Islands are situated 575 miles southeast of Miami and about 30 miles northwest of Bahamas. The territory contains eight inhabited islands with total population of 13 000. Currency unit of Turks and Caicos Islands is USA dollar. Local authorities hold administrative power on the islands. The islands are a colony of Great Britain.
| Corporative legislation | Law of companies 1981 |
| Form of tax-exempted company | Exempted company-(hereinafter-company) |
| Authorized business activities | All and any activities not prohibited by the law. Providing of banking, insurance, and re-insurance, trust services is subject to special license |
| Prohibited activities | No |
| Taxation | Company is exempted from all and any taxes and duties, on emolument gained outside the territory of the Islands |
| Expiry of tax-free regime | 20 years |
| Name of company | The name must not be identical or confusingly similar to the existing ones The name can be written by using Cyrillic or Latin alphabet. Using words Limited or Ltd are not required in the name of the company. The name can contain words Corporation, Incorporated, Societe Anonyme, Sociedad Anonima, Gesellschaft mit beschankter Haftung or abbreviations Corp., Inc., GmbH, SA, AG Words Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal, Royal, Trust Company, Trustee Company or other words with the same meaning cannot be used in the name of the company |
| Who executes the foundation documents? | Signatories sign for minimum one share. Afterwards the signatories restore the shares to the real owner of the company |
| Equity capital of the company | Equity capital of the company is established by declaration, no mandatory contribution is required and no minimum/maximum limits are set Exception - bearer's shares must be paid up |
| Recommended equity capital | 5000 USD, divided into 5000 shares with par value 1 USD |
| Shares | Authorized emission of both registered and bearer shares with or without par value |
| Does the law provide for non-disclosure of the information -about actual owner of the company -about bank operations |
The actual owner of company is not registered in TCI Yes |
| Shareholders - Minimum number - Nominal shareholders - Holders of trust equities |
One natural or legal entity or bearers' shares Permitted Permitted |
| Directors - minimum number - nationality and citizenship - status |
One natural or legal entity No requirements All the powers apart from those falling into exclusive competence of shareholders as determined by memorandum, articles of association, and/or the law |
| On the territory of Turks and Caicos Islands there has to be: - registered office - registered agent |
Required Required, must be a resident of TCI |
| Holding of the meeting of shareholders/directors | Meetings may be hold in any part of the world, also by means of telephone communication Minutes may be kept at any place |
| Mandatory - keeping of accounting records - annual account - presentation of auditor's conclusion |
No Have to make a declaration on company activities No |
| Information at disposal to the third party | Statute, address of registration office |
| Agreements on exemption from double taxation | None |
| Currency control | No |
| Term of incorporation | 3 weeks |
| Financial year ending on | Look for: Annual support of companies |
| Costs of registration of company | Look for: Costs of registration and service |
| Possibility to purchase a ready-made company | Yes, look for: Ready made companies |