ARTICLE
29 June 2017

New Companies And Insolvency Laws

IT
Invest Turks And Caicos

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Invest Turks and Caicos is dedicated to providing free and confidential advice and support, including: information on the local business climate; facilitating the investment process through liaison with key Government Departments; advice on Government incentives and concessions to investors; introductions to local service providers/suppliers; advice on immigration matters, including permanent residence certificates; and specific ongoing support following the set up of a business.
The Turks and Caicos ('TCI') has signaled its commitment to building a stronger International Finance Sector with significant investment in new legislation.
Turks and Caicos Islands Corporate/Commercial Law

The Turks and Caicos ('TCI') has signaled its commitment to building a stronger International Finance Sector with significant investment in new legislation.

Following the enactment of the 2016 Trust Ordinance last September , TCI has recently passed a new Companies Ordinance which is heavily based upon the revised and amended BVI Ordinance , and thoroughly modernizes TCI company law , in the first major legislative change in this area since 1990. Alongside the new Company Ordinance, which will come into force in October 2017 (save for provisions requiring returns with respect to beneficial ownership, which will come into force this month) , TCI has also signaled its intention to enact a new Insolvency law and accompanying rules , again based on the BVI statute , which will also come into force in October 2017. A draft of this new law is currently being circulated for consultation with the private sector.

TCI is fully FATCA compliant, and an early adopter of CRS, and through the new Companies Ordinance has introduced a private register of Beneficial Ownership which will be kept by the TCI Financial Services Commission.

TCI's newly elected Premier, Sharlene Cartwright-Robinson (who is also Minister of Finance) was previously a senior attorney in private practice, and has signaled her Government's commitment to the building of a revitalised international finance sector in TCI, with more legislative initiatives to come to encourage new entrants to the jurisdiction.

David Stewart , a partner at leading TCI firm Griffiths and Partners and a prime mover behind the new legislation , said: " This new legislation puts TCI on the map with a strong message to the market that this jurisdiction intends to create a new type of compliant, modern, transparent international finance sector as an adjunct to its world class tourism offer . TCI offers sensible, proportionate regulation and a wonderful, unspoilt living environment, with excellent transport links to the US, Canada and Europe. I am optimistic that these changes are the first of many , as there is a strong alignment between the Government, the private sector and the regulator to encourage the growth of compliant international finance structures in TCI, and to encourage new entrants to move here to do business."

Note to editors: The Turks and Caicos is a British Overseas Territory 80 minutes flying time from Miami , with a population of around 45,000 people , most of whom live on the main commercial and tourism island of Providenciales. The islands ultimate Court of Appeal is the Privy Council in London, and the currency is the US$.

The Griffiths and Partners group is one of the largest professional services groups in the jurisdiction, comprising a full service law firm (www.griffithsandpartners.com) , a trust Company (www.coriats.com) and a company management business (http://gandpcsl.com/) .

David Stewart was formerly a partner (and was from 2007-2014 Managing Partner) of Olswang LLP (now CMS) based in London , and is chair of the TCI Bar Council's Legislative Committee, a member of the Trust Law and Company Law committees, President of the Association of TCI Trustees, and Vice-President of the Finance Industry association (an umbrella body that represents the interests of the Bar, the Banks, Accountants , Company Managers and Insurers).

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