Synopsis

The Turks and Caicos Islands ("TCI") lie 575 miles south east of Miami, some 30 miles south west of the Bahamas. There are 8 principal inhabited islands which have an estimated population of 13,000. the seat of government and capital is Grand Turk.

The legal system is based upon English Common Law with local modifications and the Islands are governed by an Executive Council of ministers appointed from the Legislative Council of elected members presided over by a British appointed Governor. The Islands are a British Crown Colony and Britain maintains responsibility for defence and foreign affairs.

THE TURKS AND CAICOS ISLANDS EXEMPT COMPANY

One of the foundations upon which the TCI's success as an offshore centre has been built is the Companies Ordinance 1981. This legislation was closely modelled on the equivalent Cayman Islands law and is extremely flexible and provides in the shape of an exempted company for a minimum of disclosure. Meetings need not take place in the Islands, the objects may be unrestricted and details of shareholders and directors need not appear on any public record.

An exempt TCI company receives a certificate issued in the name of the Governor which guarantees that the company will be exempt from all forms of taxation, both in respect of its own operations and on the shares in the company, for a period of 20 years from its date of incorporation.

Companies may be incorporated with a translation of the English name appearing on the Certificate of Incorporation. The name may be represented in any foreign language or characters. Additionally, a foreign language translation of the Memorandum and Articles of Association may be officially registered alongside the English version. Thus, for example, the Certificate of Incorporation could bear both an English name and a translation of that name in Chinese characters. A Chinese character version of the Memorandum and Articles of Association could also be registered.

 

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Last reviewed: Saturday, July 01, 2006

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