HERITAGE TCI INVESTMENT INCENTIVE POLICY
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Direct domestic investments 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 Heritage Turks and Caicos Islander (HTCI) Investment Incentive Policy, integrated with the National Investment Policy, aims to level the playing field for HTCIs by ensuring that economic inclusion, through investment incentives and long-term business opportunities, is accessible. The new policy will mitigate the market failure resulting from resource allocation distortion and enhance the opportunity for HTCI entities to achieve a competitive advantage.
Eligibility
To qualify for this program, the applicant must meet the following eligibility.
Criteria
- Must be majority owned (more than 50%) by a Heritage Turks and Caicos
Islander. - 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 may be considered under the MSME programme.
- The level of investment value must not exceed $20m, otherwise eligibility may
be considered under the NIP
- Must have a minimum 51% equity stake held by a Heritage Turks and Caicos Islander partner to qualify for incentives.
Application Process
Application forms must be completed and submitted through Invest TCI’s online platform. Upon receipt, Invest Turks and Caicos will assess and progress to Cabinet. Applicants will receive feedback on incomplete pplications and be given the opportunity to resubmit the necessary amendments. If the project has previously received approval for a Development Agreement and/or Development Order, the proponent should provide a copy of the Development Order.
- Applicants must submit completed application forms detailing the investment incentives being sought, along with all supporting documents, to Invest Turks and Caicos.
- Invest TCI will review the application for completeness and eligibility.
- 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:
- Department of Planning
- Department of Enivronment and Coastal Resources (DECR)
- Attorney General’s Chambers (AGC)
- Ministry of Physical Planning and Infrastructure Development
- Or any other relevant government department per Section I of
the National 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 intention to progress the application to Cabinet or of the need for additional information. Upon completion of the internal review, Invest TCI will prepare a Cabinet paper for consideration. If Cabinet grants approval, the proponent will be notified accordingly and issued a Development Order in the prescribed form for execution. The estimated time for completion would be 12 weeks, from the date of receipt of the completed application package.
Supporting Documents
- Copy of valid ID
- Proof of status
- Valid police record
- Valid business license
- Economic, social & environmental impact
- Independent proof of financing from a legitimate financial institution
- Proposed site plans for development
Steps for Submission:
- Complete HTIC Application Form.
- Submit forms above and supporting documents to HTCI@InvestTurksandCaicos.tc.
- Application is acknowledged within 48 hours.
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