The Turks and Caicos Islands are the third most populous British Overseas Territory. They are considered a popular tourist destination as an offshore financial center. The territory's tax haven status allows foreign investors to financially benefit from setting up a company in Coburn Town or any other town in the Turks and Caicos Islands. Companies registered here are not directly taxed. The financial benefits, combined with the convenient geographical location, make opening a firm in Turks and Caicos one of the top investment options in the region.
Advantages of registering a company
- English-speaking language environment;
- The possibility of creating a company in Turks and Caicos Islands with 100% foreign capital, which can be deposited in any currency (the legislation does not set a minimum amount);
- Сonfidentiality of beneficiaries, shareholders, and directors;
- No accounting or tax filing requirements.
Main forms of legal presence and doing business
- limited liability companies;
- public companies.
Most investors open a company in Turks and Caicos as a private limited liability company. Only one shareholder and one director are required to establish a business. There are no restrictions as to their nationality or country of incorporation. Such companies can be set as International Business Companies (IBC) if they engage in commercial activities outside the islands.
Registration procedure
- choose a unique company name;
- register the company in Turks and Caicos Islands with the Financial Services Commission (FSC);
- open a bank account;
- obtain the necessary licenses and permits.
Legislation and regulatory environment
The process of establishing companies and the basis of their regulation is set out in the Companies Ordinance. Under the Companies Ordinance, the directors must be licensed in the Turks and Caicos Islands.
Under the Anti-Money Laundering and Terrorism Prevention Regulations, the Financial Services Commission oversees business activities. In addition, it acts per the Caribbean Financial Action Task Force (CFATF) requirements.
Tax system
Registering a company in Turks and Caicos Islands allows businesses to avoid taxation. There are no direct taxes here:
- on corporate and individual income;
- VAT;
- on capital gains;
- on property.
All companies must have a license, the cost of which depends on the type of activity.
The National Health Insurance (NI) contribution to the National Health Insurance Board (NHIP) is paid on the income of individuals. These fees are paid in part by the employee and the employer. Import duties are 37.5%.
Starting a Business in Turks and Caicos Islands: how the lawyers of Prifinance can assist
Offshore companies in the islands are created for tax optimization purposes. Prifinance lawyers will assist you to buy a shelf company in Turks and Caicos Islands or register a new company according to your interests. We will prepare a package of documents, as well as support with administrative and legal issues. In addition, our specialists can be entrusted with the company's annual maintenance. Prifinance guarantees client confidentiality.
Reservation of a company name Obtaining approval from the registrar by company name
