If you plan to start a business in the Caribbean region, the Turks and Caicos Islands is an excellent choice for registering your company. The Manimama team has conducted in-depth research, analyzed the main subtleties of incorporating in Turks and Caicos Islands, and is ready to share its results and help you choose the right jurisdiction. 

What are the main advantages of incorporating a company (business) in Turks and Caicos Islands?

1. Promising Location

The islands are in the Atlantic Ocean near the Bahamas, providing access to key international trade routes. Their favorable geographic position, combined with a stable political environment, offers additional advantages for businesses.

2. Tax Benefits for Businesses

Turks and Caicos Islands offer a desirable tax regime for companies. The absence of corporate income tax, personal income tax, and capital gains tax significantly reduces the financial burden on businesses.

3. Stable Legal Environment

As a British Overseas Territory, the islands have a constitution that forms the foundation for local governance. Legislative power is held by the House of Assembly, ensuring a transparent process for passing domestic laws. This legal stability guarantees reliable protection for the interests of both businesses and investors.

4. Simplified Accounting and Auditing Requirements

Certain companies in Turks and Caicos are not subject to stringent accounting and auditing requirements. This allows businesses to minimize administrative expenses and concentrate on growth. The simplified reporting system further enhances economic efficiency.

5. Flexibility Due to the Absence of Currency Controls

The islands do not impose currency controls, which provides a high degree of flexibility in financial operations. Using the US dollar as the primary currency ensures stability and makes international transactions straightforward.

6. International Recognition as an Offshore Jurisdiction

The territory has gained a reputation as a leading offshore jurisdiction in the Caribbean basin. Its strong international standing attracts foreign investors and enables companies to conduct business globally.

How to register a company in Turks and Caicos Islands and what are the main requirements for such registration?

Step 1. Initial setup

• Initiating a preliminary project assessment, assessing risks, choosing the type of company, preparing the necessary documents and obtaining the necessary permits, determining the time frame, budget, and resources required to complete the process.
• Preparation and filing of the package of documents.

Step 2. Company registration

• Choose a company name;
• Appoint a local representative;
• Preparation of company documents;
• Pay registration fees;
• Issuing of a Certificate of Incorporation and corporate documents;
• Open of a bank account;
• Obtain the necessary licenses (Business license, Director’s license).

Requirements for registering a company in Turks and Caicos Islands on the example of an Limited Liability Company (LLC):

• Shareholders: at least one shareholder (can be any nationality and can reside anywhere in the world, can also be a legal entity).
• Director: at least one director (can be any nationality and can reside anywhere in the world, can also be a legal entity).
• Minimum share capital: standard is US$5,000 and minimum paid up share capital is US$1.
• Legal address: a company must have a registered address in the Turks and Caicos Islands.
• Personal Presence Required: no.
• Accounting: no.

What do you have to know about taxes when registering a company in Turks and Caicos Islands?

Corporate income tax (CIT):

There is no Corporate income tax (CIT).

Personal income tax (PIT):

There is no Personal income tax (PIT).

Value-added tax (VAT):

There is no Value-added tax (VAT).

For readers 

Manimama provides assistance in choosing the right jurisdiction for company incorporation and in registering a business specifically in Turks and Caicos Islands. We have a good understanding of the tax and legal peculiarities of specific jurisdictions, which helps our clients make an informed choice based on their unique needs and development strategies. In our work, we take into account factors affecting the business environment, such as the level of competition, access to financial and human resources, as well as opportunities for further growth and development in different jurisdictions. 

By choosing our company formation service in Turks and Caicos Islands you are working with a law firm that values integrity, competence, and client satisfaction. Let us help you set up a company in Turks and Caicos Islands and pave the way for your business success!

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The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.