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
• It is not necessary to visit to complete your incorporation

Turks and Caicos Islands Exempt Company Features

• Incorporation of a standard limited liability company usually takes less than 5 days.
• The capital of the company may be expressed in any currency and there are no minimum capital requirements.
• The company has full power and authority to carry out any lawful activity.
• Only one person is required to act as both shareholder and director.
• 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.

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.

Directors & Shareholders

A minimum of one director of any nationality or residency is required and  details of directors appear on any public record.

An exempted company need only have one shareholder there are no residency or nationality requirements. There is no detail of shareholders on any public record.

Share Capital

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.

Company Secretary

The law requires appointing a company secretary and either a natural person or a corporate body can be appointed as the company secretary.

Registered Office – Annual Compliance

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

General Meetings

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.

Taxation

The Turks & Caicos Islands have no income tax, capital gains tax or any other form of corporate taxation.

Turks and Caicos Annual Compliance

In line with the Anti-Money Laundering regulations, we complete compliance checks and update the records held at the Registered Office, to ensure your Turks and Caicos company meets its regulatory obligations and remains in Good Standing.

We conduct annual reviews to ensure that the due diligence documentation held on your company file are up to date.

The fee covers the additional time spent monitoring Know Your Client for the Company Directors, Shareholders and other connected entities, in addition to general matters concerning corporate governance and regulatory updates.

Our annual compliance is based on a Turks and Caicos company with standard Share Capital, two Directors and two Shareholders. If your company has a higher Share Capital or additional Directors or Shareholders, there will be additional compliance charges.

Shareholder & Directors Maintenance

Under the Companies Act, we need to ensure your company registers, including the directors register and shareholder register are maintained. An updated copy of the Directors register is held at the Turks and Caicos registered office of your company.

If there are changes to the Company Directors of your company, we will need to get updated due diligence records and file an updated directors register with the Companies Registry.