The Inland Revenue Department (IRD) in the Ministry of Finance, Investment & Trade hereby advises the business community and the wider public, that business licenses for the financial year (FY) 2022/2023 will expire on 31st March, 2023.

To assist with expediting the renewal process, Customers are urged to take note of the following:

• Registered companies are required to submit a copy of their register of members/shareholders and demonstration of good standing with the Financial Services Commission (FSC) with their application for renewal.
• Sole traders and partnerships must present a valid Business Name Registration Certificate from the FSC along with their application for renewal.
• Establishments requiring annual inspections from the Environmental Health Department and/or an Accommodation License are reminded to seek inspection ahead of the renewal deadline. Applications will not be accepted until all relevant information is received.  The IRD reserves the right to request further documentation and conduct inspections.
• Business License renewals will commence March 2nd, 2023.
• Application and payment for renewals MUST be made on or before April 30^th, 2023 to avoid penalties.

Licence Holders are encouraged to utilize our new E-Services platform to renew their business licence. The E-Services platform can be accessed via the following website: https://busreg.gov.tc/busreg/   or through the IRD’s website: http://www.gov.tc/revenue.

For more information, please visit the IRD’s website or one of our offices in Grand Turk, Providenciales, or the District Commissioner’s Offices in the family Islands.

The Inland Revenue Department (“IRD”) hereby advises the business community and the wider public of the amendments made to Schedule 2 of the Business Licensing Regulations in 2014 and 2015 which provides for the classification of business activities and the corresponding fee schedule.

As the IRD continues to carry out its reclassifications exercises in accordance with the Business Licensing Ordinance and the Tourist Accommodation (Licensing) Ordinance; if your business has been accordingly reclassified, customers/applicants are hereby advised that this will likely have an impact on the outcome of applications for business license renewals through an adjustment of the fees.

All the relevant rates will be applied to the 2023/2024 and all subsequent renewal periods.

Businesses are further reminded that it is incumbent upon on them, to also notify IRD of any diversifications in the scope of their activities and services. All businesses who effected changes to their business structure, location, ownership/members, activities etc. must provide written notice to the IRD as prescribed under the provisions of the Business Licensing Ordinance.

If you are uncertain whether your business may be subject to reclassification, please visit the IRD’s website at www.gov.tc/revenue or visit our offices in Grand Turk, Providenciales, or the District Commissioner’s Offices in any of the family Islands.

The Inland Revenue Department (IRD) in the Ministry of Finance, Investment & Trade would like to advise the business community and the wider public, that the approval process for Restricted Business Licence activities has been amended.

The Business Licensing Regulations previously required the Permanent Secretary, Finance to consult with Cabinet before making a decision on any application for restricted business activities listed in Schedule 4.  This provision has been amended and now requires the Permanent Secretary, Finance to instead consult with the Hon. Minister of Finance, Investment & Trade before approving restricted business licence applications.

Applications for restricted business activities must now be accompanied by the following:

• Proof on how the proposed business is going to add value to the Turks and Caicos Islands economy, such proof has to be aligned with the projected profitability or the creation of employments for residents, which will be crucial with regard to enhancing the economic standing of the economy;
• Evidence of the applicant's good standing in the business community and professional conduct in society, which may be in the form of references, certification from reputable organizations or persons in the same or similar field, industry or sector applying for, which will assist in making a determination of the nature and previous conduct of the persons having an interest in that company whether as directors, shareholders or otherwise;
• An undertaking that the proposed business will be in adherence to all environmental requirements and the business will not have any harmful effect on the environment and its inhabitants, and environmental clearances and other public safety documents adherence and obligation will need to be provided when necessary;
• Proof that a Turks and Caicos Islander is part of the management structure for the purpose of continuity and succession planning, which will promote Turks and Caicos Islander stake in the participation, direction and management;
• Demonstrate or show that at least 50 % of the business will be held by a Turks and Caicos Islander which will promote the desirability of retaining in the control of Turks and Caicos Islanders;
• Proof that the proposed industry is not saturated, which will be achieved by the regulatory body of the industry or sector giving the necessary clearances or approval of new entry into the industry;
• Updated professional licenses and qualifications, where necessary and when requested by the Business License Department, to ensure that the company, it directors and employees have and are likely to continue to have the necessary professional, technical and other knowledge to carry on the proposed business; and
• Proof that the controlling interest, owner or principal partner is able to provide a certified register of beneficial ownership to ensure the true ownership and control of the company have been satisfactorily established.

For more information, please visit the IRD’s website or one of our offices in Grand Turk, Providenciales, or the District Commissioner’s Offices in the family Islands.