Companies Ordinance 1981
2. Types of company?
Ordinary, Exempt, Foreign, Limited Life Company (LLC), Non Profit Associations
Type of company preferred for international transactions, Shareless companies?
Companies limited by Guarantee, Exempt Company
3. Capital requirements?
No minimum paid up share capital is required for exempt companies
4. Costs to incorporate, excluding government fees?
US$350 - $1,500
5. Fees paid to authorities to incorporate?
US$275 - Ordinary companies; US$100 - Exempt
6. Annual fees paid to authorities?
US$250 - Ordinary companies; US$300 - Exempt
7. Taxation rates applied to companies generally?
Nil
The taxation of companies in 2a?
Nil
8. Method of incorporation?
Three copies of Memorandum & Articles in prescribed form lodged with company's Registry with Subscribers of exempt companies required to declare operations will be outside the islands
9. Who may incorporate (specify what, if any, local representatives/professionals required)?
Subscribers (Ordinary Companies) Agents with licenses under Business Licensing Ordinance (Exempt Company)
Are ready-made companies available?
Yes
10.Length of time to incorporate?
24 hours
11.Minimum members?
One, individual or corporation
12.Registered office?
Must have registered office in TCI and exempt companies must nominate a resident represent
Can registered office be a bank/lawyer/account's office ('brass plate')?
Yes
13.Directors and secretary?
One or more directors who may be a non-resident and a secretary who may be individual or corporation. A sole director may act as secretary
Must a director/secretary be resident?
No
14.Appointee directors/secretary possible?
Yes
15.Amount of fees payable to appointee directors/secretary?
US$500 - $2,000
16.Meetings?
Annual meeting only required by Ordinary companies
17.Annual return?
Ordinary companies require details of share capital and, shareholders, directors and secretaries, exempt companies file a declaration that requirements have been completed and operations are outside the islands
Must financial statements of a company be audited?
No
18.Is disclosure of profits required by filing balance sheets with annual returns?
No
19.Are there any exchange control or other financial restraints imposed upon a company?
None
20.Companies formed in the last year?
3000 (Approximately)
21.Number of companies on the register altogether?
Ordinary: 3000 (Approximately); Exempt: 12,000 (Approximately)
22.How, if any, is migration into and out of the jurisdiction achieved?
Specified in Companies Ordinance 1981 (Part ix) covers transfer of companies from and to another jurisdiction
23.Is migration out of your country provided for?
Yes
24.Anticipated amendments to company law over the next twelve months?
Further refinements to new Limited Life Company (LLC) legislation
NOTE: It has always been possible for a Turks and Caicos company to be either unlimited or limited by shares or by guarantee. A Turks and Caicos company may now be formed with both limited and unlimited liability. Limited Liability may additionally be either limited by shares and/or by guarantee. This is often referred to as the 'hybrid' company and has particular applications in the formation of trusts
- Ability to register charges at the Company's Registry
- Exempt companies limited by guarantee to have a share capital
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
