Starting a business can be an equally exciting and daunting exercise. Here are a few of the first steps required to establish a business in the TCI.
Step 1: Incorporation
One of your first tasks will be to incorporate your company, a process which can take as little as three days in the Turks and Caicos. There are currently six types of companies that can be formed here.
Incorporating a company requires three key pieces of documentation: Memorandum of Association, Articles of Association and Any Resolution which may be signed by the parties. Incorporation fees vary from $150 -$350
Step 2: Business License
All individuals or corporations wishing to engage in business activities in the Turks and Caicos are required to carry a Business License.
Annual fees for business licenses range from $150-$15,000 depending on the type of business. There are currently 15 categories of business activities and 253 fee classifications. 90 classifications are reserved for Turks and Caicos Islanders or Turks and Caicos Islander-controlled business and 18 are restricted.
Any business engaged in multiple distinct activities must acquire a license for each appropriate category. Businesses that require additional licenses for various activities such as liquor sales, must obtain separate licenses prior to commencement of operations.
In addition, businesses whose employees need to be licensed, such as medical practitioners, are to ensure that its employees are appropriately licensed separate from their business license. The Business License application must be completed and submitted to the Revenue Department.
We recommend that individuals or corporations wishing to pursue a Business License seek legal counsel from a law firm that is experienced in this area of the law and can assist with all manner of Business Licensing applications.
View a list of qualified law firms that are a part of the Turks & Caicos Islands Bar Association at tciba.tc.