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  Professional offshore incorporations and offshore banking services since 1996

 

Company Incorporation
Turks & Caicos Islands flghu.jpg (2274 bytes)

COMPANY FORMATION FEES & ANNUAL MAINTENANCE

Jurisdiction most used for incorporation of  a University:
You can have your own company called "Anyname University" compared with other jurisdictions where the name must end with "Ltd." or similar (it would be "Anyname University Ltd." )


INCORPORATION FEE - $2750
Included:
- Nominee Secretary
- Registered Office
- Payment of all government fees
- Memorandum and Articles of Association
- Certificate of Incorporation
- Declarations of Trusts
- Share Certificates

ANNUAL RENEWAL FEE - $1900
- Nominee Director & Secretary for the year
- Providing Registered Office
- Payment of all government fees
- Safe keeping of corporate documents
- Preparing annual renewal documents with annual minutes
- Filing with Turks and Caicos Government
- Courier Expenses X 2


Read here more details about creating a Univesity


The development of the Turks & Caicos Islands, B.W.I. over the past ten years has created many opportunities for Investment, Financial planning, Asset protection and proper management of one's affairs.

The services we provide to accomplish the above are as follows:

  • Incorporation of Offshore Companies
  • Banking Facilities within the Turks & Caicos Islands and from around the World
  • Access to Companies available for sale
  • Assurance of Privacy and Confidentiality
  • Knowledge of Canadian and U.S. income tax
  • Contact with major Brokerage Firms
  • Complete Protection of Individual or Company's Assets
  • Full Accounting services as required

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 favorable 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.


For your convenience, we have included a Cost Calculator in the order form:

Click Here To Order


 

[ BACKGROUND ] [ COMPANY FORMATION ]
[ SHARE CAPITAL, TAXATION, LICENCE FEES & COMPLIANCE ]
[ STRUCTURE OF MANAGEMENT ]


 

CORPORATE FEATURES

GENERAL
Type of Company

Exempt

Political Stability

Good

Common or Civil Law

Common

Disclosure of Beneficial Owner

No

Migration of Domicile Permitted

Yes

Tax on Offshore Profits

Nil

Language of Name

Latin or Chinese alphabets

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 Share Capital

US$ 5,000

LOCAL REQUIREMENTS
Registered Office/Agent

Yes

Company Secretary

No

Local Directors

No

Local Meetings

No

Government Register of Directors

No

Government Register of Shareholders

No

ANNUAL REQUIREMENTS
Annual Return

Yes

Submit Accounts

No

RECURRING GOVERNMENT COSTS
Minimum Annual Tax/Licence Fee

US$ 300

Annual Return Filing Fee

N/A


GENERAL INFORMATION

The Turks and Caicos Islands are a group of twenty tropical Islands situated in the North Atlantic Ocean, south-east off the archipelago of The Bahamas. The total landmass extends to some 430 sq km.

Six of the Islands are inhabited, Grand Turk, South Caicos, Middle Caicos, North Caicos, Providenciales and Salt Cay.

The Islands were first discovered by the Spanish in 1512, and remained uninhabited until British settlers from Bermuda established a salt panning industry in 1678. Eventually the British secured the Islands in 1766 against French and Spanish claims.  

POPULATION

The population of the Turks and Caicos Islands is approximately 19,000, of which nearly 80% are of African descent.  

POLITICAL STRUCTURE

Until 1962 The Turks and Caicos Islands were a dependency of Jamaica. Then they were annexed by the Bahamas, and in 1973 became a British Crown protectorate, with HM Queen Elizabeth II acting as Head of State. A Governor represents the Queen. The Government system consists of a single house. The Legislative Council has twenty seats, of which thirteen are elected by universal suffrage every four years and ex-officio members. The Executive Council consists of a Chief Minister, four ministers appointed by the Governor and three ex-officio members, including the Governor.

In 1986, the Constitution was amended by the enactment of The Interim Amendment Order 1986, which granted special powers to the Governor. These included:

  • The power to summon the Executive Council.

  • The power to suspend the Speaker of the Legislative Council.

  • Defence matters.

  • External affairs.

  • Immigration matters.

  • Internal security and police forces.

  • Appointment, suspension and dismissal of public officers.

  • Control of public finances.

INFRASTRUCTURE AND ECONOMY

The Economy is based on tourism and fishing which includes Crayfish and Conch (flesh and shell). The only farming undertaken is subsistence farming of corn, cassava, citrus and beans. Most other produce and non-food products are imported. Tourism has now become an important source of foreign exchange.

