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Turks
& Caicos
The Turks and Caicos Islands are a
group of Caribbean islands which lie 930km (575 miles) south-east
of Miami. They
are an English-speaking British Crown Dependency with an
independent internal government.
The 17 strong Legislative Council is elected by the islanders. The
Council stands for four years ensuring political stability, with Britain being
responsible for defence and foreign affairs. A Governor is appointed
to represent Her Majesty the Queen.
Local legislation regulates company incorporation, trust matters and insurance
and banking law under the control of a Superintendent of the Financial Services
Commission. Both the Companies' Ordinance and the Confidential Relationships'
Ordinance make it a criminal offence, punishable by a fine of $50,000 and up
to three years in prison, for professionals or others to reveal confidential
information relating to a TCI company. This type of legislation is unique to
the Turks and Caicos Islands and adds an additional layer of protection for the
beneficial owner. The legal system is based on English Common Law
with local statutes being approved by the British government.
There are daily scheduled airline services from Miami, the flight taking one
hour and forty minutes. The islands have excellent telecommunications,
postal and courier services.
Christopher Columbus is attributed
with the discovery of the islands in 1492, and it is known
that Juan Ponce de Leon visited in 1512. The first known settlers were
Lucayan Indians and Bermudians. Today the
population numbers 21,746 according to a July 2007 Estimate.
The Turks and Caicos Islands are a discreet, low-profile,
but well-regulated offshore jurisdiction.
Some of the advantages of incorporation in the Turks & Caicos Islands include:
- Low
formation and maintenance fees;
- Minimal
ongoing complience requirements;
- No
income tax liability in the Turks & Caicos Islands;
- Bearer
shares can be issued;
- Shareholder(s)
can be individuals or companies;
- Minimum
of one director, who can be an individual or a company;
- No
information required by the authorities prior to incorporation;
- No
requirement to file annual accounts, audit or annual returns:
- No
restrictions on where company meetings can be held;
- Ready
made companies available.
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