development proposal guidelines

International investors seeking to do business in the Turks and Caicos Islands are advised to submit to TCInvest a project proposal, along with supporting documents in order to speed up processes and facilitate assistance. TCInvest will use the information in this proposal for screening ideas and for facilitating the progression of credible investments through TCI government ministries. TCInvest staff will assist potential investors with queries and advice as they develop their proposals and plans. Depending on the scale and scope of the investment, more information may be requested prior to the government providing concessions or signing a Development Agreement. Agreements should include the following elements:

Proposal Name

Name to be used in referring to the proposal.

Contact

Name, address, telephone, facsimile and email of the principal contact for the project.

Type of business

State the form of business entity, including single proprietorship, share company, partnership (full or limited), trust and joint venture.

Project Principals

Names, addresses, tel / fax numbers, email addresses and social security numbers of the principal persons investing in the venture. If the organisation is a company, partnership or joint venture, information should be provided for all individuals with more than 10% ownership.

Description of the Proposal

Describe in some detail the location and nature of the business endeavour, products and services to be sold in the new business, the component elements of the project, the timing, phasing and costs of each project element, infrastructure services to be provided and environmental protection to be undertaken.

Where appropriate, and in the case of all real estate developments, concept drawings of the proposed entity should
be provided.

It would be preferable too that a full business plan be provided, including a marketing plan, sales, marketing and financial forecasts, and a complete financial statement of the proposed development, including a source and application of funds.

If a full business plan is unavailable the proponents should provide marketing data to confirm the existence and nature of markets to be targeted by the development and evidence that there is sufficient market acceptance to support the endeavour. As well, the proponents should outline the capital and operating costs for each element.

Management / Personnel

Outline the key personnel that will be involved in the project and their curricula vitae

If the names of the individuals are unknown at this stage, the proponents should outline the education, years of experience and skills that will be required of key personnel both from within and outside the TCI.

Proposed Location

Describe where the main part of your business will be conducted.

Financial Arrangements for the Project

Details on the financing arrangements for the project should be provided including the amount of equity by the owners, summary of the term loan requirements, financial institutions willing to provide loan financing (name, address, key contact, tel/fax) and the terms under which the financing will be committed.

Provide the curricula vitae of the principals of the project, financial information on each key investigator, preferably with a personal net worth statement, bank / personal references (minimum of two each)
for both the firm and or individuals.

Concessions Sought

Detail any customs, duties or other exemptions requested by the proponent.

Economic Benefits

Provide information about the economic benefits, including such things as: total employment from the project and number of Turks and Caicos islanders that will be hired, revenue accruing to the government from duties, benefits to the community such as the installation of new recreational facilities, retail outlets etc.

Environmental Impact

The proponents should outline any environmental impacts that might occur from the project, such as waste and garbage disposal, and the mitigation efforts needed to deal with these impacts.

Local Representative

Name of an attorney, accountant or agent that the proponents may have hired to act on their behalf.