In 1982, the Turks and Caicos Islands introduced the Companies Ordinance, which was the foundation of the Island’s Finance Centre.

The Islands enjoy modern telecommunication systems, and there are frequent flights to neighbouring Islands and to the United States of America. 

LANGUAGE

The official and spoken language is English, although French Creole is also spoken. 

CURRENCY

US Dollar.

 

EXCHANGE CONTROL

None.

 

TYPE OF LAW

Common Law. Based on English Common Law and some old Bahamian and Jamaican statutes.

 

PRINCIPAL CORPORATE LEGISLATION

The Companies Ordinance 1981, the Companies (Amendment) Ordinance 1989, the Company (Amendment) Act No. 2 1992 and the Trusts Ordinance 1990.


COMPANY FORMATION

 

TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT

Since the enactment of the Companies Amendment Act No. 2 of 1992, the Exempt Company is the most commonly used body corporate for international trade and investment purposes.

Exempt Companies are exempted from all forms of taxation for a period of twenty years from the date of incorporation.

 

PROCEDURE TO INCORPORATE

By submission to the Companies Registry of the Memorandum and Articles of Association signed by the Subscribers.

The Memorandum and Articles of Association should contain:

  • The proposed name of the company.

  • The proposed registered office address.

  • The objects of the company.

  • A declaration that the liability of the members is limited.

  • A declaration confirming that the activities of the company will be undertaken outside the Turks and Caicos Islands.

After incorporation, the company should ensure that the location of the registered office is published in the Gazette.

 

RESTRICTIONS ON TRADING

Cannot trade within the Turks and Caicos Islands, and may not own real estate there. Cannot undertake the business of banking, insurance, assurance, reinsurance, fund management, collective investment schemes, the rendering of investment advice or any other activity, which may suggest an association with the banking and insurance industries. Cannot solicit funds from the public or offer its shares for sale to the public.

 

POWERS OF COMPANY

A Company incorporated in the Turks and Caicos Islands has all the powers of a natural person.

 

LANGUAGE OF LEGISLATION AND CORPORATE DOCUMENTS

The language of the legislation is English. The corporate documents have to be in English, but may be accompanied by a foreign language translation, and which may be filed at the Registry. The name of the company may also be translated in to Chinese characters, which can be printed on to the Certificate of Incorporation.

 

REGISTERED OFFICE REQUIRED

Yes, must be maintained in the Turks and Caicos Islands at the address of a licensed management company.

 

shelf COMPANIES AVAILABLE

Yes.

 

TIME TO INCORPORATE

Two days.

 

NAME RESTRICTIONS

Any name that is similar or identical to an existing name. Any name that in the opinion of the Registrar is considered undesirable or obscene. Any name that suggests royal or government patronage.

 

LANGUAGE OF NAME

Can be in any language using the Latin alphabet or Chinese a translation using the Latin alphabet.

 

NAMES REQUIRING CONSENT OR A LICENCE

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.

 

SUFFIXES TO DENOTE LIMITED LIABILITY

Limited, Corporation, Incorporated or their abbreviations. Can also be incorporated without a suffix denoting limited liability.

 

DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES

No.


SHARE CAPITAL, TAXATION, LICENCE FEES AND COMPLIANCE MATTERS

 

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.

 

TAXATION

The Turks and Caicos Islands has no direct taxation in the form of income tax, corporation tax, capital gains tax and inheritance tax or gift tax.

 

DOUBLE TAXATION AGREEMENTS

None.

 

LICENCE FEES

US$ 300 per annum.

 

FINANCIAL STATEMENT REQUIREMENTS

No requirement for filing, but financial records should be kept to reflect the financial position of the company.


STRUCTURE OF MANAGEMENT

 

DIRECTORS

The minimum number of directors is one. The directors may be natural persons or bodies corporate, be of any nationality and need not resident in the Turks and Caicos Islands.

 

COMPANY SECRETARY

All companies incorporated in the Turks and Caicos Islands are required to appoint a company secretary. The company secretary may be a natural person or body corporate, be of any nationality and need not resident in the Turks and Caicos Islands.

 

SHAREHOLDERS

The minimum number of shareholders is one.


ORDER


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Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any errors or omissions.


Please go to our Uses of offshore Companies Page where you will find interesting information on the benefits of using offshore companies and trusts for business and personal use, links to information on other locations and details of our products and services.

 

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