When you Register a Business in Trinidad & Tobago Online, everything would be securely delivered directly to you.
Your Business Name is reserved for you instantly after being approved; documents are delivered to you in 3-5 working days.
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Although they are often used interchangably, technically, a "Business" is used to refer to a Sole Trader, whereas "Company" refers to Limited Liability.
Here are some reasons why you should register your business:
Yes, a non-national may register a Company in Trinidad & Tobago, however,
the total amount of shares that all foreign shareholders can control is 40%.
There are a few more considerations that our Online Business Registration process takes into account, such as the nationality of the directors, and if the Company wishes to operate as an External Company (see below for definition) etc.
An External Company (also referred to as a Foreign Company) is one that was incorporated outside of Trinidad & Tobago but is allowed to conduct business within Trinidad & Tobago. Non-nationals can also Incorporate a Limited Liability Company that does not operate as a External one.
The Online Business Registration process is very fast and simple:
A Sole Trader business is one that is owned by a single individual, and where the business owner is personally responsible for all debts incurred by the business. Basically, the individual is the business. Many professionals choose to register as a Sole Trader because it is the easiest to manage;. In the United States, a Sole Trader business structure is commonly referred to as Sole Proprietorship.
Some Advantages of a Sole Trader business are:
A Sole Trader pays his / her usual taxes - Income Tax, Health Surcharge. If hiring employees, a Sole Trader must also apply for a PAYE number.
A Limited Liability Company is one that offers protection to its owners, commonly referred to as directors, and is incorporated
by multiple individuals.
The company becomes a legal entity by itself and therefore pays its own taxes seperately from its directors.
Being a legal entity also means that its directors cannot be held personally responsible for the company's debts or liabilities.
Think of the Company as its own person.
Limited Liability company names are given the "Ltd" suffix in Trinidad & Tobago. In the United States, the suffix is LLC.
|Limited||A Restriction on something.|
|Therefore, a Limited Liability Company is a business that restricts liabilities.|
|Sole Trader||Limited Liability|
|Single owner||Multiple owners/directors|
|One owner makes all the decisions||Multiple directors share the responsibilities of decision making.|
|Individual owns 100% of the business and keeps all of the profits||Profits are shared amongst all the directors; although profits are usually kept in the Business' account, and the directors draw a salary.|
|The owner is the Business; they are considered the same entity||The Company is considered to be a seperate entity from the individuals that own it.|
|A Sole Trader company ceases to exist when the owner dies, retires or unregisters the business.||A Limited Liability Company can go on indefinitely and has an operating agreement that makes provisions for continuing the company in the event of an owner's death, resignation or retirement.|
|The owner's personal assets are the business' assets||The owners' personal assets are protected. The Company has its own assets.|
|No Name Suffix||Company name has an "Ltd" or "Limited" suffix|
That depends on your vision. If you're a self-employed professional who's looking for a quick & simple start, then Sole Trader may be your best option.
If you have co-owners / directors in mind that would like to join your business venture; or you plan to own an establishment with employees, then Limited Liability is more conducive to your goals.
Yes. The process involves de-registering the Sole-Trader, while simultaneously applying for a Limited Liability with the same name.
The requirements for registering a Sole Trader Business are:
The requirements for registering a Limited Liability Company are:
Our Online business registration process can take roughly around 5 minutes for Sole Traders and 10-15 minutes for Limited Liability Companies.
The cost of registering a Business in Trinidad depends on the Business' Structure i.e. the type of Business that you wish to register (Limited Liability, NGO, Partnership, SoleTrader).
There are various costs associated with the Ministry's entire Business Registration Process.
|Sole Trader (Minimum)||$750 TTD|
|Sole Trader (FULL)||$895 TTD|
|Partnership (Minimum)||$795 TTD|
|Partnership (FULL)||$995 TTD|
|Limited Liability (Minimum)||$1900 TTD|
|Limited Liability (FULL)||$2485 TTD|
FULL packages also include a Business Stamp and BIR Registration (for Limited Liability Companies).
We Accept the following Payment Methods:
The Ministry of Legal Affairs, Registrar General Department is responsible for maintaining the Companies Registry in Trinidad & Tobago. Other responsibilities of the Minisitry of Legal Affairs include:
Corporate Secretaries are the Company’s named representative on legal documents, and it is their responsibility to ensure that the company and its directors operate within the law.
Not to be confused with a regular Secretary (Administrative Assistant), the Corporate Secretary or Company Secretary is a senior official (male or female) on the board of a company. He / She is responsible for ensuring that the organisation complies with relevant legislation and regulation, and keeps board members informed of his / her legal responsibilities.
A tax-deductible expense is one that you do not have to pay taxes on. Let's say for example you've made $100,000 dollars. Normally, you'll have to pay Income Tax on it. If you make a tax-deductible purchase of $20,000, then you'll only have to pay income tax on $80,000
Here are additional Business related services we offer that you'll find invaluable.
If you have any questions, feel free to contact us.