To register an enterprise in Trinidad and Tobago, foreign investors need to consider local taxes and other factors. An entrepreneurship in this jurisdiction may take the form of:
- a branch;
- a Joint Venture;
- a Sole Trader;
- mergers and acquisitions of companies in Trinidad and Tobago.
Registering an enterprise in Trinidad and Tobago
First, choose a legal form in accordance with your business. An important factor is a tax regime. Request for personal advice on opening a company in Trinidad and Tobago from YB Case. Our specialists will provide you with recommendations accounts reporting in this jurisdiction. LLC is a commonly used form of enterprises. Benefits of LLC:
- A high potential for a growth;
- Directors/shareholders do not bear personal responsibility for liabilities of a firm;
- More tax benefits.
You can also register a Sole Trader in Trinidad and Tobago. This form implies a personal responsibility for debts of a firm. Advantages of a Sole Trader:
- A management flexibility;
- Less legal control and taxes;
- A quick decision-making;
- It pays an income tax, a health surcharge.
You are also given an opportunity to transform a SoleTrader into an LLC. To do this, you must submit an application to cancel a registration of Sole Trader, simultaneously to register an LLC in Trinidad and Tobago with the same name.
To set up an LLC in Trinidad and Tobago
- A liability of shareholders is limited by the unpaid number of its shares.
- A director changes information, all annual reports are provided in the Register of Companies.
- A Companies Act requires such enterprises to fill out corporate documents on time, otherwise a fine of $300 is paid every 30 days.
- A name must include “Limited” or “Ltd.”.
Opening a Private company in Trinidad and Tobago is characterized by the following:
- at least 1 shareholder, 2 directors;
- transfer of shares is limited;
- a residency of a director does not matter;
- no requirements for an authorized capital.
To register a branch in Trinidad and Tobago
You need such documents:
- a Memorandum of Association;
- an official statement;
- a Power of Attorney;
- an annual report is required.
To open a Partnership in Trinidad and Tobago
Partners are responsible for all debts of an enterprise, including tax liabilities. There are no requirements for accounting, auditing, disclosure of information.
Our company will provide professional assistance in registering a company in Trinidad and Tobago.