Financial Services Commission
Turks & Caicos Customs Department
Turks & Caicos Tourist Boards

Corporate info

Legal system
based upon English common law and some locally modified laws of Bahamas and Jamaica
Types of entity
ordinary resident company; exempt company; foreign company; limited life company; hybrid company
Shelf companies permitted
Yes
Incorporation timescale for a new company
1 week
Company suffix
Limited, Corporation, Incorporated and their abbr. Can also be without suffix denoting limited liability
Sensitive words
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
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
Yes
Information to be kept at the registered office
accounting records, meeting minutes and other accounting and reporting company documents
Seal required, type of seal
yes, common seal
Redomiciliation (to, from) permitted
permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
Yes
Directors’ meetings/frequency/location
No requirements
Disclosure to local agent
Yes
Disclosure to public
No
Company secretary required
Yes
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
1
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
No requirements
Disclosure to local agent
Yes
Disclosure to public
No
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
No requirements
Minimum issued share capital
1
Minimum paid share capital
1
Authorized capital payment deadlines
No requirements
Issued capital payment deadlines
No requirements
Standard currency
US dollar
Standard authorized share capital
5000
Standard par value of shares
1
Shares with no par value permitted
Yes
Bearer shares permitted
No

Taxes

Personal tax
No
Min. rate for corporate tax
0%
Corporate tax (in detail)
No
Capital gains tax
No
Capital gains tax. Details
VAT
No
VAT. Details
Withholding tax
No
Other taxes
Hospitality and Tourism Tax, Telecommunications Tax, Financial Services Tax, Insurance Premium Tax, Social Contributions
Exchange control
No
Government fee
Stamp duty
5-10%

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
No
Publicly accessible accounts
No
Requirement to file Annual Return
Yes
Publicly accessible Annual Return
No
Audit required
No

General information shortly

Location
Caribbean, two island groups in the North Atlantic Ocean, southeast of The Bahamas, north of Haiti
Total area
616.3 sq. km
Population
34.904 (2019)
Capital
Cockburn Town
National currency
US dollar
Conditional reduction of currency
USD
Against USD
1
Climate, average max and min t°
Tropical; marine; moderated by trade winds; sunny and relatively dry; avg. maximum temperature (August) +35°; avg. minimum temperature (January) +25°
Time difference from Moscow
- 7 hours
Dialing code
+1-649
State language
English
Ethnic groups
Black 90%, mixed, European, or North American 10%
Literacy rate
99%
History
The first documented European to sight the islands was Spanish conquistador Juan Ponce de León, who did so in 1512. During the 16th, 17th and 18th centuries, the islands passed from Spanish, to French, to British control, but none of the three powers ever established any settlements. Bermudian salt collectors settled the Turks Islands around 1680. For several decades around the turn of the 18th century, the islands became popular pirate hideouts. In 1765–1783 the islands were under French occupation, and again after the French captured the archipelago in 1783. In 1799, both the Turks and the Caicos island groups were annexed by Britain as part of the Bahamas. In 1873 the islands were made part of Jamaica colony. When Jamaica was granted independence from Britain in August 1962, the Turks & Caicos Islands became a Crown colony. From 1965, the governor of the Bahamas also was governor of the Turks and Caicos Islands and oversaw affairs for the islands. When the Bahamas gained independence in 1973, the Turks and Caicos received their own governor. At present, the islands enjoy the status of a British overseas territory.
Credit rating
BBB+
Government type
British overseas territory
Executive branch
Executive Council headed by the Governor
Legislative branch
Assembly (21 seats)
Judicial branch
Supreme Court, the United Kingdom's Judicial Committee of the Privy Council, Court of Appeal and Magistrates' Courts
Unemployment
7% (2017)
GDP per capita rank
53 (2018)
Corruption perceptions index rank

Need a consultation from a specialist?
Share on social media:
RU EN