Turks and Caicos is a British overseas territory in the Atlantic Ocean south-east of the Bahamas, comprising 40 low coral islands. Providenciales Island is famous for its broad Grace Bay beach with luxury resorts, shops and restaurants. Therefore, tourism and leisure activities are of interest for the registration of a company in Turks and Caicos.
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 a financial business. To invest in these industries, 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.
For all beneficiaries interested in registering firms in Turks and Caicos Islands, equal rights:
- 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 prepared to meet with investors in the event of difficulties in paying full statutory capital with a view to opening a company in Turks and Caicos. Insurance business in the islands is also actively supported by companies (the Financial Services Commission has issued over 2,000 insurance licenses since 1990).
- 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 - USD. It is also possible to open a corporate account in Turks and Caicos Islands remotely. Contact YB Case professional team and ask for advice on how to open a bank account in Turks and Caicos Islands, using the contacts listed on the site.
Please, check with our specialists for possible solutions for your business.
