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TURKS & CAICOS
OFFSHORE COMPANY INCORPORATION

 

 

The discovery of the Turks and Caicos Islands is attributed by historians to either Christopher Columbus in 1492 or Juan Ponce De Leon in 1512. Lucayan Indians and Bermudians were the first known settlers.
Natural salt was the first commodity traded. Subsequently rope making was established, but both this and the salt industry ceased earlier in the 20th century. The fishing industry has been developed and more recently there has been a rapid growth in tourism.

The population numbers some 13,000 but a similar number of islanders are believed to be living abroad.

The Turks and Caicos Islands are an English speaking British Dependency which lie 930 km (575 miles) south-cast of Miami. A governor is appointed by Whitehall to represent Her Majesty the Queen and the 17 strong legislative council, elected by the islanders, stands for four years, this ensuring political stability with Britain responsible for defence and foreign affairs.

ACCESSIBILITY
There are daily scheduled airline services from Miami, the flight taking one hour and forty minutes. The islands have excellent telecommunications services.

LEGAL SYSTEM
This is based on British common law with local statutes being approved by the British governments. There is legislation in place regulating company incorporation, trust matters and insurance and banking law under the control of a superintendent of the Financial Services Commission.

SECRECY
This is imposed by the Confidential Relationships Ordinance 1979 on anyone in possession of confidential information however obtained. Any breach of express or implied condition of professional or commercial confidence is severely punishable.

CURRENCY & TAXATION
The local currency is the U. S. dollar. There are no exchange control regulations. The islands have no tax treaties with any other country, and there is no obligation to give information requested by any other government or revenue authority.
Our own offices in Turks and Caicos Islands, British West Indies can provide a fast and efficient service at competitive fees.
Our services include the following:
- Registration of the company in Grand Turk, Turks and Caicos Islands.
- Provision of Nominee Directors and Secretary, who will act in accordance with the instructions of the beneficial owners in respect of the legal and statutory requirements of the company.
- Filing the company annual return at the Registrar of Companies in the Islands.
- Provision of registered Local address, which is a requirement of the local company law.
- Provision of Notarised Power of Attorney for the beneficial owner.
- Provision of either bearer shares or numbered shares in accordance with the beneficial owners' requirements.

There are NO legal requirements for the company to prepare and present financial accounts, although in some cases where there are a number of shareholders involved we have been asked to prepare accounts for the shareholders use only.

The company is not liable to pay any tax on its income to the local government in Turks and Caicos Islands. There is a TAX EXEMPTION CERTIFICATE issued with the Certificate of Incorporation when a company is initially registered.

 

 

WHY THE TURKS & CAICOS ISLANDS?
The Turks & Caicos Islands are considered to be the best tax haven jurisdiction in the world, for the following reasons:

1. Turks and Caicos law clearly establishes rules and regulations favourable to the formation of Offshore Corporations, Trusts, Banks and Captive Insurance Companies.
2. Great Britain encourages this haven as a revenue producing means, thereby enhancing the Colony's economic independence.
3. There is no tax imposed on any form of income, capital gains, corporation dividends, property, estate, inheritance, succession, gift or sales in the Islands.
4. The U.S. dollar is the official currency.
5.There is no Central Bank and no monetary controls of any kind.
6. There is no Tax Treaty between the Turks & Caicos Islands and any other country. This guarantees the freedom of privacy.
7. Turks & Caicos has some of the most severe penalties for violation of privacy laws of any tax haven jurisdiction in the world.
8. British Common Law is the law of the land.
9. English is the language in the Islands.
10. The cost of forming companies in the Turks & Caicos Islands is moderate and less expensive than in other Atlantic-Caribbean tax haven jurisdictions.
11. Turks & Caicos is the first not only to offer a 20 year guarantee against future taxes but to guarantee immunity from possible fee increases as well.
12. Turks & Caicos Islands are well equipped with the required infrastructure to conduct business in today's world.

OFFSHORE COMPANY FORMATION

GENERAL INFORMATION
Location: Caribbean basin
Capital: Grand Turks
Currency: US dollar
Languages: English, Creole
Common or Civil Law: Common
Double Taxation Treaties: None
Exchange Controls: None
Political Stability: Good

ADVANTAGES:
Highly flexible legislation
Exemption from wealth, capital gains, gift and inheritance taxes
A twenty year guarantee of exemption from future taxes and increases in Government taxes

DISADVANTAGES:
Largely unknown due to a lack of marketing
Company Information
General Information:

Type of Company: Exempt / International Business Company
Company Law: Companies Ordinance 1981 as amended
Company Names: Prior approval required
Disclosure of Beneficial Owner: No
Migration of Domicile Permitted: Yes
Tax on Offshore Profits: Nil
Language of Name: Latin or Chinese alphabets
Name of company: The name must not be identical or confusingly similar to the existing ones.
Suffixes to denote Limited Liability: Using words Limited or Ltd are not required in the name of the company. The name can contain words Corporation, Incorporated, Societe Anonyme, Sociedad Anonima, Gesellschaft mit beschankter Haftung or abbreviations Corp., Inc., GmbH, SA, AG. Words Assurance, Bank, Building Society, Chamber of Commerce, Chartered, Cooperative, Imperial, Insurance, Municipal, Royal, Trust Company, Trustee Company or other words with the same meaning cannot be used in the name of the company;
Authorized business activities: All and any activities not prohibited by the law. Providing of banking, insurance, and re-insurance, trust services is subject to special license

CORPORATE REQUIREMENTS
Minimum Number of Shareholders: One
Minimum Number of Directors: One
Bearer Shares Allowed: Yes
Corporate Directors Permitted: Yes
Company Secretary Required: Yes
Standard Authorised and issued Share Capital: It is normal to incorporate an Exempt Company with an authorised share capital of US$ 5,000; divided in to 5,000 common voting shares of US$ 1 each, this being the maximum capital for the minimum duty payable at the time of incorporation. Thereafter if the authorised share capital exceeds US$ 5,000, the capital duty is increased by 1% of any increase up to US$ 50,000, by 0.5% of any increase over US$ 50,000 and by 0.1% of any amount over and above US$ 100,000. The minimum issued capital is one share of no par value or one share of par value.

LOCAL REQUIREMENTS
Registered Office/Agent: Yes, local registered office required
Company Secretary: No, the secretary may be your own
Local Directors: No, the director may be your own
Meetings: Meetings need not be held on the Island
Government Register of Directors: No
Government Register of Shareholders: No

ANNUAL REQUIREMENTS
Annual Return: Yes, an annual declaration is required that the company continues to comply with the Companies Ordinance
Submit Accounts: No
Annual Government License Fee: US$ 300

 

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