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Registering a company in Turks and Caicos in 2020
Key benefits of doing business in this jurisdiction:
- A stable economic development;
- A stable socio-political situation;
- A developed banking system;
- A complete confidentiality of relationships;
- A focus on attracting foreign investment;
- A presence of more than 10 DTA agreements; Low taxes;
- A quick business registration.
A cost of registering a business is from €4900
A company registration period is from 21 daysDetailed information
Turks means cactus, that is located in the center of the island coat of arms between two pink flamingos and is dressed in a fesku hat. And the emblem immediately makes it clear, that to register a company in Turks and Caicos interesting in such directions as a tourism and a recreation. For a vacation on the islands an ideal constant temperature and Grace Bay - the beach recognized as the best in the world.
Turks and Caicos Islands (TCI) is an island nation in the Atlantic Ocean, one of 14 British overseas territories. The total area of all 40 large and small islands, that make up the Turks and Caicos Islands, is 430 km². Many islands are uninhabited. The neighbors of this group of islands are the Bahamas, Cuba, Haiti, the Dominican Republic.
The remaining two “whales” of the island's economy are fishing (as well as the export of lobsters and shellfish) and an offshore financial business. To invest in this industry, you need to set up a company in Turks and Caicos Islands in the form of an IBC (Exempt/International Business firm).
For those, who wish to register a company in Turks and Caicos, the government focuses on the extra-high incomes of families living on the islands, successful tourists, who come on vacation and simultaneously establish business connections.
- there is no income tax in the jurisdiction (both for individuals and legal entities);
- there is no tax on inheritance and gift issues either;
- companies only pay $300 in licensing fees once a year from the moment a company is registered in Turks and Caicos.
Remotely, these payments can be made through online banking of the developing banking system. In April 2019, James Tursey, CEO of Invest Turks and Caicos, announced, that in addition to two large Canadian banks, Bank of Nova Scotia, English Barclays and another bank opened on the islands. Negotiations are underway with European, American and Asian banks to open representative offices this year.
- Payment of import duties and stamp duties apply to all.
- The national insurance fee is paid by both business owners and individuals. The government is eager to meet with investors in matters of lack of the full amount for the payment of charter capital in order to open a company in Turks and Caicos. The insurance business on the islands is supported by offshore companies (since 1990, the Financial Services Commission has issued more than 2,000 licenses for insurance activities).
- Tax and constituent documents are strictly confidential and can only be disclosed by decision of the anti-corruption court.
- There is a tax information exchange agreement between the USA and Turks and Caicos Islands.
To set up a commercial firm in Turks and Caicos, you need a name containing the words “Sociedad Anónima or S.A.”, an office, at least 1 director and a shareholder. The notional amount for payment of the authorized capital is $5000. Your registration is done within 14 days.
What conditions must be met to open a corporate account in Turks and Caicos Islands?
You can open a bank account in Turks and Caicos in the state currency - US dollars. It is also possible to open a corporate account in Turks and Caicos Islands remotely - for advice, contact IQD Consulting lawyers at the contacts listed on the site.
The information posted in the article is current at the time of its publication.
Please, check with our specialists for possible solutions for your business.