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Beneficial Ownership Definition Takes Center Stage in Turks and Caicos Islands

The Financial Services Commission (FSC) of the Turks and Caicos Islands has brought attention to a crucial aspect of corporate governance: beneficial ownership. Starting from 2023, companies registered in the jurisdiction will be required to maintain a public register of their beneficial owners.

What is Beneficial Ownership?

Beneficial ownership refers to the individuals who ultimately control or have a significant interest in a company, often behind nominee shareholders or other complex structures. The FSC’s move aims to increase transparency and combat money laundering and terrorism financing.

Types of Companies Affected

The new regulations will apply to all companies registered in the Turks and Caicos Islands, including:

• Limited by Shares Companies: Private companies with a share capital.
• Unlimited Companies: Private companies without a share capital.
• Limited by Guarantee Companies: Non-profit organizations or associations.
• Not-for-Profit Organizations: Charities, clubs, or other non-profit entities.
• Protected Cell Companies: Special types of insurance companies.

Consequences for Non-Compliance

Companies that fail to register their beneficial owners with the FSC may face:

• Penalties
• Fines
• Deregistration
• Ineligibility to operate in the jurisdiction

The FSC will maintain a public register of beneficial owners, making it possible for members of the public to obtain this information.

What’s Next?

The introduction of beneficial ownership registration is part of a broader effort by the FSC to enhance corporate governance and compliance in the Turks and Caicos Islands. Companies are advised to review their structures and ensure they comply with the new regulations, which come into effect in 2023.