The Business Licensing Ordinance of the Turks and Caicos Islands requires all persons conducting business in or from within the Turks and Caicos Islands to obtain a business license. Once a license is obtained the business is expected to operate within the scope of business activities authorized by the license. In cases where undertakings do not reasonably fall into the authorized scope of business activities of the licensed business, then additional licenses must be obtained for those distinct and separate business activities.

Some businesses may be exempted from the requirement to hold a license or the payment of license fees. License fees range from nil (agriculture and apartment rental not exceeding four units) to ten thousand dollars (provision of hotel accommodation, 100 bedrooms or more). License fees are due and payable at the beginning of each financial year, 1 st March. Late fees attract a penalty of 10 percent for each month the fees remain outstanding.

A business license may be issued to a private individual or a company. The company may be incorporated or unincorporated. The decision to incorporate or form a company for this reason or any other purposes lies with the individual(s) concerned. Some advantages regarding personal liability, flexibility and professional outlook do exist when a corporate vehicle is utilized. More information on Company Formation in the Turks and Caicos Islands is available upon request.

It must be noted that several business activities fall into a reserved category for the Belonger population. In essence a Belonger must hold at least fifty one percent of the controlling interest of the business. Possibilities do exit for Non-Belongers to obtain a license under the reserved business category when it is evident that such a business will be beneficial to the overall development of the Islands . Generally, the local authorities have no serious objections against any genuine joint venture or partnership undertakings between Belongers and Non-Belongers in areas within the reserved business category, provided that the regulations are adhered to.

The following business activities fall into the reserved category.

• Accountancy , if not professionally qualified.
• Agency , but only if agents, freight forwarding agents, shipping agents or sales agents.
• Apartment or condominium sales, rental or management.
• Architecture , if not professionally qualified.
• Auctioneering .
• Bakery operation.
• Bars , that do not form part of a hotel or restaurant.
• Contracting , where the business is determined by the Permanent Secretary, Finance to be a petty contractor, small contractor or medium contractor.
• Dancehall or discotheque operation (including when part of a hotel).
• Motor vehicle sales or rental or both.
• Operation of vessels for hire or rental if less than 30 feet.
• Printing .
• Provision of sanitation services.
• Provision of security services.
• Provision of transportation services on land including taxis, tour bus operators, buses and haulage services.
• Real estate agency (being the business of dealing in real estate or tenancies thereof as agent for another person).
• Retail stores.
• Service stations and garage operations, including any business engaged in the fueling of motor vehicles with petroleum or diesel or in repairing vehicles.
• Trucking .

Ashanti International Services is equipped to handle business license application on behalf of private individuals or corporations. We can also assist in the drafting of joint venture or partnership agreement, if necessary.