Turks and Caicos Islands, overseas territory of the United Kingdom in the West Indies. It consists of two groups of islands lying on the southeastern periphery of The Bahamas, of which they form a physical part, and north of the island of Hispaniola. The islands include eight large cays (keys) and numerous smaller cays, islets, reefs, banks, and rocks. Cockburn Town, on Grand Turk, is the seat of government and main commercial centre. Area at high tide, 238 square miles (616 square km); at low tide, 366 square miles (948 square km). Pop. (2012) 31,618.
The Turks group is composed of Grand Turk Island, Salt Cay, and lesser cays. The Caicos group lies northwest of the Turks and is separated from them by a 22-mile- (35-km-) long, 7,000-foot- (2,100-metre-) deep marine trench called the Turks Island Passage, or “the Wall.” The Caicos group consists of six principal islands—South Caicos, East Caicos, Middle (or Grand) Caicos, North Caicos, Providenciales, and West Caicos—and several cays. Only six of the larger cays and two of the smaller cays are inhabited. More than four-fifths of the population lives on three islands: South Caicos, Providenciales (commonly called Provo), and Grand Turk. Cockburn Harbour, the islands’ second largest town, is on South Caicos.
More than nine-tenths of the population is of African heritage. The majority of the population is Christian; the main religious denominations are Baptist, Methodist, and Anglican. English is the official language. Thousands of islanders in search of employment have migrated to The Bahamas and the United States, particularly during the 1960s and ’70s, but many expatriates have returned with the advent of relative prosperity. Population growth has been pronounced on Providenciales since the 1980s largely as a result of the expanding tourism industry, which has attracted migrants from around the Caribbean, particularly Haiti.
In 2017, the Government of Turks and Caicos enacted new legislation regarding incorporation. It did so for several reasons. The existing legislation was considered to be out of date and in need of modernization. Updates to the legal framework were also made in order to increase the attractiveness of Turks and Caicos as a financial center. The updates further additional objectives, such as enhancing corporate governance and increasing flexibility for companies.
The new legislation, enacted in September of 2017, established requirements for the identification and registration of the beneficial owners of companies in Turks and Caicos. This was done to provide greater transparency. It was also designed to achieve greater conformity with international ALM (anti-money laundering) standards.
International Business Company (IBC)
|Governing corporate legislation|
Companies Ordinance 1981 as amended.
A Turks and Caicos company requires a minimum of one shareholder.
A Turks and Caicos company requires a minimum of one director. Director can be of any nationality and need not be resident in the Turks and Caicos Islands. Corporate directors are permitted.
|Information published relating to company officers|
There is no requirement to file director registers with the commercial registry meaning director details are kept confidential.
There are no public shareholder registers.
The liability of the shareholders is limited up to the amount of the shares they hold.
|Accounting requirement/ compliance|
There is no legal requirement to maintain a public register of Shareholders, Directors and Officers, nor is a register of Mortgages and Charges required to be maintained. This means that the names of beneficial owners are not stored on any public record in the TCI.
|Corporate income tax|
According to Companies Ordinance for a period of twenty years from its date of incorporation an exempted company shall be exempt from any tax or duty to be levied on profits or income or on capital assets, gains or appreciations; estate duty or inheritance tax, payable on the shares, debentures or other obligations of a company.
|Shared capital/paid up|
Standard authorised share capital is US$5,000. Minimum paid up share capital is US$1.
|Basis of the Legal System||Common Law.|
All companies must appoint a company secretary, there are no restrictions on residency or nationality.
Registered shares, shares of no par value, bearer shares, preference shares, redeemable shares and shares with or without voting rights. Bearer shares are permitted.
Each Turks and Caicos Company must have a Registered Agent and Registered Office in the Turks and Caicos Islands, provided by a licenced service provider.
Not required and can be held anywhere.
|Time to form||5- 7 DAYS|
on or before April 30th
|Time Zone||GMT -5|
The Turks and Caicos Islands provides extensive confidentiality
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