Background:
The Turks & Caicos Islands lie 930 km (575 miles) southeast of Miami occupying 430 square km (166 square miles). The population is estimated at 13,000 of which there are Africans, North Americans and Europeans. The Islands are an English speaking British Dependency.

The Islands are ruled by a Governor appointed by Britain with an Advisory Council of 4 nominated members. Britain is responsible for defence and foreign affairs. The legal system is based on English common law. A new legislation was introduced in 1989 and 1990 for Offshore Finance Centre Unit (OFCU) to update insurance, banking and company laws. After the insurance legislation in February 1990, more than 650 insurance licences were granted.

Type of Company(s):
The Companies Ordinance 1981 makes the purchase of an exempt company extremely flexible and provides for minimum disclosure. The procedure to register, is the same for exempt and ordinary companies.

A company name can be approved within the same day via telephone. The Registrar will proceed to incorporate the company on the same day as the Memorandum & Articles of Association is delivered together with the prescribed fee. The application for the incorporation has to be done by a firm that is fully licensed by the Business Licensing Ordinance.

An exempt company needs to maintain the Registered Office in the Island and requires a local resident agent. There is no need for the directors, shareholders and any other officers to report any changes to the Registrar. The Government undertakes a future taxation for a period of 20 years. The annual Government fee is US$300

An ordinary company has to file an Annual Return, whereas an exempt company only needs to file a simple form stating that the company has met the ordinance requirements and that it carries on its business from outside the island.
The annual Government filing fee is US$250.

Tax Advantages:
There is no income tax, capital gains tax, corporation tax, profit tax, gift tax or death duties.