Published
Sep 4, 2023
Updates:
Sep 16, 2024
Turks and Caicos Islands
Price:
Delivery:
Legal forms:
Payment methods:
2 weeks
LLC, LLP, PLC
Document checklist:
1.Passport
2.Proof of Residence
Requirements:
Local legal address (Handled by B2B Hub)
Turks and Caicos Islands
$
1000
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Location
Capital
Official languages
Population
Currency
ISO 4217
Cockburn Town
Turks and Caicos Islands
English
46,062
USD
Turks and Caicos Islands Dollar
Delivery
-
Certificate of incorporation
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Articles of association
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Meeting minutes
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Company stamp
Certificate of incorporation
Company stamp (By stempil.com)
Registration documents and guidance
FAQ for company formation in Turks and Caicos Islands
Frequently Asked Questions (FAQ) for company formation in Turks and Caicos Islands:
1. What is the legal framework for company formation in Turks and Caicos Islands?
The legal framework for company formation in Turks and Caicos Islands is the Companies Ordinance, 2017.
2. What are the types of companies that can be registered in Turks and Caicos Islands?
The types of companies that can be registered in Turks and Caicos Islands include companies limited by shares, companies limited by guarantee, and unlimited companies.
3. How many directors are required to register a company in Turks and Caicos Islands?
At least one director is required to register a company in Turks and Caicos Islands.
4. What is the minimum and maximum number of shareholders required to form a company in Turks and Caicos Islands?
A company can be formed in Turks and Caicos Islands with a minimum of one shareholder and there is no maximum limit on the number of shareholders.
5. What is the minimum share capital required to register a company in Turks and Caicos Islands?
There is no minimum share capital requirement to register a company in Turks and Caicos Islands.
6. Can a foreigner own a company in Turks and Caicos Islands?
Yes, a foreigner can own a company in Turks and Caicos Islands. The law does not differentiate between local and foreign owners.
7. Is it mandatory to have a registered office in Turks and Caicos Islands for company registration?
Yes, it is mandatory to have a registered office in Turks and Caicos Islands for company registration.
8. What are the documents required to register a company in Turks and Caicos Islands?
The documents required to register a company in Turks and Caicos Islands include a memorandum of association, articles of association, certificate of incorporation, and a registered office address.
9. What is the time taken to register a company in Turks and Caicos Islands?
The time taken to register a company in Turks and Caicos Islands is usually 2-3 business days, provided all the necessary documents and information are submitted.
10. What are the annual compliance requirements for companies in Turks and Caicos Islands?
Annual compliance requirements for companies in Turks and Caicos Islands include filing annual returns, maintaining proper books of accounts, holding annual general meetings, and renewing business licenses.
The Turks and Caicos Islands have a strong and growing economy. According to the World Bank, the GDP of the Turks and Caicos Islands was estimated to be $1.3 billion in 2019, a 4.2% increase from 2018. The main industries driving the economy are tourism, financial services, and construction. Tourism is the largest contributor to the economy, accounting for over 50% of GDP. The financial services sector is also a major contributor, accounting for around 25% of GDP. Construction is the third largest contributor, accounting for around 10% of GDP. The unemployment rate in the Turks and Caicos Islands is low, at just 4.2%. The inflation rate is also low, at 1.7%. The government has implemented a number of policies to promote economic growth, including tax incentives for businesses and investment in infrastructure. Overall, the economy of the Turks and Caicos Islands is strong and growing, and is well-positioned for continued growth in the future.
In Turks and Caicos Islands, both individuals and corporations are subject to taxation.
For individuals, there is no personal income tax or capital gains tax in Turks and Caicos Islands. However, there are other taxes that individuals may be subject to, such as stamp duty on property purchases, import duties on goods and services, and business license fees for self-employed individuals. Additionally, there is a national insurance scheme that provides benefits such as healthcare, maternity leave, and pension payments, which is funded through employee and employer contributions.
For corporations, the corporate income tax rate is a flat rate of 0%, meaning that there is no corporate income tax in Turks and Caicos Islands. However, corporations may be subject to other taxes such as import duties, stamp duty on property transactions, and business license fees.
The tax payment process in Turks and Caicos Islands involves paying taxes as they become due, such as import duties and business license fees. The government has a tax portal where individuals and corporations can file and pay taxes online, or they can make payments in person at authorized banks and government offices.
The tax calendar in Turks and Caicos Islands varies depending on the type of tax, but generally, import duties are due at the time of importation, and business license fees are due annually by January 31st. Stamp duty on property transactions is due at the time of the transaction. The national insurance scheme has a quarterly payment schedule. It is important to note that these deadlines and payment schedules may be subject to change, and individuals and corporations should consult with a tax professional or the government tax authorities for the most up-to-date information.
Application without registration
The first director
The second director
The third director
The first shareholder
The second shareholder
The third shareholder
Articles
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