DIRECT DOMESTIC INVESTMENT POLICY
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Direct domestic investments (DDI) play a crucial role in the economic development of the Turks and Caicos Islands. They stimulate job creation, increase production and productivity, promote innovation, and contribute to the creation of a middle class and growing purchasing power. This improves the living conditions of citizens and reduces poverty. The impact of these investments helps to identify priority sectors where local investment should be encouraged, as well as the policy measures needed to promote an investment-friendly environment.
The Vision of the Direct Domestic Investment Policy is to further enhance Invest Turks and Caicos Agency’s ability to provide incentives and support that enable Turks and Caicos Islanders businesses to adopt more efficient and innovative practices, which improves their competitiveness and long-term success.
Eligibility
To qualify for this program, the applicant must meet the following eligibility.
Criteria
- Must be a Turks and Caicos Islander owned entity.
- Must be an entity incorporated in the Turks and Caicos Islands
- Must have a valid business license.
- Must present a business plan
- Must have a minimum level of investment value of not less than $2.5m, otherwise eligibility maybe considered under the MSME program.
- Restaurants registered for HRTT may be considered eligible.
- Must meet the requirements for a heritage Turks and Caicos Islander
Application Process
The DDI policy application forms must be completed and submitted through Invest TCI’s online platform. Invest Turks and Caicos will review and based on an internal checklist, make recommendations to Cabinet for approval. Feedback will be provided on incomplete applications and allowed for resubmission.
If the project has been previously approved for a Development Agreement and/or Development Order, the proponent should provide a copy of the Development Order.
- Submit completed forms detailing investment incentives being sought along with supporting documents to Invest Turks and Caicos.
- Invest TCI will process the application and submit the same for a determination.
- A site visit / inspection may be required.
- Depending on the nature of the proposed business activity, the relevant Government department or Agency would be consulted for input:
- Planning
- DECR
- AGC
- Ministry of Housing
- Or any other relevant government department per Section I of the
Investment Policy.
- Once a determination has been made, Invest TCI will communicate to the applicant in writing.
- Within two weeks Invest TCI will either notify the applicant, in writing, of its recommendation to progress to Cabinet, or request that additional information be submitted. Once the review is complete Invest TCI will prepare a Cabinet paper for submission. Once Cabinet provides approval, the proponent will be notified and provided with a Development Order in the prescribed form for execution.
Supporting Documents
- Business Plan
- Copy of Passport
- Business License
- Proof of status
- Police record
- Proof of financial capability (if applicable)
- Proposed site plans for development
Steps for Submission:
- Complete DDI Personal History and DDI Application Forms.
- Submit forms above and supporting documents to DDI@InvestTurksandCaicos.tc.
- Application is acknowledged within 48 hours.
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