Turks & Caicos Islands
Company Formation in Turks & Caicos

The Turks and Caicos Islands (TCI) are located in the West Indies of the Atlantic Ocean. The population is estimated at 32,000. Their primary industries are tourism and being an offshore financial center.

TCI is a British Overseas Territory, and its political system is a Dependency under Constitutional Monarchy which is England’s Queen Elizabeth II. It has a legislature (House of Assembly) with a Premier and a Governor.

Turks and Caicos IBC / International Business Company laws have been in existence since 1981 making it one of the oldest jurisdictions for IBC’s.

The Turks and Caicos Companies Ordinance 1981 (amended 2014) governs the formation, activities, and dissolution of an IBC.

Why incorporating in
Turks & Caicos Islands

The Turks and Caicos Islands have emerged as a prime offshore jurisdiction in the Caribbean, offering notable advantages for company formation.

With no corporate income tax, no capital gains tax, and no withholding tax, the islands provide a highly favorable environment for businesses seeking to minimize tax liabilities. The absence of strict accounting and auditing requirements for certain company types adds to the cost-effectiveness of operating in this jurisdiction.

The islands also benefit from a politically stable environment, underpinned by the legal protections of being a British Overseas Territory. With no foreign exchange controls and the use of the US dollar as its currency, Turks and Caicos offers a flexible, stable, and investor-friendly landscape for company formation and international operations.

Turks and Caicos
International Business Company (IBC)
TCI IBC Features

The attraction of the TCI Exempted Company lies in a combination of its tax-exempt status and minimal disclosure and administrative requirements.

Remote Incorporation

It is not necessary to visit to complete your incorporation

Name

Every IBC must select a company name different from all other legal entities. Company names may be in English. A TCI IBC need not include the word “Limited” in its name, and may include such expressions as “Inc.”, “S.A.”, and “A.G.”. None of the following words will be allowed in a company name: “bank”, “assurance”, “building trust”, “trust”, “royal”, or “trustee”.

Local Registered Agent

A TCI Tax Exempt Company must nominate a representative resident in the Islands for the purpose of service of legal process. Our Firm provides full corporate representative services as part of its company administration fee.

Turks and Caicos Exemption Certificate

An exempt company receives a certificate issued in the name of the Governor which guarantees that the company will be exempt from all forms of taxation, both in respect of its own operations and on the shares of the company, for a period of 20 years from its date of Incorporation.

Restricted Business Activities

The IBC cannot conduct trade within its borders. In addition, the following types of professional services activities are prohibited: banking, assurance, insurance, reinsurance, and managing funds. Also, an IBC cannot solicit funds from the public or offer its shares for sale to the public.

Strict Confidentiality

The public does not have access to government public records. In addition, the names of the shareholders and directors are not part of the public records. Both the Confidential Relationships Ordinance of 1979 and the Companies Ordinance of 1981 (including 2014 amendments) make it a criminal offense for anyone to disclose confidential information about any TCI company or even make threats to reveal any information which includes who the owners, shareholders, or directors are. The penalties for violating this law are up to 3 years in prison and a maximum fine of $50,000 USD.

Taxes

There is no corporate, income, capital gains, inheritance, or gift taxes in the Turks & Caicos Islands. In addition, there are no local (municipal) taxes and no stamp duty.

Bearer Shares- Bearer Shares are allowed
Company Activities – The company has full power and authority to carry out any lawful activity.
Minimum number of Shareholders and Directors – Only one person is required to act as both shareholder and director.
Residency Requirements – Resident or non-resident corporate directors, shareholders or secretary are permitted;
Nominee Shareholders and Directors – Nominee shareholders, Directors and Secretary are allowed for more privacy.
Beneficial owners – Beneficial owners are never disclosed by the government.
Shareholders’ Meetings – There are no requirements to hold any type of meetings. However, shareholders holding more than 15% of the issued shares are entitled to call a general meeting for the purpose of a special resolution. If a meeting is called, it can be held anywhere in the world.
Annual Return – No annual return containing financial information or details of Shareholders, Directors and Officers need to be filed.
Accounts and Audits – No requirements exist for filing financial statements or conducting audits. Companies are free to maintain their accounts, books, and records in any manner they wish.
Levying of taxes – A moratorium on the levying of any taxes for a period of 20 years automatically applies to every exempt company.
Redomiciliation – It is possible “to import” foreign IBC to jurisdiction of Turks and Caicos Islands and also Turks and Caicos Islands Exempt./IBC can be “exported” to other jurisdictions.

Company Incorporation Documents

Once incorporated we provide a set of corporate documents for your Turks and Caicos Islands company which, includes the Certificate of Incorporation, Memorandum of Association the Articles of Association, first minutes and Share Certificates. Copies of the company incorporation documents are sent via email and the originals from the companies registry are sent to you in a corporate folder.

Other Types of Companies

The Companies Ordinance 2017 provides for the formation of companies TCIs. The Ordinance allows for unlimited companies as well as companies limited by shares or by guarantee. The most common form of company is that limited by shares. The TCI has several different categories of company, including:

Domestic company

A company incorporated in the TCI that carries on business in the TCI.

International company

A company incorporated in the TCI that carries on business outside the TCI.

Foreign company

A company incorporated outside the TCI that carries on business inside the TCI.

Non-profit company

A company limited by guarantee that are incorporated in the TCI and established solely for religious, cultural, educational, social purposes, etc.

Protected Cell Company

A company formed under Part XI of the Ordinance whose assets are segregated into cells.

Where a company intends to do business within TCI, the company is registered as a Domestic Company.
A company incorporated in a foreign jurisdiction that wishes to carry on business or hold land in the TCI must register as a Foreign Company with the Registrar of Companies within a month of undertaking such activities. Its status will then be similar to that of the Domestic Company.