TCI Ordinary Companies
TCI Ordinary Companies are predominantly
used for carrying on business and holding land and assets
within the islands. It is common for purchasers of land,
houses and condominiums in TCI to take title in the name of an
Ordinary Company. Despite the foregoing (and subject to any
specific restriction in its objects of association) an
Ordinary Company is not restricted from doing business or
holding assets outside TCI.
While required to file annual returns and
hold general meetings the annual maintenance requirements are
in reality, far from burdensome. With proper structuring they
can afford the beneficial owners the same level of privacy as
IBC's while avoiding any negative connotations associated with
IBC's. We regularly recommend Ordinary companies as viable and
convenient alternatives to IBC's.
Ordinary companies are typically limited by
shares, however, they may be limited by guarantee (i.e. not
having a share capital) or incorporated in a hybrid form (i.e.
limited by guarantee and having a share capital). The more
specialized forms are used in particular cases to achieve
specific objectives - see the sites information on Guarantee
Companies and Hybrid Companies.
If you are considering setting up a company
in the Turks & Caicos feel free to contact us to discuss
whether an Ordinary company might be the appropriate choice