Turks and Caicos conglomerate includes 30 islands, which is located in the Atlantic Ocean southeast of the Bahamas. Originally the islands were not inhabited, and fight for them took place between England and Spain since the discovery in the middle of the lasts century. In the nineteenth century the Turks and Caicos became part of the British Empire, at the end of the century was ruled by Jamaica. The state has gained full independence only in 1973, but until today it has the United Kingdom dependent status, formally the head of state is Queen Elizabeth II, Queen of Great Britain.
The most common business entities
Interesting company registration form is Exempt Company (EC). Such registration form does not include the company's business on the island.
The main features
It has very loyal requirements to the directors and shareholders. There is no need to submit a tax return.
Turks and Caicos law is based mainly on the general English law with some of Jamaica and the Bahamas code additions.
Standard authorized capital is 5000 USD. This is determined by capital charge, which in this case is minimal. Minimum of issued capital is one share with or without a certain value. Since the beginning of 2014 bearer shares are prohibited.
The main requirements for the directors and shareholders
There is a need for at least one director and one shareholder. There are no other specific requirements.
Disclosure of the company’s beneficial to the government bodies
There is no public register of beneficial and information on beneficial owners is only available to a limited circle of persons who are connected with the registration and audit; information is disclosed only by the court's decision.
There is no tax return filing requirements but exempt businesses must keep accounting records, reflecting the company's financial processes.
Registration in the Company Register takes one day, but the whole registration procedure usually takes up to one week.