Guarantee of tax exemption
Practical annual administration arrangements
Limited banking facilities

INTRODUCTION

The Turks & Caicos Islands are a British Dependant Territory in the Caribbean close to the Bahamas. They are self-governing, and a new constitution, adopted in 1976,closely adheres to the British system.

LAW AND TAXATION

The Companies Ordinance is based upon British Law and largely follows the English 1948 Companies Act. Companies not carrying on business in the Islands are exempted from many of the more onerous provisions of the Act. Amendments were introduced in early 1994 to endeavor to render the jurisdiction more attractive and competitive with the BVI. Initial Registration Fees were reduced and annual renewal requirements are now more practical, and the Long Term Company concept, as in Samoa, has been introduced allowing companies to pay in advance for 5, 10 or 15 years good standing. Limited Duration Companies, which have attractions in the USA, have also been introduced. There are no taxes on corporate or individual income, capital gains or gifts. Exempt companies can obtain a guarantee of exemption from all taxes for a period of 20 years.

LOCAL CORPORATE REQUIREMENTS

A Registered Office along with a nominated resident representative must be maintained in the Turks & Caicos, and an annual license fee must be paid before 31stJanuary each year. Bearer Shares may be issued, and only one Director, who may be a corporation and resident anywhere, is required.

LOCAL INFRASTRUCTURE

There are a number of professional firms giving good service. A limited number of Banks are present. The Government offices are mainly based on the island of Grand Turk, whereas much of the development and professional infrastructure is on Providential, which is approximately 100 miles away.

OUR SERVICES

We have shelf companies available and are pleased to incorporate with names of your choice on request. All companies are provided with a complete company kit including registers, share certificates, 10 copies of the M&A, common seal and company chop. We do not provide any advisory services or ongoing management services, but can introduce other professional firms if required.

OUR CHARGES

1. Incorporation (including Registered Office and Agent to 31st January following incorporation)
---------------------------------------- US$1,400

2. Normal Ongoing Maintenance Costs Registered Office and Annual Maintenance p.a.
---------------------------------------- US$750

3. Annual Tax & Exemption Fee
---------------------------------------- US$300

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