Located in the North Atlantic, the Turks and Caicos Islands (TCI) are a British Overseas Territory renowned for their turquoise beaches and exotic charm. Beyond being a world-class tourist destination, the TCI has evolved into a thriving hub for business, offering a growing economy and investor-friendly regulations. For entrepreneurs seeking global market access, company formation in the Turks and Caicos presents a strategic advantage for international expansion.
As a growing offshore jurisdiction, the Turks and Caicos present opportunities to scale up your business and trade internationally. At Business Setup Worldwide, we assist you with offshore business setup in the Turks and Caicos. With extensive experience and knowledge of grassroots, we ensure you don't stumble upon any hurdles. Our team of experts is here to guide you every step of the way and ensure your business is set up quickly.
Benefits of Starting an Offshore Business in Turks and Caicos
There are numerous advantages of company formation in the Turks and Caicos. Take a look:
Tax Exemptions
There are various tax exemptions that you can enjoy through company formation in the Turks and Caicos. Companies in the islands are exempt from income tax, capital gains tax, gift tax, or inheritance tax.
Capital Requirements
The standard authorized share capital is US $5,000. Whereas the minimum paid-up capital is US$1.
High Privacy
You can enjoy great confidentiality via company formation in the Turks and Caicos, as there are no requirements for public filing of financial statements. The company registers are not publicly accessible, and details of shareholders and directors are not filed on any public records. Moreover, the law imposes hefty penalties, including imprisonment and fines, for unauthorized disclosure of company information.
No Currency Control
There are no controls on currency exchange and international transfer in and out of the jurisdiction. Thus, businesses are free to hold multi-currency bank accounts and conduct cross-border transactions without the hassle of currency conversion.
Access to Strong Financial Institutions
The Turks and Caicos Islands are home to various financial institutions specializing in investment, wealth management, and offshore banking. Moreover, the island nation has popular corporate banks such as Scotiabank and the Royal Bank of Canada.
Types of Company Structures for Company Formation in Turks and Caicos
Starting a business in the Turks and Caicos brings you a range of organizational structures you can choose from. Here are some of the top structures that you can choose from:
Limited Liability Company
It is a prominent organizational structure for company formation in the Turks and Caicos. Section 2 of the Companies Ordinance defines it as a firm where members’ liability is limited. It is primarily of 3 types:
Company limited by shares: liability limited to unpaid share amounts.
Company limited by guarantee authorized to issue shares: members guarantee a certain amount and can also hold shares.
Company limited by guarantee not authorized to issue shares: liability only as per guarantee; no shares issued.
International Companies (ICs)
Before the 2017 amendments, ICs were known as International Business Companies or exempt companies in TCI. Companies Ordinance 2017 defines an international company as the one that cannot carry out business within the islands. However, the law grants permission to carry out activities that assist with global trade. The certificate of incorporation must state that the firm is an international company.
Unlimited Companies
Unlimited companies in Turks and Caicos are of two types: unlimited companies authorized to issue shares and unlimited companies not authorized to issue shares. All the members of the above company types have unlimited liability, making them personally liable to repay the firm’s debts.
Protected Cell Companies (PCCs)
Protected cell companies are a special form of a company limited by shares. It allows the segregation of assets and liabilities into separate cells under one legal entity. Insurance or investment fund companies typically use this type of organizational structure.
Non-Profit Companies
Non-profit companies can be established for charitable, religious, cultural, educational, social, or public-benefit purposes. However, these must be limited by guarantee (with or without authority to issue shares). A non-profit company in Turks and Caicos cannot operate for profit.
Turks and Caicos Company Registration is Ideal for
We can help you with Turks and Caicos offshore company formation for the following industries:
E-Commerce
Wealth Management
Holding Company
Travel and Tourism
Steps to Offshore Company Formation in the Turks and Caicos
Starting a business in Turks and Caicos is easier with Business Setup Worldwide. All you have to do is follow the steps below to get started!
Complete the Application Form
Submit the Required Documents
Register Your Company
Avail Additional Services
Receive Company Kit
Documents Required for Company Formation in Turks and Caicos
The following documents are necessary:
Identity and address proof of the parties involved in the process
Passport-sized photos of the parties involved
Name of the company
Memorandum of Association (MOA)
Articles of Association (AOA)
You may need to submit additional documents for your Turks and Caicos company registration. Before preparing any documentation, consult your dedicated manager.
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Why Choose BSW
Selecting the ideal jurisdiction enables unprecedented growth for your firm. Business setup Worldwide (BSW) can help you make the right choice. BSW has more than 8 years of experience with offshore company formation in multiple jurisdictions. Our team of experts is well-versed in regulatory requirements and ensures complete compliance. Moreover, we take care of all the formaltiies on your behalf. Contact us now to get started with company formation in the Turks and Caicos.
Business Setup Worldwide’s services are superb! They helped me set up a company in Turks and Caicos, and their knowledge of the regulatory framework was good. They took care of all the formalities and left no stone unturned.
Betty Alexander
I took BSW’s help in setting up a company in Turks and Caicos. Their legal know-how is excellent. They took care of all the company formation and licensing formalities. Moreover, their consultants were polite and answered all the queries patiently.
Collin Sharp
Frequently Asked Questions
1. What types of offshore companies can I set up in the TCI?
International Business Companies (IBCs) or International Companies are the most common offshore structures.
2. Can foreigners own 100% of a company in the TCI?
Yes, foreign individuals or entities can fully own and control a company in the TCI.
3. Are there annual maintenance requirements?
Yes, companies must maintain a registered agent and registered office, and file annual returns, which incur fees.
4. Is the owner's information publicly disclosed?
No, beneficial ownership information is private and only accessible to authorities.
5. Are there tax benefits in the TCI?
Yes, there are no corporate, capital gains, or inheritance taxes for offshore companies.
*The duration for company registration is subject to the jurisdiction's due diligence procedures.
**This refers to the corporate tax of the company, where the operation of the company would take place outside the country of incorporation.
***You must provide necessary documentation for every individual associated with the company.
Disclaimer: The content on this website should not be taken as a contractual commitment or warranty. Our service conditions are subject to BSW's terms and conditions.
