| Main corporate features | |
| General | |
| Type of Company | Exempt / IBC |
| Type of Law | Common |
| Shelf company availability | Yes |
| Our time to establish a new company | 2 days |
| Corporate Taxation | Nil |
| Duble Taxation Treaty Access | No |
| Access to the Agreement of automatic Exchange of Information | No |
| Share capital | |
| Standard Currency | US$ |
| Permitted Currencies | Any |
| Minimum paid up | US$1 |
| Bearer Shares | Yes |
| Directors | |
| Minimum Number | One |
| Residency Requirement | No |
| Publicly accessible Records | No |
| Place of holding of Board of Directors Meetings | Anywhere |
| Shareholders | |
| Minimum Number | One |
| ResidencyRequirement | No |
| Publicly accessible Records | No |
| Place of holding of Meetings of Shareholders | Anywhere |
| Company Secretary | |
| Requirement to appoint a Secretary | Yes |
| Accounts | |
| Requirements to prepare | No |
| Audit Requirements | No |
| Annual Return | Yes |
| Requirements to file Accounts | No |
| Publicly accessible Accounts | No |
| Recurring Government Costs | |
|
Incorporation Fee (regardless of the amount of share capital) |
US$300 |
| Annual Fee (regardless of the amount of share capital) | US$300 |
Corporate legislation
The modern legislative system is based on The Companies Ordinance 1981, The Companies (Amendment) Ordinance 1989, The Company (Amendment) Act No. 2 1992, The Trusts Ordinance 1990.
Type of Company used for International Business and Investments
Exempt./ IBC Companies are exempted from all forms of taxation for a period of twenty years from the date of incorporation.
Business Activities
Any activity allowed , except for Bank, building society, savings, loans, insurance, assurance, reinsurance, fund management, investment funds, friendly society, trust, trustee, guarantee, indemnity, underwriters, co-operative, Commonwealth or their foreign language equivalents.
Obligatory Requirements to Exempt / IBC
Exempt./ IBC should have a Registered Office and Registered Agent in the Turks and Caicos Islands and cannot conduct business operation on the territory of Turks and Caicos Islands.
Taxation
Exempt is exempted from taxes on 100%.
Authorized Share Capital
There is no requirements to the size of authorized share capital.
Standard Authorized Share Capital is 5,000 USD divided into 5,000 shares of USD 1.00 each. There is no requirement for payment of share capital.
Bearer Shares
Yes.
Shareholders and Directors
The minimum number of Shareholders - one (physical or legal person). The minimum number of Directors - one (physical or legal person). There is no requirement to nationality and residence. One and the same person can be director and shareholder.
Company Secretary
The secretary is required by law.
Provision of Fiduciary Services
Yes.
Disclosure of Information on the Beneficial Owner and Bank Operations
Information is not available to the third parties.
Shareholders/Directors Meetings
Meetings of shareholders and directors can be carried out worldwide.
Filing of Annual Accounts
No.
Filing of Annual Return
Yes. Annual Return has to be filed on annual basis with the Registered Agent.
Keeping of Documents of the Company
The place of keeping of operational documentation (resolution, minutes of meeting etc.) of the company is at the discretion of the directors. The exceptions are registers of directors and shareholders which are to be kept at the registered address of the company.
Registration Time Frame
Exempt can be registered within 2 working days.
Shelf Company Availability
Available.
Redomiciliation
It is possible "to import" foreign IBC to jurisdiction of Turks and Caicos Islands and also Turks and Caicos Islands Exempt./IBC can be "exported" to other jurisdictions.