Turks and Caicos Islands

Population:

25,000

Currency:

US dollar

Language:

English

Time zone:

GMT minus 5 hours

Centre's expertise:

Established low cost centre with new products

General requirements

Type of entity

Exempt company (IBC)

Type of law

Common Law plus Companies Ordinance 1981 as amended

Shelf company available

Yes

Time to establish a new company

Can be done in 24 hours

Taxation

Nil; in addition, a 20-year tax exemption certificate will be issued valid irrespective of any further tax charges

Double taxation agreements

None

Forex restrictions

None

Language & name restrictions on companies

Needs to be pre-approved, and in Latin or Chinese alphabets; but no restrictions on the ending of a name

Share capital

Permitted currencies

Any

Minimum paid up

1 minimum for private companies, but plc must have authorised capital of at least 50,000, and issued capital of at least 50,000 if it is trading

Usual authorized capital

None

Directors and personnel

Minimum number

1 (2 for plc)

Local required

No

Company secretary & qualifications

Yes

Shareholders and AGM

Minimum number

1 (2 for plc)

Disclosure requirements

Details of shareholders must be disclosed

Publicly accessible records

No

Obligations for annual meetings

No

Location of AGM

Anywhere

Accounts

Requirement to prepare

No

Audit requirements

No

Account filing obligations

No

Publicly accessible accounts

No

Other

Requirements to file annual return

Yes, to declare that the company is continuing to comply with the Companies Ordinance

Change in domicile permitted

Yes

Need to registered office

Yes, local registered office required

Number of companies set up in last year

1,991

Total number of companies on register

17,076