Before breaking down the cost of registering a business in Trinidad and Tobago, you should know that the two biggest benefits of using MyBiz are:
The laws and procedures have changed drastically from when citizens were able to drop off forms at the South Quay office in Port of Spain.
So, now you know that using MyBiz is legally compliant, more convenient, and hassle-free than manually running the errands to register your Business. But did you also know that MyBiz saves you time and money?
The total cost of manually registering a Sole Trader Business isn't $20 TTD, that's the cost of performing a Name Search / Reservation.
The total cost isn't $220 TTD either, that's the cost of your Business Registration Certificate.
Also, applications get denied, and you have to pay each time your name reservation is rejected. But NOT when the Application is done through MyBiz!
Don't Forget To Add the Cost of your Stamp and Cash Flow Forecast
After obtaining your Certificate, you still need to purchase your Business stamp AND your Cash-flow projections because both are requirements for opening a Business Bank Account.
A Business Bank account is necessary before you can start selling.
The Total Cost of Manually Registering your Business (without using MyBiz) is $940 (IF EVERYTHING GOES RIGHT)
A Business stamp costs about $200, and hiring a professional to do an accurate Cash-flow projection, costs at least $500.
Therefore, the total cost of manually running those errands yourself is $940. i.e. $20 (Name Reservation) + $220 (Business Certificate) + $200 (Business Stamp) +$500 (Cash Flow projections).
That's providing everything goes well!
If not (which is usually the case), you will incur penalties to redo the Name Reservation process several times.
The Cost of Registering your Business using the MyBiz App is $895 ($50 less)
At this time of writing, the cost of the complete Sole Trader package from MyBiz is $895. The Full Package includes all the requirements for launching your Business (Registration Certificate, Stamp, Cash Flow projections).
Therefore, in addition to being hassle-free, you save you at least $50 when you use the MyBiz App to do a complete Business registration.
What Is MyBiz?
MyBiz is a private company that works alongside the Ministry of Legal Affairs to officially register and change Businesses at the Companies Registry of Trinidad and Tobago.
We do the proper paperwork and advise you so that you do not get yourself into legal issues that result from non-compliance and improper registration documents.
Our process is online and completely hassle-free for you and gives total peace of mind, avoiding all the running around.