Company formation in the Turks and Caicos Islands

Updated 7 October 2026

The islands levy no direct taxes, but a company will not last a year without a licensed agent: the registrar will strike it off. We cover the law, the steps, tax and filings.

Turks and Caicos companies are formed under the Companies Ordinance 2017, administered by the Companies Registry of the Financial Services Commission. A company can be a company limited by shares or a company limited by guarantee authorised to issue shares.

According to the Commission's guidance, every company must have a licensed company manager as its registered agent throughout its life; without one, the registrar may strike the company off. The 2017 Ordinance created a central register of beneficial owners of companies, and there is no requirement to file the memorandum.

Who a Turks and Caicos company suits

• Owners of property and businesses on the islands themselves: the company holds a villa, a hotel or a local business, and the owner can get residence with an investment from $1,000,000.
• Holding and investment companies whose owners and counterparties have no EU links: there are no direct taxes on the islands, and the articles are not filed with the registry.
• Families structuring their wealth through a company held by a trust or foundation in another country.

The company does not suit those who work with European partners: on 17 February 2026 the Council of the EU put the islands back on the list of non-cooperative jurisdictions for tax purposes. EU countries apply defensive measures to payments to such jurisdictions - higher withholding tax, non-deductibility of payments and strict controlled company rules - and banks review such structures especially carefully.

Tax

According to the islands' revenue department, the Turks and Caicos Islands levy no direct taxes: no tax on personal or corporate income, on investment gains, on property or on inheritance. The budget relies on customs duties and fees. Companies carrying on listed activities file an economic substance return. The owner is still taxed by the country where they live.

How registration works

1. Reviewing the task and the owners' countries: where the accounts, counterparties and tax residence will be.
2. Choosing the name and the company form.
3. Owner checks by the licensed agent and entries in the beneficial ownership register.
4. Incorporation and the corporate documents.
5. Bank account and annual renewal through the agent.

Timeline step by step

What usually takes longest is not registration itself but the agent's checks and opening the account. That is why we prepare the source-of-funds documents and the business description before filing and choose the bank at the same time as the company is registered.

What documents you need

A passport and proof of address for each owner and director, beneficial ownership details, and a description of the business and the source of funds. Documents not in English are translated and certified.

Company upkeep and the account

An exempted company pays a $350 annual government fee in January, and the registered agent, address and registers add their own costs. If the fee is late, the company loses good standing in the registry and the bank starts asking questions. Local banks open accounts mainly for companies with business or property on the islands, so an account for a company doing business abroad is usually opened in another country. An owner who invests at least $1,000,000 in a business or home on the islands can obtain permanent residence, with a $25,000 government application fee. The application can be filed only after the investment is made and documented.

The owner's taxes and reporting

No taxes on the islands does not mean the company's profit goes untaxed. The country where the owner lives may treat the company as controlled and tax its profit, and if the company is managed from that country it may treat it as tax resident there. Since the islands were put on the EU list, EU countries apply stricter rules to such companies.

An exempted company does not file financial statements with the registry, but it must keep accounting records and documents, and companies carrying on listed activities report on economic substance every year. We calculate the taxes in the owner's country in advance and prepare reports on time.

Common reasons for refusal

• The agent cannot verify the source of funds. Without documents on income and assets a licensed agent will not take on the company, and without an agent it will not be registered.
• An owner or beneficiary is sanctioned. Neither an agent nor a bank will serve such persons.
• The company's business is tied to the EU. Banks and European counterparties decline to work with a structure from the EU list.
• A missed annual fee or report. The company loses its good standing in the registry and, if the delay lasts, is struck off.

Restrictions for certain nationalities

The Turks and Caicos Islands are a British Overseas Territory, and UK sanctions against Russia apply on the islands. Trust and corporate services - a registered agent, a nominee director, a registered office - may not be provided to persons connected with Russia, above all people living in Russia, or to Russian companies, and they are not available at all to persons under individual sanctions.

A Russian national who lives permanently in another country and can prove it may own a company after enhanced due diligence by the agent. For other nationalities the islands' law sets no specific restrictions. We check the status of each participant and their country of residence before preparing documents.

What we do

Murblz specialists design the structure for your task, check that the company will not create tax in the owner's country, prepare the documents for the licensed agent, handle incorporation and the bank account and remind you of annual fees and filings in advance.

Who gets refused

The registry and the bank will refuse if the source of funds cannot be documented, if any owner is under sanctions, or if the business description does not match the actual payments. We check whether a case can proceed before any documents are prepared.

Fees

See also

Business account · Personal account · Investment property

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