Turks and Caicos Company Formations
The majority of companies registered in the Turks and Caicos Islands are Exempt Companies, doing business outside of the Turks and Caicos.
Benefits of an Exempt Turks and Caicos Islands Company
- No requirements to file details of shareholders or directors giving high levels of confidentiality
- No requirement for general shareholder meetings
- Share Capital may be in any currency
- The Confidence Relationships Ordinance imposes duty of confidentiality upon banks, professional advisers, government officers and other persons holding positions of trust
- The official language is English
- The official currency is the US Dollar
- Financial records should be kept to reflect the financial position of the company, but financial statements are not required for filing
- We offer our clients a reliable company formation service in Turks and Caicos Islands
- It is not necessary to visit Turks and Caicos Islands to complete your
- Our companies incorporation system comply with the Turks and Caicos Islands Companies Acts
Turks and Caicos Islands Exempt Company Features
- The capital of the company may be expressed in any currency and there are no minimum capital requirements.
- It is not necessary to include reference to the company’s objects and powers in its memorandum of association, in which case the company has full power and authority to carry out any lawful activity.
- Only one subscriber is required to incorporate and Shareholders, Directors and Officers may be limited to one person each, with the same person fulfilling all three functions.
- 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.
- No annual return containing financial information or details of Shareholders, Directors and Officers need to be filed.
- Audits are not required.
- A moratorium on the levying of any taxes for a period of 20 years automatically applies to every exempt company.
Turks and Caicos Exempt Company Formation Process:
- Drafting, preparation and subscription to Memorandum and Articles of Association
- Filing incorporation documents with the Companies Registry
- Drafting and execution of appointment of first Directors
- Drafting organisational minutes for the first Meeting of the Board of Directors;
- Preparation and execution of documents transferring initial subscriber’s share
- Preparation and publication of statutory notices and advertisements where required
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.
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.
A minimum of one director of any nationality is required and there is no requirement to file the details of directors on any public record.
An exempted company need only have one shareholder of any nationality. Foreigners can own all the shares in an IBC .There is no requirement to file the details of shareholders on any public record.
A company secretary is required for your company. There are no restrictions on nationality or residence.
It is normal to incorporate an exempt company with an authorised share capital of US$5,000, divided into 5,000 common voting shares of $1 each, this being the maximum capital for the minimum duty payable at the time of incorporation.
Registered Office - Annual Maintenance
Your Turks and Caicos Islands company must have a registered office, which must be a physical address in Turks and Caicos Islands. We provide this service when incorporating your company.
- Provision of Registered Office and Resident Representative
- Maintenance of statutory records
- Drafting and preparation of minutes of Annual General Meetings
- Preparation and filing with the Registrar of Companies of statutory Annual Return
- Annual Declaration and filing of notices, where Registered Office is being provided, office of Company Secretary, or Assistant Secretary may be provided
There are no statutory requirements to hold an annual general meeting for companies registered in the Turks & Caicos Islands. Shareholders holding more than 15% of the issued shares are entitled to call a general meeting for the purpose of a special resolution.
The Turks & Caicos Islands have no income tax, capital gains tax or any other form of corporate taxation.