The Turks and Caicos Islands has successfully attracted leading financial services and tourism operators to its shores. This is due to a combination of being an English speaking British Dependent Territory using the US Dollar as its local currency and having low tax rates, a sound regulatory and economic infrastructure and a common law tradition similar to that of the US and the UK. Dempsey & Company has extensive experience in dealing with those government authorities which impact upon the establishment and regulation of different types of businesses in the Turks and Caicos Islands. We are conversant with all aspects of Turks and Caicos Islands corporate, financial and business law and are committed to providing our clients with prompt legal advice and assistance of the highest calibre.

We regularly advise clients on the legal aspects of doing business in and through the Turks and Caicos Islands and of establishing operations and related structures in and from the Turks and Caicos Islands. We’re happy to discuss this further if you wish to make an appointment with us.

UPDATE: BUSINESS LICENSING

People seeking to establish a local operating business in the Turks and Caicos Islands often face obstacles when applying for a business license. This is because many business categories are reserved for majority ownership by Turks and Caicos Islanders, meaning foreign investors cannot obtain licenses in those sectors unless they partner with a local.

Since 2012 the issuance of business licenses has been governed by the Business Licensing Act, which sought to protect local participation in local business by reserving certain popular business categories for majority TCI Islander ownership.

Following consultation, Government has proposed amending the Business Licensing Act with a view to expanding the number of reserved categories. These amendments will likely have two immediate effects: the application process will become more complex, and people currently operating partnerships between foreign and Turks and Caicos Islanders may need to amend their current arrangements to comply with the law. Anyone considering entering such a partnership would be well advised to familiarize themselves with the proposed changes.

Government intends to pass the amendments to the Business Licensing Act in December, 2025. This means that many existing business licenses holders will need to ensure that their current arrangements are compliant with the law prior to 31st March, 2026, which is the date for renewal of all existing business licenses.

We will provide a further update once the amendments to the law have been enacted. Anyone seeking advice concerning business licensing and mitigating the risk of the amendments should contact our office. We can assist with applications, compliance and navigating the specific sector approvals required by the Business Licensing Act