How to register an NPO?
A completed NPO Application Form must be submitted. The registration application form should be accompanied by the NPO controller declaration form. Address verification of all controllers must be provided. Also, a passport or another form of primary ID must accompany the application. Personal Declaration Questionnaire for all individuals serving as controllers must be submitted as well.
Financial information on the organisation for the last three years is required. Note: If the organisation has not been in operation for three years, financial information should be provided on the years in operation.
Governing document for the organisation must accompany the application. Note that keen attention should be paid to this section. Ensure that controllers of the organisation have signed this document and date of establishment of organisation is clearly stated.
In the event that you want to deregister your NPO, theVoluntary deregistration formmust be completed and submitted. Note that only a controller of the organisation has the authority to make such a request.
The request for de-registration may take up to five working days to be processed. A notice of de-registration in the form of a letter confirming de-registration will be provided to the person signing the form.
The NPO Register will be updated with the details of the de-registration. Upon de-registration, the NPO must immediately return the original NPO Certificate of Registration to the NPO Supervisor.
The NPO is required to pay an initial registration fee of $150.00. Additionally, there is an annual fee of $100.00 to be submitted along with the yearly financial report of the organisation. A controller of a non-profit organisation shall prepare and submit annually to the NPO Supervisor, financial statements on the organisation’s financial activity.
- A NPO shall have at least two controllers
- An NPO must submit financial statements using the NPO Financial Reporting Form by 30 June or within six months of its financial yearend as set out in its governing document. NPOs with an annual income that exceeds $500,00 must submit financial statements certified by an accountant
- An NPO must submit an Update Form by 30 June each year
- A NPO shall issue written notification to inform the NPO Supervisor of any changes to the organisation within fourteen days of such change occurring.
- Maintain records of:
- the purpose, objectives, and activities
- the identity of the persons who control or direct its activities, including, as appropriate, senior officers, directors and trustees
- the identity, credentials and good standing of its beneficiaries and associate non-profit organisations
- financial records that show and explain its transactions, within and outside the Islands, and that are sufficiently detailed to show that its funds have been used in a manner consistent with its purposes, objectives and activities, and show the source of its gross annual income.
- Maintain the records above for a period of at least five years
- Proper maintenance of accounts
- Report suspicious activity to the Financial Intelligence Agency
A completed DNFBP Application Form specific to the sector of interest must be submitted. Note that address verification must be supplied along with one form of ID, preferably a passport. All owners holding 10% or more ownership interest in the DNFBP, directors (or equivalent), managers, the Money Laundering Compliance Officer, and Money Laundering Reporting Officer must also submit a Personal Declaration Questionnaire.
If you would like to deregister an DNFBP, firstly you must be the sole owner in the case of a sole proprietorship, the partners in the case of a partnership, the directors in the case of a company, or a person authorised by the registrant. A voluntary deregistration form must be completed and submitted with supporting materials provided where necessary e.g. resolution of the directors recording the decision to deregister.
Upon initial registration, a $50.00 business name registration fee is required and a $150.00 DNFBP registration fee.
The business must have an effective Anti-Money Laundering and Countering Terrorist Financing Compliance Program reflective of its circumstances. The following high-level guidelines are provided as a framework.
1. Carry out a money laundering, terrorist financing risk assessment of the business on the basis of ML/TF risks posed by customers, the products and services offered, its organisational structure, the channels used to deliver its products and services, the geographic connections of the business based on the location of its operations, its customers, etc.
2. Apply customer due diligence (CDD) measures before entering a business relationship or transactions with a customer and obtain information on the purpose or nature of the business transaction.
3. Put in place checks, controls, and procedures to prevent as far as possible money laundering, terrorist financing or proliferation financing.
4. Train staff in these procedures and in the law relating to money laundering and terrorist financing.
5. Appoint a Money Laundering Compliance Officer and Money Laundering Reporting Officer, the latter individual being responsible for reporting suspicious activity to the Turks and Caicos Islands Financial Intelligence Agency. Regulations 21 and 22 require that these appointments be approved by the Supervisor.
6. Maintain records used to establish customers identity and of business relationships for a minimum of five years.
7. Report suspicious activity to the Financial Intelligence Agency
8. Submit an Update Form by 31st January each year
9. Notify the DNFBP Supervisor of the intended change of owners, directors, managers, the money laundering compliance officer, and money laundering reporting officer.
Company Managers and Agents