The Turks and Caicos Islands (“TCI”) is a British overseas territory and despite the recent global events enjoys one of the more dynamic economies in the British West Indies. Upmarket tourism and offshore finance are the main sources of prosperity. The TCI is home to world class resorts and thousands of overseas companies are registered in the islands.
The TCI is positioning itself as an island very much open for business, as the world opens back up following the COVID-19 pandemic, but at the same time striving for internationally recognized good standards of governance and corporate affairs.
Foreign investment or new businesses are helped by the TCI being a common law jurisdiction modeled on the English legal system and by the use of the US dollar. There are no restrictions on the transfer of money into or out of the TCI subject to satisfactory evidence with regard to proof of funds and generally there are no restrictions on foreign investment.
The most common form of business vehicle in the TCI is the regular incorporated company limited by shares and companies may be incorporated within days of the receipt of instructions.
TCI companies may hold real estate, other assets or open a fully operational local business. You may also start a Non-Profit company, register a Foreign company, have your company re-domiciled to the TCI or simply register for a business name.
Presently there is no direct income tax, capital gains tax or property taxes in the TCI. The absence of the above taxes does not mean that the TCI is a “tax free business environment” as there are a multitude of indirect taxes e.g. stamp duty, customs duties and associated business fees such as work permit fees. However, generally the TCI is still an exciting, potentially rewarding and relatively “tax free environment” to start a new business.