Setting up a new Business
Setting up a new Business
What do you need to do to register your business? What documents do you need to file an where can you get help?
Setting up a new business in Trinidad involves choosing a structure (Sole Trader, Partnership, or Limited Liability Company) and registering online. Key steps include reserving a unique business name, submitting identification (e.g., Passport/National ID), and obtaining a certificate from the Ministry of Legal Affairs.
Key Steps to Register a Business in Trinidad:
- Choose Business Structure: Determine if you are a Sole Trader (simplest, personal liability) or incorporating a Company (legal entity separation).
- Name Search and Reservation: Use the CROS facility to ensure your desired name is unique, as similar names will be rejected.
- Create a Companies Registry Account (CRA): Register online to access CROS.
- Submit Documents & Fees:
- Sole Trader: Birth certificate, two forms of valid ID, and a selfie holding ID.
- Company: Articles of Incorporation, Notice of Directors, and Address of Registered Office.
- Post-Registration Compliance: Obtain a Tax Identification Number (TIN) from the Board of Inland Revenue, register for VAT (if applicable), and register with the National Insurance Board (NIB) for employee contributions.
Important Information
- Timeframe: Name approval takes 1–3 days, with full registration averaging 1–2 weeks.
- Locations: While online is preferred, in-person filing is also available.