Turks and Caicos Islands

Turks and Caicos Islands are located in the Caribbean Sea in the south-east of the Bahamas archipelago, 144 km north of Haiti. Since 2009, the United Kingdom rules on the islands.

Capital

Cockburn Town

Official language

English

Government

The British overseas territory in which Britain retained responsibility for defense and international relations. The territory is controlled by the Executive Board, chaired by the Governor.

Currency

U.S. Dollar (USD)

Economy

The island's economy is based on tourism, offshore business and fishing. The island has a well-developed telecommunications network and scheduled air service, making it possible to attract large numbers of tourists, especially from Miami.

Legal system

Based on English law and some laws of the Bahamas and Jamaica. In 1989-1990 an offshore financial center was established on the islands, the legislation on companies, insurance and banking was updated.

Company Law

  • Companies Ordinance (Amended) 1981
  • Limited Partnership Ordinance 1992
  • Trust Ordinance 1990
  • Trustees Ordinance 1992

Types of companies

  • International Business Company 
  • Ordinary Resident Company
  • Exempt Company
  • Limited Life Company
  • Hybrid Company
  • Foreign Company
  • Exempt Limited Partnership
  • Limited Partnership
  • Trust

International Business Company

  • No requirement of minimum paid-up share capital. The capital may be registered in foreign currency.
  • IBC may issue bearer shares and shares without par value. In accordance with the specific requirements of solvency, the company can buy back their shares.
  • A minimum of one shareholder, individual or legal entity, and at least one director who may be non-resident person or entity are required.
  • Only company seal shall be kept in the registered office. All other documents may be stored elsewhere.
  • No requirement to hold annual meetings of shareholders or directors. If such meetings are held, they do not have to take place in the Turks and Caicos Islands
  • Submission of financial statements is not required.
  • It is not required to disclose beneficial owners. Publicly available information is registered office and the company's charter.

Trust

Key characteristics of the trusts regime in the Turks and Caicos Islands are as follows:

  • There is a strict regulation of licensed professional trustees.
  • There is no requirement to register trust deed or beneficiaries.
  • There is no rule against perpetuities.
  • Foreign judgments are not applied.
  • Trustees have wide investment powers.
  • Re-domiciliation of a trust is allowed.

Taxation

There are no taxes other than customs duties and stamp duty on the island.

Agreements on avoidance of double taxation

No signed agreements, as there is no taxation of companies. Turks and Caicos Islands have signed agreements on information exchange about tax crimes with 12 countries, and therefore were included in the "white list" OECD, despite the fact that in practice such exchange is generally not applied.