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 $300-$13,500 depending on the type of business. There are currently 45 categories of business activities and 65 fee classifications. 20 classifications are reserved for Turks and Caicos Islanders or Turks and Caicos Islander -controlled businesses.
Any business engaged in several distinct activities must acquire a license for each appropriate category.
Business that require additional licenses for various activities such as liquor sales, need to go through separate channels to attain those licenses prior to commencement of operations.
In addition, Businesses whose employees need to be licensed, such as medical practitioners, need to ensure that their employees are appropriately licensed separate from their business license.
The Business License application is a four page form that must be completed and turned in to TCI Investment Agency.
All licenses expire on March 31, regardless of when they are obtained. Licenses Fees must be paid annually by April 1st
Businesses such as banking, insurance, and provision of corporate management require separate legislation and therefore have different forms and procedures.
There is a $50 fee for business name registration, unless the name is the name of the person or their initials.
- Incorporation fees-$275 (company)
- Annual registration fee-$250 (company)
- Stamp Duty-0.2% on the transfer of a company’s shares but not less than $500 unless exempt to foreign company