Important changes to companies ordinance
Deadline December 31st 2017
As of December, all individuals who a have registered an incorporated company in the Turks & Caicos will be legally required to have a 3rd party licensed company manager. Lex Corporate is now offering services for new and existing clients to ensure their businesses are protected and adhere to the latest change in legislation. These changes affect the following:
- People who have an incorporated company that is not managed by an entity holding a Company Manager’s license
- People who have an incorporated company but do not have a Registered Office and Registered Agent
- People who have Small Businesses
- People applying for Incorporation of a Company
Please get in touch with our team through the form online below, or if you prefer to call our offices directly to arrange an appointment and discuss your needs, our phone number is +1 649 941 5082.
We felt it might be useful to provide the updated ordinance in full for your reference, which was signed by His Excellency the Governor on the 20th of June 2017. We have also highlighted the relevant sections below, lifted directly from the ordinance to save you some time in reading the entire document. The ordinance goes into affect as of September 1st and we encourage you to get in touch if you feel you or your business may be affected by the change.
Application For Incorporation Of Company
9. (1) An application for the incorporation of a company under this Ordinance may be filed only by the person proposed as the company’s registered agent on its incorporation.
(2) An application to incorporate a company shall be made to the Registrar by filing—
(a) an application signed by the applicant;
(b) the articles of incorporation of the company;
(c) such other documents as may be prescribed; and
(d) the written consent of the proposed registered agent to act as registered agent.
(3) In the case of a company to which, on its incorporation, Part IX will apply, a person applying to incorporate the company shall provide the Commission with the prescribed beneficial ownership information in relation to each person who will, on the incorporation of the company, be a registrable person in relation to the company.
Person Eligible For Appointment As Registered Agent
43. A person is eligible to be appointed as the registered agent of a company if the person holds a licence granted under the Company Management (Licensing) Ordinance [Cap. 16.10].
Registered Agent Required
44. (1) A company shall at all times have a registered agent.
(2) Unless the last registered agent of the company resigns in accordance with section 47, the registered agent of a company is—
(a) the person named as the company’s first registered agent in the application to incorporate the company filed under section 9(2); or
(b) if the person specified as the company’s registered agent in the last notice of appointment of registered agent by the Registrar under section 45.