Turks & Caicos Islands
Setting up an IBC in Turks & Caicos Islands
Advantages

Registering an IBC in the Turks and Caicos Islands provides a combination of tax efficiency, privacy, legal stability, and ease of operation. These benefits make it an attractive destination for businesses and individuals seeking to minimize tax burdens, maintain confidentiality, and operate in a jurisdiction with a favorable legal and regulatory environment.

Here are some of the primary benefits:

Tax Advantages

Ease of Setup and Operation

Quick Incorporation Process: The process of registering an IBC in TCI is straightforward, and companies can be incorporated in a matter of days.
Minimal Administrative Requirements: There are few ongoing administrative requirements, and the regulatory framework is designed to be business friendly. Annual filings and financial disclosures are minimal compared to other jurisdictions.
No Requirement for Local Directors: An IBC can be fully owned and managed by foreign individuals, and there is no need for local directors or shareholders. This allows for complete control by the company owners.

Confidentiality and Privacy

Confidentiality of Shareholders and Directors: The Turks and Caicos Islands offer a high level of confidentiality for the identities of directors and shareholders. Public records do not list the names of directors, which provides privacy protection for company owners.
Nominee Services Available: Nominee directors and shareholders can be appointed, further enhancing privacy if desired.

Legal and Regulatory Environment

Stable Legal System: The TCI operates under British Overseas Territory law, which is based on English common law. The legal framework is well-established and offers a high degree of stability and predictability.
Regulatory Environment: TCI has a regulatory system that is supportive of international business, and the Financial Services Commission (FSC) oversees the registration and governance of IBCs.

Asset Protection

Strong Asset Protection Laws: The legal structure in the Turks and Caicos Islands offers strong asset protection features, making it an attractive option for individuals and businesses looking to safeguard their assets from external claims.
No Forced Heirship Laws: The jurisdiction does not impose forced heirship laws, meaning that business owners have greater freedom in managing their estates and passing on assets.

Currency Flexibility

US Dollar as Official Currency: The official currency of the Turks and Caicos Islands is the US Dollar, which simplifies transactions and reduces currency exchange risks for businesses that operate internationally.

International Reputation

Reputable Offshore Financial Center: The Turks and Caicos Islands are regarded as a reputable offshore financial center. While being an offshore jurisdiction, it maintains a strong legal framework and regulatory standards that are recognized globally.

Access to International Markets

Favorable for International Business: Due to its strategic location in the Caribbean, the TCI offers access to international markets, particularly in the Americas and Europe. This makes it a favorable jurisdiction for companies with global business activities.

No Restrictions on Business Activities

Wide Range of Business Activities Allowed: There are no significant restrictions on the types of business activities that an IBC can engage in. IBCs can operate in a wide range of industries, including finance, real estate, investment, and trade.

Low Costs

Affordable Incorporation Fees: The costs to incorporate and maintain an IBC in TCI are relatively low compared to other offshore jurisdictions, making it an attractive option for small to medium-sized businesses.
No Capital Requirements: There is no minimum capital requirement to set up an IBC in the Turks and Caicos Islands, which can make it easier for entrepreneurs and small businesses to get started.

Flexible Corporate Structure

No Limit on Share Classes: IBCs in TCI can issue different classes of shares (e.g., voting, non-voting, or preferred shares), providing flexibility in structuring the company’s ownership and governance.

Easy to Re-domicile: The ability to re-domicile or transfer an IBC from another jurisdiction to TCI can be a major benefit for businesses seeking more favorable conditions or restructuring their operations.

Opening your IBC in Turks & Caicos
Information and Documents Required

Should you wish to set up your International Business Company in Turks & Caicos Islands, and to begin with the incorporation of your TCI IBC we will require the following information and documents:

Information we need:

The full name, date of birth, address and nationality of all directors
The full name and address of all shareholders
The full name and address of the company secretary

We shall send you our Client Questionnaire for you to complete and return back to us by email

Documents you are required to provide:

Proof of identity (passport or national identity card);
Clear Selfie of shareholders and directors holding their own ID document;
Proof of residential address (gas/electricity bill or credit/debit card bank statement dated not older than 90 days from issuing date;
In case of corporate entities – full set of corporate documents of the corporate entity to be appointed as shareholder and/or Director;

All documents to be certified either by a notary, solicitor, lawyer or accountant
Certifier needs to write down on each document the full name, address, email address and contact details.