Banks
When establishing a bank, the practical considerations are the capitalisation
requirement, which is a minimum of $500,000, legal fees of $10,000, and
the structure of the bank.
The Banking Ordinance 1979 (as amended by the
Banking [Amendment] Ordinance 1989) S.3 defines "bank" as
"bank means a person carrying on banking business", and
"banking business" under S.2 of original ordinance was
defined as "... the business of accepting deposits or money which
may be withdrawn or repaid on deposits in whole or in part by lending
or any other means for the account and at the risk of the person
accepting such deposits."
Since "banking business" is defined
conjunctively and one of the elements being "banking
business" is that the account is at the risk accepting, then,
conversely, if the account is not at the risk of the person accepting,
this would not be "banking business" as legally defined in
the Turks and Caicos Islands.
Barnett and Associates specializes in the creation of tax shelters and
other offshore work and is based in the Turks and Caicos Islands. No
illegal moneys are being sought, and a due
diligence verification is required.
In addition to helping our clients establish a bank in the Turks and Caicos
Islands, we can assist in developing other options that may also be useful. These
include a cost-effective holding company, and a vehicle which we have found, in
the form of a Building Society. We here outline the differences, and will quote
fees on request.
We work with our clients to consider any of these options. Feel free to revert to us with any questions.
