Information Required To Form An Ordinary Company
- Proposed name and alternatives.
The word “Limited” or “Ltd.”, must be appended as the final part of the name.
- Can only be capitalized in United States currency, which is the currency used in the Turks and Caicos Islands.
- Total nominal capitalization minimum – we recommend that the company be capitalized nominally at $50,000.00 because the minimum government fee of $300.00 on formation is payable for that capitalization. The company can be capitalized nominally in a larger amount with additional fees payable to government if that is desired.
- Even though 50,000 shares of par value of $1.00 are normally authorized, we need to know how many shares are to be issued and to whom or to bearer. Our Nominee Shareholding Company, Logberg Management Ltd., will hold the shares for you, endorsed in blank for transfer with a Declaration of Trust in your favour for privacy. Logberg Management Ltd. acts only on the instructions of the beneficial owner. Ordinary Companies which are intended to acquire land in the Turks and Caicos Islands may not have the right to issue bearer shares. Further, no nominee services may be provided by our office if bearer shares are issued.
- Names of first directors and any officers. One director only required. We recommend, for privacy, that Logberg Directors Ltd., be named the Director of the Company, and Logberg Secretaries Ltd. as the secretary of the Company. They act only on the instructions of the beneficial owner and this guarantees complete privacy.
- We generally name our office as the registered office of the company, which is required to be designated under the Companies Ordinance.
- Banking – The company may establish a bank account at one of the local banks; FirstCaribbean International Bank, Scotia Bank, Turks and Caicos Bank or elsewhere. We require your instructions as to where banking is to be done and who is to be named on the Banking Resolution as the signing officers. For convenience, many people choose the main principals of Logberg Corporate Services Ltd, as the signing officers, but this can be varied any way you desire. If banking is to be done elsewhere than in the Turks and Caicos Islands, please send bankers’ documents for execution. Normally, if the client wishes sole signing authority on the bank account, we prefer not to act as Director.
- Brokerage Accounts – a brokerage account can be opened virtually anywhere in the world. Usually the principals of Logberg Corporate Services Ltd., are given trading authority (on your instructions).
- The Annual Return and Annual Fee to Government is payable every year on the anniversary date of incorporation. This fee of $300.00 is payable to the Registrar of Companies in order to keep the company in good standing.
- Completion of a client information form including reference letter and ID page of passport.
Twa, Marcelin, Wolf
Areas of Practice in the Turks and Caicos Islands
- Asset preservation
- Corporate and commercial law
- Company Formation and Management
- Equity Ltd.
- Immigration and residency
- Mortgage financing
- Real estate and property development
- Tax and estate planning
- Trademark services
- Yacht registration