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Setting up a company in the Turks and Caicos Islands (TCI) offers exciting opportunities, whether you are looking to base international operations offshore or to establish a business serving the local economy.
The process is straightforward but involves specific steps, regulatory compliance, and attention to detail.
Embarking on a new venture in this azure-skied British Overseas Territory can feel both exciting and complex. With the right legal advisors by your side, the process becomes straightforward, supported by local insight and dependable guidance every step of the way.
1. Reserving a company name and due diligence
The first step is to choose and reserve a unique company name. At the same time, applicants must provide certain due diligence information on the proposed directors and shareholders of the company to satisfy the TCI's anti-money laundering regulations. Incorporation can only be done through a licensed company manager.
2. Choosing a company type
Several structures are available in the TCI:
- Domestic company – for local operations within the TCI, including taking title to property.
- International company – for conducting business outside the TCI.
- Non-profit company – often used for charitable, social, or educational purposes.
3. Incorporation Timeline and Costs
Incorporation usually takes 2 to 3 business days. Typical fees for incorporation are around US$1,900, which include Government charges and company manager costs. To maintain the company in good standing, there is an annual fee of around US$1,900, which, once again, covers the Government charges and company manager fees.
4. Corporate Structure and Compliance
A company requires at least one shareholder and one director (individuals or corporate entities, of any nationality) – no residency requirements apply for directors or shareholders. A registered agent and company secretary must also be appointed. Information about beneficial ownership must be kept on file but is not publicly available. Finally, companies must report changes to directors, shareholders, or registered office to the Financial Services Commission within 15 days.
5. Business Licences, Work Permits, and Residency.
Generally, to operate a business in the TCI a company will require a Business Licence. Annual licence fees vary widely depending on the nature of the business, from around US$150 to US$15,000.
Certain sectors are restricted or reserved for Turks and Caicos Islanders. Non-Turks and Caicos Islanders who intend to work in the business will require a work permit or a permanent residence certificate with the right to work.
The TCI offers routes for permanent residency to individuals who make a qualifying investment in real estate or a business in the islands. This pathway is attractive to investors, retirees, and entrepreneurs seeking long-term residence in a politically stable, tax-neutral British Overseas Territory.
6. Banking and Ongoing Obligations
Opening a corporate bank account can take time – sometimes several weeks – due to the level of due diligence requirements. Companies must also maintain accurate records of ownership, board decisions, and statutory filings.
One of the TCI's attractions is its tax-neutral environment: there are no corporate income taxes, capital gains taxes, or inheritance taxes.
7. Advantages of Incorporation in TCI
- Speed and simplicity of incorporation.
- Strong legal framework under the common law.
- High levels of confidentiality.
- Access to an internationally recognised financial services sector.
8. How Wilson Wells Can Assist
At Wilson Wells, we provide clear guidance through every stage of incorporation, from selecting the right structure to ensuring ongoing compliance. Our team's local expertise ensures that the process is smooth, compliant, and aligned with your business objectives.
For more information, please contact our team.
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.
