The Inland Revenue Department (IRD) in the Ministry of Finance, Investment & Trade would like to advise the business community and the wider public, that the approval process for Restricted Business Licence activities has been amended.
The Business Licensing Regulations previously required the Permanent Secretary, Finance to consult with Cabinet before making a decision on any application for restricted business activities listed in Schedule 4. This provision has been amended and now requires the Permanent Secretary, Finance to instead consult with the Hon. Minister of Finance, Investment & Trade before approving restricted business licence applications.
Applications for restricted business activities must now be accompanied by the following:
- Proof on how the proposed business is going to add value to the Turks and Caicos Islands economy, such proof has to be aligned with the projected profitability or the creation of employments for residents, which will be crucial with regard to enhancing the economic standing of the economy;
- Evidence of the applicant's good standing in the business community and professional conduct in society, which may be in the form of references, certification from reputable organizations or persons in the same or similar field, industry or sector applying for, which will assist in making a determination of the nature and previous conduct of the persons having an interest in that company whether as directors, shareholders or otherwise;
- An undertaking that the proposed business will be in adherence to all environmental requirements and the business will not have any harmful effect on the environment and its inhabitants, and environmental clearances and other public safety documents adherence and obligation will need to be provided when necessary;
- Proof that a Turks and Caicos Islander is part of the management structure for the purpose of continuity and succession planning, which will promote Turks and Caicos Islander stake in the participation, direction and management;
- Demonstrate or show that at least 50 % of the business will be held by a Turks and Caicos Islander which will promote the desirability of retaining in the control of Turks and Caicos Islanders;
- Proof that the proposed industry is not saturated, which will be achieved by the regulatory body of the industry or sector giving the necessary clearances or approval of new entry into the industry;
- Updated professional licenses and qualifications, where necessary and when requested by the Business License Department, to ensure that the company, it directors and employees have and are likely to continue to have the necessary professional, technical and other knowledge to carry on the proposed business; and
- Proof that the controlling interest, owner or principal partner is able to provide a certified register of beneficial ownership to ensure the true ownership and control of the company have been satisfactorily established.
For more information, please visit the IRD’s website or one of our offices in Grand Turk, Providenciales, or the District Commissioner’s Offices in the family Islands.