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Partners
Bruce R. Twa
BA., LL.B., T.E.P.
Yvette D. Marcelin
BA., LL.B., T.E.P.
Bernd G. Wolf
BA., LL.B., T.E.P.
Associates
Peter E. Cochrane
BA., LL.B., T.E.P.
André K Malcolm
GENERAL INFORMATION REGARDING THE TURKS AND CAICOS ISLANDS, BRITISH WEST INDIES
1. GENERAL INFORMATION
The Turks and Caicos Islands lie almost midway between Miami and Puerto Rico within the Eastern Time zone.
The Island's language is English and the official currency is the United States dollar.
There are numerous condo/hotels located on the beach at Grace Bay providing one, two and three bedroom condo suites. Club Med and Beaches (a family oriented resort by Sandals) provide all inclusive accommodations for those who prefer an all inclusive vacation. The luxurious Aman Resorts recently opened the Amanyara Resort at the North West Point of Providenciales. There are also numerous private villas which are available for weekly vacation rentals in Providenciales.
Marinas are available and the Island's coastline is considered among the best for deep-sea fishing and scuba diving. The beaches are fine coral sand, clean and white in colour.
International connections are good.
- Daily American Airlines Jet flights connect Providenciales to Miami International Airport and JFK in New York.
- Delta Airlines provides a direct daily flight Atlanta to Providenciales.
- US Airways flies a direct daily flight from Charlotte, North Carolina to Providenciales.
- British Airways has a weekly flight from London, England to Providenciales.
- There are also weekly charter flights directly from Toronto during high tourist season, as well as several form various US cities.
- Local commuter flights link Providenciales to Grand Turk, where the Islands' Government is located.
The Islands have direct dial telephone, Email and fax service to and from the Islands.
2. BANKING
FirstCaribbean International Bank, an amalgamation of the Caribbean Branches of Barclays Bank PLC, and Canadian Imperial Bank of Commerce has 2 branches in the Turks & Caicos Islands. The Bank of Nova Scotia also have 2 branches in the Turks & Caicos Islands providing standard retail banking services.There are also several private banks. There are several brokerage firms with offices in Providenciales.
3. THE POLITICAL SYSTEM
The Turks and Caicos Islands were directly dependent on Jamaica until 1962 when the latter became independent. The Turks and Caicos obtained, at that time, the status of a British Crown Colony and intends to maintain that status, as there is no independence movement.
In 1976 a new Constitution was granted to the Islands creating a Ministerial form of Government.
A Governor appointed from Whitehall acts as the Queen's representative and is responsible for internal security, external affairs, defense and certain judicial matters.
A Legislative Council made up of elected members serving a four (4) year term represents the districts and parties. The member may be independent of any party.
The Executive Council has fifteen (15) members, including the Governor.
4. LEGAL SYSTEM
English Common Law is the underlying law of the Turks and Caicos Islands as modified or supplemented by Ordinances passed by the Legislative Council of the Islands.
Amongst the Ordinances aimed at attracting new Companies are:
4.1 COMPANIES
ORDINANCE
This Act, passed in 1981, provides for the following types of Companies.
A. ORDINARY
COMPANIES
B. EXEMPTED COMPANIES
C. LIMITED LIFE COMPANIES
4.2 THE CONFIDENTIAL RELATIONSHIPS ORDINANCE, 1979
The Confidential Relationships Ordinance of 1979 applies not only to the banking business, but also to all businesses of a professional nature, including brokers, accountants, attorneys and even government officials and employees.
The Ordinance is extremely comprehensive in its definition of secrecy and confidentiality. Severe penalties, including heavy fines and imprisonment, can result from convictions of offenses to this law.
4.3 TAXATION
There are no taxes on income, capital gains, corporate profits, property, turnover, value added, gifts, estates, succession or inheritance.
There are stamp duties on property transactions and import duties on goods brought into the Islands.
The combination of the legal structure in the Islands, their location and development potential has led Twa Marcelin Wolf, to choose the Turks and Caicos Islands for their base. For additional information, please contact.
Mr.
Bruce R. Twa
Twa, Marcelin, Wolf / Logberg Corporate Services Ltd.
Fax: 649-946-4410
E-mail: questions@TwaMarcelinWolf.com
web: www.TwaMarcelinWolf.com
Leeward Highway, P. O Box 209
Providenciales
Turks & Caicos Islands, BWI
