|Turks & Caicos Islands
The Turks & Caicos Islands, being a British Crown Colony, offer a stable offshore financial base only 575 miles south-east of Miami, USA. The infrastructure is surprisingly well developed for a group of islands with an estimated population of only 15,000 people. Special features of the islands include:
- Direct flights by jet to North America (1 hour 20 minutes to Miami). Modern communication systems. International courier services. The local language is English. There are no exchange control restrictions. The local currency is the US dollar There are no income, corporation, capital gains, wealth, gift, inheritance or estate taxes. There are no tax treaties. There is strict confidentiality legislation.
The exempted company is used for offshore activities. Company legislation is found in the Companies Ordinance 1981-1994. It is modern and flexible offering the following benefits:
- A guarantee against any possible Turks & Caicos Islands taxation for 20 years. They may freely alter their Memorandum and Articles of Association. No requirement to file a Register of Members or to file an Annual Return of shareholders. No requirement to hold its meetings in the Turks & Caicos Islands. Bearer shares are allowed. The ability to redeem and purchase its own shares. Only one shareholder, director and company secretary required, who may all be the same person or a corporation. Companies can be formed within 24 hours. Standard authorised capital of US$5000 equates to an annual licence fee of US$300. A foreign company can re-domicile to the Turks and Caicos and all Turks & Caicos companies can themselves re-domicile to other jurisdictions.
In addition to the exempted company there are three further categories of corporate vehicle:
- exempted limited life company: an exempted company can apply to be registered as a limited life company. guarantee company: a company can be formed on the principle of having its members limited by guarantee. hybrid company: a company limited by guarantee can also have a share capital.