Nominee shareholders and directors are permitted in Turks & Caicos but please note that you need a Registered Office and Registered Agent for your entity. Directors can be from any country and be corporations as well as individuals. Bearer shares are also allowed.
Am I eligible for residency if I set up a business in Turks & Caicos?
There is one type of status that is most common for those investing or starting a business in Turks & Caicos. The authorities give most foreign investors the PRC, or Permanent Residency Status, as well as to retirees. The PRC can either include a work permit or not, but most PRC visas do not include the right to work. There is also another visa scheme for foreigners with Annual Resident and Work Permits that most foreign workers have. They are attached to a specific employer.
Can I set up a company in Turks & Caicos with 100% foreign ownership?
Foreign ownership is permitted in Turks & Caicos. There are also no currency restrictions, making it easy for you to exchange funds from the US dollar used in the Turks & Caicos to any other currency of your choice, such as British pounds or Euros.
What are the tax benefits of setting up in Turks & Caicos?
Turks & Caicos has a 20-year moratorium on taxes for your entity upon incorporation. You also are not subject to any tax on capital gains, profit, income or sales.
Can I open an offshore bank account in Turks & Caicos?
Along with tourism, offshore finance is one of the primary sectors in Turks & Caicos’ economy. Within offshore financial services, banking is one of the mainstays of this sector. There are a wealth of currencies to choose from, and with a dollarized economy, you can comfortably store funds as US dollars.