international tax summaries——TURKS AND CAICOS ISLANDS(1998)

international tax summaries——TURKS AND CAICOS ISLANDS(1998)

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1.    Taxes
There are no taxes on income, dividends, capital gains, corporations, gifts, or inheritance. The government does levy a probate fee on estates of 2% of their value but only to a maximum of $550.00. Guarantees against future taxation are available under a variety of ordinances, with each application being considered individually by the Executive Council apart from those granted to exempted companies as set out in item 5; such guarantees are usually granted for projects and undertakings that will contribute to the development of the Islands. The Islands have no tax treaties with any other countries.
2.    Exchange Controls
There are no exchange controls and no regulations to affect the free movement of funds into and out of the Islands. Dividends, interest, royalties, and other payments of all kinds may be freely remitted without the necessity for prior offiCIAl approval.
3.    Banking Facilities and Confidentiality
Two large international banks and a locally incorporated bank serve the commercial banking needs of the Islands. These and a number of finanCIAl institutions are also involved in offshore merchant banking and trust operations. Deposit accounts of any currency may be maintained by resident or nonresident persons or companies, subject only to the minimum deposit requirements of the particular banks. U.S. dollar current accounts may also be maintained and operated by residents and nonresidents alike. Banking in the Islands is regulated by the Banking Ordinance 1979 as amended by the Banking (Amendment) Ordinance 1989.
    The Confidential Relationships Ordinance 1979 imposed a duty of nondivulgence of information imparted under express or implied conditions of business or professional confidence. Accordingly, the complete confidentiality of the business and finanCIAl affairs of all customers and clients is protected by law.
4.    Approximate Costs
The incorporation of a company costs approximately US$1,200, and annual fees for fulfilling basic statutory requirements range from US$700 to US$1,200, depending on the time involvement for additional services requested and whether or not nominee directors are required. The cost of establishing a trust varies with the length and complexity of the trust deed, but averages about US$2,000. The fees for servicing a trust
are about 0.025% of the gross asset value, with a minimum of US$500, but these costs may vary considerably with trust activity.
5.    Corporate Law
The Companies Ordinance 1981 provides for two types of corporate entities: the local or non-exempted company and the offshore or exempted company. An exempted company is one whose business is conducted mainly outside the Islands and, as such, is entitled to a number of privileges not available to local companies. There is no disclosure of ownership (benefiCIAl or registered) or of directors and officers at the time of incorporation or afterwards. Bearer and redeemable shares may be issued. An exempted company may apply to the Governor of the Islands for a written guarantee that no fee increases shall apply to the company for a 20-year period nor shall any future
taxes if any should be levied. The Companies Ordinance also permits a company incorporated outside the Islands to register to continue in the Islands as if it had been incorporated in the Islands as an exempted company. Similarly, an exempted company may transfer to another jurisdiction, assuming such transfer is permitted by the other jurisdiction.
6.    Insurance Industry
Insurance companies are regulated by The Insurance Ordinance 1989. The legislation is specifically designed to encourage, within a flexible regulatory environment, captive insurance companies.
7.    Limited Partnerships
The Turks and Caicos Islands Limited Partnership Ordinance 1992
provides for a system of registration of firms comprising at least one general?and one or more limited?partners, not to exceed 100 in all. A partnership intending to operate outside the Islands may be registered as an exempt limited partnership and secure from the Governor a 50-year exemption from any tax that may be levied in the Islands.       

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北京中立诚会计师事务所简介下载
地 址:北京朝阳区北苑路13号领地OFFICE大厦B座7层701室
电 话:(010)- 52086638 51095615
传 真:(010)- 52086636
邮 编:100107
E-mail:supercpa@163.com