How to Register A Business in Trinidad, the Old-Fashioned Way

Register A Sole Trader Business

Before I outline the procedure for manually registering your Business, I'd like you to note that the MyBiz app (https://www.mybiztt.com/register-business/) saves you from all these errands. It also costs less than the total cost of a complete Business Registration and takes a lot less of your time.

So here's the old-fashioned way of registering a Sole Trader Business without using the MyBiz App.

A Complete Business Registration

Complete Business registration isn't just obtaining your Business certificate; you still won't be able to start selling after receiving that alone. You must also get a Business stamp and Cashflow forecast so that you can open a Commercial Bank Account.
In case you were wondering, all of those things are mandatory because it's illegal to deposit money earned from your Business into a personal Bank account. That practice would get your assets seized.

Phase 1 - Register With the Ministry of Legal Affairs

1. Download and print the Name Reservation form (also called "form 25") and read the instructions carefully. Prepare the document, then visit the Ministry of Legal Affairs.
2. At the Ministry, join the line for "Business Name Reservations" and submit your Name Reservation document.
3. Next, join the Companies Cashier line and pay $20 to perform your name search.
4. Revisit the previous Name Reservations line with the proof of payment you just received from the Cashier so that they can initiate your Name Search.
5. After 3-5 working days, revisit the Ministry of Legal Affairs with your receipt for the Name Reservation to find out if your Business name was approved. Please note that even if the name you submitted was available, it doesn't mean that it would be accepted.
6. You must repeat steps 1 to 5 until you get an available Business name that is also approved.
7. Once your business name is reserved, download and print the Sole Trader Business Registration form, also referred to as the "Application for Registration by an Individual" or "Form 1 document."
8. Read the instructions carefully. Complete the form and attach large clear, valid copies of your ID card (front and back) or Driver's Permit.
9. Visit the Ministry of Legal Affairs and join the Companies Registration line before the deadline date indicated on your Name Reservation.
10. Submit your Form 1 document and wait for your Payment request slip.
11. Next, join the Companies Cashier line and pay $220 for your Certificate to be prepared.
12. After payment, return to the Ministry on the given date with your receipt and join the Collections line to acquire your Registration Certificate.

Phase 2 - Acquire your Business Stamp

Now that your Business is registered, visit your preferred Printer to purchase your Business stamp.
Make sure you acquire a self-inking stamp because the rubber stamps are very messy and often ruin documents.
The cost of a self-inking stamp is around $200.

Phase 3 - Obtain your Cashflow Forecasts

Speak with a Financial professional, tell him/her that you've just registered your Business, and you need to prepare your Cashflow projections for the Bank. A good Cashflow forecast should cost about $500.
Make sure that the professional asks detailed questions about your expenses and income. If not, then it means that he/she isn't producing accurate Cashflow projections tailored to your Business. Inaccurate cashflows would eventually raise issues with the Bank and get your account suspended.

Phase 4 - Open your Business Bank Account

After obtaining your Business Stamp and Cashflow Forecast, it's time to open your Commercial Account with your preferred Bank.
Carry your Business documents, stamp, and Cashflow forecast to the Bank and speak with a representative for more details on opening a Commercial account.
When opening a Commercial Bank Account, I would strongly advise that you open it at a Mall branch since they have much longer operating hours.