The underlying legal code in Turks and Caicos Islands is common law law. Common law makes for a easy corporate setup. Electronic signatures are permitted.
The abbreviation TC is for Turks and Caicos Islands and the most common company type structure in Turks and Caicos Islands is an Exempt Company.
When setting up, budget about 2 days to setup an Exempt Company in TC. The minimum share cap is 0, This means you don't have any minimum share capital. The types of consideration you can use to setup your business is most commonly any legal tender.
Yes, one is allowed to re-domicile an Exempt Company from TC. You are usually allowed to change the jurisdiction of the company, pending certain procedures.
There must be at least 1 shareholder. This makes it possible for you to own an Exempt Company in TC by yourself. Corporate Shareholders are allowed, meaning you could have a company as a shareholder. Foreign ownership is permitted, up to 100% of the total equity of the company.
An Exempt Company is only required to have one director. Additionally, corporate directors are permitted. Directors can have some expectation of privacy, as they are not disclosed publicly. There is a body of law which requires companies to hold an annual meetings of shareholders.
A registered agent is normally required, which means the company will have to pay a fee on a yearly basis, for an office which can receive litigation or other legal process on behalf of the business. A related requirement, a corporate secretary is a requirement.
There is a legal obligation to file accounts on a yearly basis. Consequently, there is not typically a requirement to have these accounts audited.
Thin capitalization rules are not in effect.
A corporate director is permitted, meaning this country is a good option if you are setting up a structure where you want to protect director liability.
The directors are not disclosed in the public registry of Turks and Caicos Islands, Gov of the Turks and caicos. Shareholders are not disclosed in the Gov of the Turks and caicos.
Typically companies take 2 days to setup and there are 1 director(s) required and 1 shareholder(s) required at the time of incorporation.
Overall we think Turks and Caicos Islands is a good option and have given it a score of 83 as an IO score, using the Incorporations.IO proprietary formula.
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