Economic information and the requirements for doing business in the Islands.
Historically TCI’s economy relied on the export of salt. Currently tourism, the offshore finance industry, and fishing generate the most private sector income. The Islands’ main exports are lobster and conch, with the world’s first commercial conch farm operating on Providenciales. All consumer goods and food stuffs are imported.
The TCI is recognised as an important offshore financial centre, offering services such as company formation, offshore insurance, banking, trust, limited partnerships, and limited life companies. The Financial Services Commission regulates the industry and spearheads the development of offshore legislation.
A residence permit is required to live and work in the TCI, and a business license to establish a business. These are readily granted to those who bring skills or qualifications not available in the islands. Priority in granting business licenses is given to businesses which provide employment and/or training. There are several reserved business categories for Turks and Caicos Islanders and a list can be obtained from Invest Turks and Caicos.
Banking & Currency
The official currency used in the TCI is the United States Dollar (USD). All Banks and other lending institutions operate in this currency but other currencies are available upon request. Banks are open Monday to Thursday 0900-15:00, and on Friday until 1630.
ATM machines are available across the Islands.
Opportunities for investment are vast in the TCI. Whether looking to open a business to purchasing property, the TCI is an ideal country for investing. Please visit http://www.investturksandcaicos.tc/