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BUSINESS LICENSING
Businesses
operating in the Islands are required to hold business
licenses. Businesses engaging in activities in two or more
categories must now pay for each license in full.
Before
taking steps to start up a business in TCI it is imperative
that individuals are fully aware of the applicable Business
Licensing laws and regulations - there are significant
penalties imposed on individuals who become involved in
businesses in TCI which are not properly licensed. We
recommend in each case that professional advice is sought at
the outset to avoid the pitfalls.
The grant of Business Licenses for certain types of
businesses are restricted to undertakings which have a
majority Belonger interest
- (e.g.
restaurant operations, real estate agency and retail sales)
however, non-Belonger businesses may obtain licenses in
reserved categories where it is established that there will
be a substantial benefit to the community as a result.
Dempsey & Company
are experienced in this area of the law and can assist with all manner of Business
Licensing applications, structuring of joint ventures with Belongers, and so forth.
In the event that you require assistance in this respect, contact us to arrange a
consultation.
Licensing fees vary depending
upon the business category – e.g. a license to farm is free:
a license to operate a hotel of more than 99 rooms costs
US$10,000. The categories of businesses and related fees
are set out below:
BUSINESS
LICENSING FEES
Type of Business |
Fee in US$ |
Accountancy, etc. |
4,000 |
Accountancy -other |
500 |
Agency, etc. |
500 |
Agriculture, Farming,
etc. |
0 |
Apartment/Condo sales,
rental up to 4 units |
0 |
Apartment/Condo sales,
rental up to 9 units |
500 |
Architecture -
Professional
|
4,000 |
Architecture - other |
500 |
Attorney, etc. |
4,000 |
Auctioneer |
1,000
|
Bakery Operation |
300 |
Boatyard |
2000 |
Broker |
3,000 |
Building Material
Manufacture
|
500 |
Bulk Fuel Installation |
3,000 |
Company
Formation/Corporate Services
|
2,000 |
Computer Sales and
Services |
1,000 |
Contractor - Large |
6,000 |
Contractor - Medium
Contractor - |
3,000 |
Contractor - Small |
400 |
Contractor - Petty |
150 |
Dance Hall, Discotheque |
1,000 |
Dental Services |
750 |
Engineering & Engineering
Consultant |
4,000 |
Heavy Equipment Sales & Rentals |
1,000 |
Importer other than Liquor |
2,000 |
Landscaping |
500 |
Marina |
2,000 |
Medical Practitioners |
2,000 |
Miscellaneous Business |
150 |
Motor Vehicle Rentals |
1,000 |
Operation of Golf Courses |
6,000 |
Printing |
150 |
Property Development |
4,000 |
Provision of Financial Services |
2,000 |
Provision of Hotel Accommodation - 5 - 19
rooms |
500 |
Provision of Hotel Accommodation - 20 - 99
rooms |
2,000 |
Provision of Hotel
Accommodation - > 99 rooms |
10,000 |
Provision of Tourist
Accommodation - other than hotel |
150 |
Provision of Sanitation
Services |
500 |
Provision of Tourism Services |
500 |
Publishing |
500 |
Radio & Television Broadcasting |
1,000 |
Real Estate Agent |
2500 |
Restaurant & Cafe, Designated
|
350 |
Restaurant & Cafe, Other
|
150 |
Retail Sales less than 500 sq. ft. |
150 |
Retail Sales 500 to 1,000 sq. ft.
|
500 |
Retail Sales 1,000 to 2,000 sq. ft.
|
1,000 |
Retail Sales more than 2,000 sq. ft.
|
1,500 |
Service Station, Garage operation |
750 |
Surveying - Professional |
4,000 |
Surveying - Technical |
500 |
Transportation - Land (per vehicle) |
150 |
Transportation - Sea (per vessel) |
150 |
Transportation - Air (per aircraft) |
500 |
Trucking - Small |
0 |
Trucking - Medium |
500 |
Trucking - Large |
1,000 |
Vessels for hire, 30 ft. or more
|
1,000 |
Vessels, other |
300 |
Water Sale - By pipe
|
4,000 |
Water Sale - Other
|
500 |
Wholesale Liquor Importer |
2000 |
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Disclaimer
Telephone:
(649) 946-4344
Telefax: (649)-946-4564
Carrying
on business in association with the
Finbar F. Dempsey & Company Group:
Corporation Services Limited
Finbar F. Dempsey & Company
Maintained by COMPTCI Ltd.
©1999 - 2009
Dempsey & Co - All Rights Reserved
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Contact |
Tel: (649) 946-4344
Fax: (649) 946 4564
1 Caribbean Place, P.O. Box 97,
Leeward Highway, Providenciales,
Turks & Caicos Isl
General Email
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