New Companies And Insolvency Laws
The Turks and Caicos ('TCI') has signaled its commitment to building a stronger International Finance Sector with significant investment in new legislation.
Following the enactment of the 2016 Trust Ordinance last September , TCI has recently passed a new Companies Ordinance which is heavily based upon the revised and amended BVI Ordinance , and thoroughly modernizes TCI company law , in the first major legislative change in this area since 1990. Alongside the new Company Ordinance, which will come into force in October 2017 (save for provisions requiring returns with respect to beneficial ownership, which will come into force this month) , TCI has also signaled its intention to enact a new Insolvency law and accompanying rules , again based on the BVI statute , which will also come into force in October 2017. A draft of this new law is currently being circulated for consultation with the private sector.
TCI is fully FATCA compliant, and an early adopter of CRS, and through the new Companies Ordinance has introduced a private register of Beneficial Ownership which will be kept by the TCI Financial Services Commission.
TCI's newly elected Premier, Sharlene Cartwright-Robinson (who is also Minister of Finance) was previously a senior attorney in private practice, and has signaled her Government's commitment to the building of a revitalised international finance sector in TCI, with more legislative initiatives to come to encourage new entrants to the jurisdiction.
David Stewart , a partner at leading TCI firm Griffiths and Partners and a prime mover behind the new legislation , said: " This new legislation puts TCI on the map with a strong message to the market that this jurisdiction intends to create a new type of compliant, modern, transparent international finance sector as an adjunct to its world class tourism offer . TCI offers sensible, proportionate regulation and a wonderful...
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