Are You Planning to Start a Business in Turks & Caicos?
Starting a business in Turks and Caicos is a great idea. This luxury location draws vacationers looking to spend money – and that’s good for your business. Let’s take a look at some of the best commercial real estate offerings in Turks and Caicos. But first, let’s examine the basics of starting a business in Turks and Caicos.
Establishing a Business in TCI
Incorporating your company is one of the first tasks you’ll face. In Turks and Caicos, this can take as little as three days. The types of companies that can be formed in this location number six in total.
There are three key pieces of documentation that you’ll need to incorporate your company. They are as follows:
- Resolutions which are signed by any involved parties
- Articles of Association
- Memorandum of Association
Expect to pay between $150 and $350 for incorporation fees, due to the fact that they vary.
Getting your license is step two, and it is a necessary one in the Turks and Caicos for engaging in business activities. Depending on your type of business, you can probably plan on spending between $150 and $1500 for your license annual fees. There are 253 fee classifications and 15 categories of business activities currently. Reserved for Turks and Caicos Islander controlled businesses and Turks and Caicos Islanders are 90 classifications, 18 of which are restricted.
A license must be acquired for each appropriate category if you are planning on engaging in multiple distinct business activities. Prior to the commencement of operations, if you are participating in various business activities such as liquor sales, your businesses will need to obtain additional licenses.
Additionally, medical practitioners and other licensed employees, from the very start of the business, must have their professional license. Submit business license applications to the Revenue Department.
You may well consider seeking legal counsel if you wish to pursue a business license in Turks and Caicos.
Tint Turks and Caicos – Featured Real Estate
Tint Turks and Caicos has some incredible opportunities for those wishing to start a business in this lavish location. Here are just a few suggestions:
Princess Drive – Corner Lot
Looking for a prime commercial location in Turks and Caicos? Look no further than the corner lots on Princess Drive. This incredible property is 100 yards from the beach access, 50 yards from The Palms, located across from Key West Village at Beaches, and directly in front of Alexandra Resort and Spa. It is the ideal location for retail development, a gourmet restaurant, or a boutique hotel and is zoned for tourism related development.
Commercial Plot – 11 Acres
Hold this for capital appreciation or consider it a great opportunity for a commercial developer. At nearly 11 acres, this faces the entrance to Long Bay and contains elevated, ocean view parcels as large as .75 acres or as small as .56 acres – 17 in all.
Call Us If You Want To Invest In Real Estate In Turks & Caicos
If you’re planning on starting a business, you may also be interested in investing in some real estate in Turks and Caicos. There’s a wide array of places and locations from which to choose. Ask about Sail Rock, Coral Pavilion, and Sunset Beach Villas. Call Tint today for more information or to schedule a meeting.