Business accounts: Turks and Caicos Islands
An honest assessment before work starts, the quote is fixed in writing.
The Turks and Caicos Islands are a British Overseas Territory in the Caribbean with the US dollar as currency. The islands have no income tax, corporate tax, capital gains tax or inheritance tax, and government revenue comes mainly from tourism, duties and stamp duty. There are few banks, licensed and supervised by the Financial Services Commission. A business account here is opened mainly for companies operating on the islands: tourism, villa rentals, construction, services.
Which company to open
| Form | Used for | What matters |
|---|---|---|
| Ordinary company | business on the islands: hotels, rentals, construction, services | a business licence is needed, and work permits for foreigners |
| Exempted company | activity outside the islands, asset holding | an annual government fee of $350 is paid in January |
Companies are registered by the islands' Companies Registry. For activities covered by economic substance rules, such as holding or financing, the company must prove its presence on the islands.
We will calculate online the cost of opening an account for your company and maintaining it for a year.
Who will get an account
| Company | Chances | What else the bank will ask |
|---|---|---|
| Local company with a licence and business on the islands | high | licence, contracts, staff, local address |
| Company owning a villa or property on the islands | medium to high | title documents, source of funds |
| Exempted company with no business on the islands | low | a convincing link to the islands |
What the bank will check
- Certificate of incorporation, articles, lists of directors and shareholders.
- Ultimate beneficial owners, their passports and proof of addresses.
- A business licence if the company operates on the islands.
- Business description, contracts, expected turnover and payment countries.
- Bank reference letters and professional references.
- Source of capital and of the owners' funds.
How the opening works
- Assessment of the task and company form, choice of bank.
- Company registration and, for business on the islands, a business licence.
- The bank pack, references, business description.
- The director's meeting with the bank, most often in person.
- Account opening and online banking.
A review at an island bank usually takes three to eight weeks: there are few banks and they check new clients thoroughly.
Taxes and charges
| Tax or charge | How it works |
|---|---|
| Corporate and income tax | none |
| Exempted company annual fee | $350 |
| Tourism and service taxes | hotels and villa rentals pay an accommodation tax |
| Stamp duty on property purchases | up to 10% of the price on Providenciales |
The absence of taxes on the islands does not remove taxes in the owners' country of residence, so we check the structure with their residence in mind.
Company obligations
- Keep accounting records and beneficial ownership details with the registered agent on the islands.
- Pay the annual fee on time, otherwise the company loses good standing in the registry and the bank asks questions.
- Prove economic substance if the company carries on holding, financing or other activities covered by the substance rules.
- Obtain work permits for foreign staff and renew the business licence.
Who gets refused
The bank will refuse if the company has no clear business or link to the islands, no references and no documented source of funds, an opaque ownership structure, or if the company, its owners or counterparties are linked to sanctions. We check whether the bank works with your citizenship before preparing documents.
What we do
Murblz specialists choose the company form, register it, obtain the business licence, prepare documents and references for the bank, the business description and the explanation of the source of capital, and support the bank meeting and account opening. If an island bank is unrealistic, we open the company's account in another country. We fix the estimate in writing; the decision to open an account always rests with the bank.
What we do
- Corporate account - opening assistance
See also
Company formation · Personal account · Investment property
FAQ
Can a company open an account in the Turks and Caicos Islands?
What taxes does a company pay on the islands?
Is a business licence needed?
Do I need to travel to the islands?
Does a company give residence?
How long does opening an account take?
How much does it cost to open a company account with your help?
Need a bank for your Turks and Caicos company?
We find a bank in the Turks and Caicos Islands or another country for your company, build the pack with source of funds and follow the application through. The catalogue covers every country.
The Murblz consultant replies straight away in the chat on this page. Describe your situation and we will work it out together.
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