GDP growth demonstrated by the Republic of Trinidad and Tobago over the past few years makes it an attractive destination for international investors. Opening a company in Trinidad and Tobago will be particularly interesting for tour operators as well as businessmen having close ties with Cuba.
Setting up a company in Trinidad and Tobago requires submitting an application to the Central Statistical Office of Enterprises (CSO). When registering an enterprise in Trinidad and Tobago, applicants will be required to pay a registration fee of $25 (an equivalent of 3 Euros).
Opening a company in Trinidad and Tobago is regulated by the Law on Business Names. The law prohibits the registration of identical company names; therefore, entrepreneurs wishing to register a commercial firm in Trinidad and Tobago must register a company name that is not yet in the general register of companies. Please note that searching a database of companies registered in Trinidad and Tobago costs 2,5€. After confirming the official name of the company, its founders must pay 25 TTD (3€) for receiving constituent documents to the Internal Revenue Service. An application for opening a company in Trinidad and Tobago is submitted to the Commercial Register. The procedure for registering a company in Trinidad and Tobago takes approximately 4 days. After the confirmation from the Commercial Register, the company's owners must submit an application to the Internal Revenue Service. If you decide to set up a company in Trinidad and Tobago, you need to order a wet seal. Having a rubber stamp made costs 115 TTD (13€); stamps made of metal cost 400 TTD (48€). Entrepreneurs wishing to establish a company in Trinidad and Tobago must also obtain a tax ID and be registered as an employer.
All in all, company registration in Trinidad and Tobago takes about 30 business days.
Those seeking to register a commercial enterprise in Trinidad and Tobago can do it in several different forms:
- a Limited Liability Company (LLC);
- a Limited Liability Partnership (LLP);
- Sole Entrepreneurship.
The Republic of Trinidad and Tobago charges a 15% value added tax (VAT) on goods and services. The tax is to be paid to the Internal Revenue Division of the Ministry of Finance.
Looking to start a business in Trinidad and Tobago? Why not contact YB Case?