TIPS FOR REGISTERING YOUR BUSINESS & YOUR RESPONSIBILITIES AFTER REGISTERING
This is the second article done in conjunction with SHOPFORME PURCHASING SERVICES on the topic of Business Registration. In the first article we covered the types of Businesses that you can register in Trinidad an Tobago, and the process and costs involved in registering each type of business.
In this article Ayoluwa Chase, Founder of Shopforme Purchasing Services gives us some insider tips on registering your business, and outlines some of your responsibilities once you have registered your business. To find out more about SHOPFORME Services and how they can help you in setting up your business, please refer to the company overview at the end of the article.
Again I will reiterate that this information is specific to Trinidad and Tobago.
DETAILS OF THE BUSINESS REGISTRATION PROCESS
Are there any stipulations in terms of Business Names one can register?
Your proposed business name should be a name that is unique and not the same or similar to an already registered Business.
The proposed name should contain some aspect of the owner`s name or should be directly related to the nature of the business.
The proposed name must contain the word Limited or Ltd at the end to show the liability of the company.
IMPORTANT INFORMATION ABOUT REGISTERING YOUR BUSINESS
What are some things people should know about company registration?
- Forms should be completed accurately and with care. Typed is preferred, if hand written, use capital letters.
- Abbreviations of no kind should be used when completing forms. For example Rd., Ave., St. Always use full addresses with light pole number or house number.
- Walk with all required documents.
- These forms are considered legal documents and should be treated and presented as such.
- All company/ business documents lodged at the Ministry of Legal Affairs are considered public documents and are accessible to members of the public.
- Changes can be effected at anytime and have different costs attached.
- Registration Certificates / Incorporation Certificates must NOT be laminated.
WHAT HAPPENS ONCE YOU ARE REGISTERED?
What are the obligations encumbent upon an individual going forward once they have registered a company?
Companies are also required to register with the Board of Inland Revenue to access a BIR file number and their various Tax Account numbers. They are then required to file the relevant taxes accordingly.
Sole Traders/ Partnerships are required to link their Business to their BIR number and must file Sole Trader returns annually at the Board of Inland Revenue.
Once registered, a company (LLC, NGO) is required to file annual returns on the anniversary date of incorporation each year. This may be filed on the day itself or within the 30 day grace period after the incorporation anniversary date. The filing fee is $40. Once the anniversary date has passed, penalties are incurred in the amount of $300.00 every 30 days until payment is made.
In the next article : More tips on registering your business and insights from a new business owner ; expectation vs reality. You don`t want to miss this one.
Did you find this article beneficial? Press the “LIKE” button at the bottom of this page. Have something you would like to know about business that you would like me to do an article on for the Business Channel? Message me here and let me know what you have in mind. Looking forward to hearing from you !
ABOUT SHOPFORME PURCHASING SERVICES
Regsitering a business can be a lot of work and hassle that you don`t have time for. If you are ready to register your business and you want someone reliable and efficient to get it done for you, SHOPFORME PURCHASING SERVICES is the service provider you need.
Shopforme Purchasing Services is an errand service/ delivery service that caters to individuals and businesses alike. Founded in March 2016, we have been successfully providing quality errand/personal assistant services nationwide to a wide array of clients. The goal of Shopforme Purchasing Services is to take the hassle away from our customers by performing various tasks on our clients’ behalf, gifting them the time to focus on the more important aspects of their lives or businesses. Shopforme Purchasing Services offers convenience, support, reliability and trustworthiness in the execution of those endless personal and business errands/tasks. We operate as an online business and go to our client’s location to collect and deliver packages which include but are not limited to documents, products and meals.
Services we offer include pickup and delivery of documents, products and meals, Business Registration, Pickup and filing of various applications (personal and business) , BIR Application, NIS Application , Trademark Application, Annual Returns, Divorce document gathering and filing, Cheque collection and deposit, Collection of and drop off of documents at TTPost, and any legal errand that can be performed on behalf of an individual with or without authorization.