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Business Licensing

All individuals or corporations wishing to engage in business activities in the Turks and Caicos are required to carry a Business License. Annual fees for business licenses range from $300-$13,500 depending on the type of business. There are currently 45 categories of business activities and 65 fee classifications. 20 classifications are reserved for Turks and Caicos Islanders or Turks and Caicos Islander -controlled businesses.

Any business engaged in several distinct activities must acquire a license for each appropriate category.

Business that require additional licenses for various activities such as liquor sales, need to go through separate channels to attain those licenses prior to commencement of operations.

In addition, Businesses whose employees need to be licensed, such as medical practitioners, need to ensure that their employees are appropriately licensed separate from their business license.

The Business License application is a four page form that must be completed and turned in to TCI Investment Agency.

  • All licenses expire on March 31, regardless of when they are obtained. Licenses Fees must be paid annually by April 1st
  • Businesses such as banking, insurance, and provision of corporate management require separate legislation and therefore have different forms and procedures.
  • There is a $50 fee for business name registration, unless the name is the name of the person or their initials.

Company Incoporation

  • Incorporation fees-$275 (company)
  • Annual registration fee-$250 (company)
  • Stamp Duty-0.2% on the transfer of a company’s shares but not less than $500 unless exempt to foreign company

Work Permits:

For the purposes of working in the Islands, there are two types of defined employment:

  1. Employed persons are those working for an employer under a contract of service or employer-employee relationship and include employees of the Government and apprentices.
  2. Self-employed persons are those persons who are gainfully occupied in the Islands otherwise than as employees, that is, persons working on their own account.

Individuals above the age of 18 are eligible to apply for a Work Permit in the islands. The permit allows for lawful residency and right to work within a restricted category within the islands.

  • Work permits can be renewed up to 3 times for unskilled and 5 times for skilled workers.
  • For first time permit holders, they must leave the country until such time as their permit is approved. For renewals, a work permit holder can continue to work during the renewal process under the same company/employer.
  • In the case of an owner/manager permit or self-employeed permit, a business license should be obtained first. Such a permit will not be issued without a valid business license.
  • A work permit entitles a person to work for one employer which applies for and endorses the employee. Spouses and children can be endorsed on work permits for skilled workers. Unskilled permits are prevented from including spouses or children.

Applications can be obtained from the Immigration department or online at immigrationboard.tc

Several accompanying documents will be required along with the application submission including but not limited to the following items:

  • Local medical certificate obtained within six months;
  • Two passport sized photos;
  • Labour clearance;
  • Covering letter;
  • Copy of employer's passport showing photo page or in the case of a business, copy of business license and payment receipt;
  • Proof of legal status or proof of departure;
  • Required deposit (separate from work permit fee);
  • Police record (police records are not accepted from Haiti and Dominican Republic).

Fees for work permits vary depending on the type of permit ranging from $200 – $10,000

Temporary Residence Permits:

  • A TRP can be obtained by the Immigration department for those interested in residing in the islands without the right to work for a limited period of time, generally up to one-year.
  • Changeover from a TPR to a work permit is not permitted. Children up to age 18 and spouses can be endorsed on a TRP.
  • A Permanent Residence Permit can also be issued with or without the right to work, but is a one-time application.

Additional information for employers:

Every employer in the TCI is required to have a valid working contract for all employees.

The Labour Commission conducts periodic inspections of work environments to monitor compliance with the regulations of the TCI Labour Commission.