TURKS & CAICOS ISLANDS OFFSHORE INFORMATION

ADVANTAGES

A fore-runner of both the BVI and the Bahamas, the Turks & Caicos benefits from the same flexibility in its legislation, allowing the operation of a Turks & Caicos company to be almost totally dependent on the requirements of the client. A twenty year guarantee of exemption from future taxes and increases in Government taxes can be obtained. Very quick formation procedure

DISADVANTAGES

Due to a lack of marketing the Turks & Caicos does not have as high a profile as many of its Caribbean cousins

CORPORATE LEGISLATION SOURCE

Companies Ordinance 1981

COMPANY STATUS

Exempt Company

USUAL MINIMUM CAPITAL

No minimum

COMPANY NAME

Prior approval required.  The name may be in any language and need not end 'Limited'

TIME TAKEN TO INCORPORATE

Same day

ARE SHELF COMPANIES AVAILABLE

Yes

CAPITAL DUTY

Nil

MINIMUM NUMBER OF SHAREHOLDERS

One

ARE BEARER SHARES / SHARES OF NO PAR VALUE POSSIBLE?

No / Yes

DIRECTORS: MINIMUM NUMBER / CORPORATE DIRECTORS ALLOWED / LOCATION

One / Yes / No restriction

SECRETARY: MANDATORY / CORPORATE SECRETARY ALLOWED / LOCATION

No / Yes / No restriction

IS THERE A REQUIREMENT FOR A REGISTERED OFFICE / REGISTERED AGENT

Yes / No

IS THERE A REQUIREMENT BY THE AUTHORITIES PRIOR TO INCORPORATION OR PRIOR TO TAX STATUS BEING GRANTED

None

INFORMATION AVAILABLE ON PUBLIC FILE

Articles of Incorporation / Registered Office

DOCUMENTS TO BE KEPT AT REGISTERED OFFICE

None

CORPORATE BOOKS AND SEAL

No register of members or directors need be maintained.  The company should have a seal

ACCOUNTS REQUIRED / FILED

No / No

ANNUAL RETURN REQUIRED

An annual declaration is required that the company continues to comply with the Companies Ordinance

WHERE ARE MEETINGS TO BE HELD

No restrictions

ANNUAL FEES PAYABLE TO THE GOVERNMENT: TAX / ANNUAL RETURN FILING FEE

Nil / US$300

ARE THERE ANY EXCHANGE CONTROLS

No

DOUBLE TAX TREATIES

None