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Beneficial Ownership Regulations in the Turks and Caicos Islands

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The Turks and Caicos Islands have established regulations related to beneficial ownership, which provide clarity on the process for establishing and registering beneficial ownership information.

Definitions

  • A registrable person is defined as an individual or company that meets certain criteria, such as being a beneficial owner of a company.

Beneficial Ownership Information

The prescribed beneficial ownership information includes:

  • The company’s full name and company number
  • The company’s registered office
  • The date on which the company became or ceased to be a registrable person in relation to the company
  • The beneficial ownership criteria that apply to the company

Register of Beneficial Owners

A company shall record the prescribed beneficial ownership information in its register of beneficial owners.

Additional Information

If the company knows or has reasonable cause to believe that there is no registrable person in relation to the company, it shall state this in its register of beneficial owners.

Removal of Entries from the Register

An entry relating to a person who used to be a registrable person may be removed from the company’s beneficial ownership register after the expiration of 20 years from the date on which the person ceased to be a registrable person in relation to the company.

Notice in Relation to Change in Beneficial Ownership Information

A notice given by a company under section 153 of the Ordinance shall require the addressee to confirm whether or not the change specified in the notice has occurred and provide any beneficial ownership information that is missing from the notice.

Provision of Information to the Commission

A notice provided by a company to the Commission under section 157(1) of the Ordinance shall specify the prescribed beneficial ownership information in respect of each person who is a registrable person in relation to the company.

These regulations aim to provide clarity on the process for establishing and registering beneficial ownership information in the Turks and Caicos Islands.