COMPANY FORMATION AND MANAGEMENT
The Companies Ordinance provides a choice between the exempted company as an offshore vehicle and the ordinary company as the standard vehicle for business conducted within Turks & Caicos. Neither type requires locally resident shareholders or officers and both may issue bearer shares. A company may do all that a natural person may do, or its powers may be limited to specific objects. Capital may be expressed in any currency, and consist of shares of any par value or of no par value. The liability of members for the debts of the company may be limited wholly or partly or liability can be unlimited, and different members may have different liability. Persons dealing in good faith with the directors of a Turks & Caicos company are not required to inquire as to their corporate authority.
The exempted company need not include the word "Limited" in its name, and may include such expressions as "Inc.", "S.A.", and "A.G.". On incorporation, it receives an undertaking from the Governor to the effect that no taxation on income or gains will apply for twenty years from the date of incorporation.
A special form of company recognised by Turks & Caicos law is the limited life company, usually known as a limited liability company in the USA. The limited life company is regarded as a partnership for the purposes of the US tax code, and so not taxed as a separate entity. Profits, losses and deductions are attributed to the individual members.
Also useful is the company limited by guarantee, in which membership is not tied to the ownership of shares and therefore does create a property interest. Such a company can be structured to operate as a trust or a partnership while retaining the benefits of corporate entity.
Savory & Co. has a close relationship with CT Management, part of the Chartered Trust group, one the longest established company and trust service providers in Turks & Caicos, and we utilise their efficient services for the incorporation and management of companies registered under the Companies Ordinance. In all matters of a legal nature arising from corporate operations and affairs, we offer expert advice and assistance. We can also provide corporate nominees to hold shares, and, in selected cases, can arrange the provision of directors and other officers.