Page 150 - Caribbean-Central America Profile 2018

TURKS & CAICOS

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

FINANCIAL SERVICES Country Profile
The Turks and Caicos Islands offers the 1990 2000 2010 2016
international business community a well defined World view
regulatory framework within which to operate Population, total (millions) 0.01 0.02 0.03 0.03
1.6
4.7
5.5
Population growth (annual %)
2.4
a comprehensive range of financial activities Surface area (sq. km) (thousands) 1.0 1.0 1.0 1.0
including banking, insurance, trusts, mutual Population density (people per sq. km of land area) 12.2 19.9 32.6 36.7
funds, investment dealing, companies and Poverty headcount ratio at national poverty lines (% of population) .. .. .. ..
partnerships. Since there is no direct taxation Poverty headcount ratio at $1.90 a day (2011 PPP) (% of population) .. .. .. .. .. .. .. ..
GNI, Atlas method (current US$) (billions)
within the Turks and Caicos Islands the banks GNI per capita, Atlas method (current US$) .. .. .. ..
are not required to pay corporation or income GNI, PPP (current international $) (billions) .. .. .. ..
tax. This gives them a distinct advantage in GNI per capita, PPP (current international $) .. .. .. ..
People
being able to place funds at competitive rates Income share held by lowest 20% .. .. .. ..
with lower margins. Life expectancy at birth, total (years) .. .. .. ..
Fertility rate, total (births per woman) .. .. .. ..
Turks and Caicos Islands modern legislation is Adolescent fertility rate (births per 1,000 women ages 15-19) .. .. .. ..
complemented by an experienced professional Contraceptive prevalence, any methods (% of women ages 15-49) .. .. .. ..
infrastructure in the public and private sectors. Births attended by skilled health staff (% of total) .. .. 88 .. .. .. .. ..
Mortality rate, under-5 (per 1,000 live births)
The Financial Services Commission (FSC) Prevalence of underweight, weight for age (% of children under 5) .. .. .. ..
is responsible for licensing and supervising Immunization, measles (% of children ages 12-23 months) .. .. .. ..
all finance-related operating entities to Primary completion rate, total (% of relevant age group) .. .. .. ..
internationally accepted standards. The FSC School enrollment, primary (% gross) .. .. .. .. .. .. .. ..
School enrollment, secondary (% gross)
also provides a centralized and cost-effective School enrollment, primary and secondary (gross), gender parity index (GPI) .. .. .. ..
service for registering companies, partnerships, Prevalence of HIV, total (% of population ages 15-49) .. .. .. ..
trademarks and patents in the Turks and Caicos Environment
Islands. Forest area (sq. km) (thousands) 0.3 0.3 0.3 .. 0.3
3.6
3.6
2.8
Terrestrial and marine protected areas (% of total territorial area)
Annual freshwater withdrawals, total (% of internal resources) .. .. .. ..
Financial Services Commission Improved water source (% of population with access) .. 87 87 ..
Waterloo Plaza Improved sanitation facilities (% of population with access) .. 81 81 ..
Grand Turk Urban population growth (annual %) 7.0 6.5 3.0 2.0
Tel: (649) 946-2791 Energy use (kg of oil equivalent per capita) 2.54 .. 3.69 .. 6.15 .. 6.09 ..
CO2 emissions (metric tons per capita)
Fax: (649) 946-2821 Electric power consumption (kWh per capita) .. .. .. ..
E-mail: fsc@tcifsc.tc Economy
GDP (current US$) (billions) .. .. .. ..
GDP growth (annual %) .. .. .. ..
INTERNATIONAL FINANCIAL Inflation, GDP deflator (annual %) .. .. .. ..
SERVICES COMPANIES Agriculture, value added (% of GDP) .. .. .. ..
ORDINANCE Industry, value added (% of GDP) .. .. .. .. .. .. .. ..
Services, etc., value added (% of GDP)
Since 1981 when TCI enacted a comprehensive Exports of goods and services (% of GDP) .. .. .. ..
new Companies Ordinance, official policy has Imports of goods and services (% of GDP) .. .. .. ..
been to establish the islands as a major financial Gross capital formation (% of GDP) .. .. .. ..
services centre. At the core of the Companies Revenue, excluding grants (% of GDP) .. .. .. .. .. .. .. ..
Net lending (+) / net borrowing (-) (% of GDP)
Ordinance is the Exempted Company. The States and markets
Exempted Company is an extremely flexible Time required to start a business (days) .. .. .. ..
vehicle, with virtually no restrictions in the Domestic credit provided by financial sector (% of GDP) .. .. .. ..
definition of capital structure and the rights Tax revenue (% of GDP) .. .. .. .. .. .. .. ..
Military expenditure (% of GDP)
and liabilities of members. The Ordinance also Mobile cellular subscriptions (per 100 people) 0.0 41.6 .. ..
features the Limited Life Company (LLC). Individuals using the Internet (% of population) 0.0 .. .. ..
The LLC is designed to enjoy the benefits High-technology exports (% of manufactured exports) .. 20 2 ..
of a partnership so that for income purposes Overall level of statistical capacity (scale 0-100) .. .. .. ..
Global links
profits (and losses) are treated as attributable Merchandise trade (% of GDP) .. .. .. ..
to the members of the company rather than to Net barter terms of trade index (2000 = 100) .. 100 73 72
the company itself. At the same time, members External debt stocks, total (DOD, current US$) (millions) .. .. .. ..
enjoy the limited liability of a corporate entity. Total debt service (% of exports of goods, services and primary income) .. .. .. .. .. .. .. ..
Net migration (thousands)
Companies incorporated elsewhere may Personal remittances, received (current US$) (millions) .. .. .. ..
move domicile to TCI. Likewise, a company Foreign direct investment, net inflows (BoP, current US$) (millions) .. .. .. ..
incorporated in TCI is free to move its domicile Net official development assistance received (current US$) (millions) 11.6 6.7 15.4 ..
elsewhere subject to satisfying the Registrar. Figures in italics refer to periods other than those specified. Source: World Development Indicators database.

B-114 Caribbean-Central American Action