A Guide to Investing in Trinidad and Tobago (2011) - Ministry of ...

3. Searches
All documents filed at the Companies Registry may
be searched by members of the public. The appropriate
fee is attached to each search. The registration
number of business name or company must be
produced when making requests. Identification Card,
Driver’s Permit or Passport must be produced.
4. Applying for a Board of Inland Revenue (BIR)
File Number
Sole Traders, Partnerships and Limited Liability Companies
must apply for a Board of Inland Revenue (BIR)
file number to pay taxes and file annual returns.
5. Registration With the National Insurance
Board
Registered businesses who wish to hire employees
must register with the National Insurance Board to get
a Certificate of Registration.
NIB House
Cipriani Place
2A Cipriani Boulevard
Port of Spain
Trinidad, W.I.
Tel: 1-868-625-2171/8
http://www.nibtt.net/NIBTT/ServCentres_rev.
html
6. Creating an Official Company Seal
Incorporated Companies are required to create an official
company seal which will be used in certain documents
to be executed by the company.
7. Applying for Pay-As-You-Earn Number
(PAYE)
When applying for PAYE, Sole Proprietors should
use Form P10, and Partnerships and Limited Liability
Companies should use Form P11. A Pay-As-You earn
44 A Guide to Investing in Trinidad and Tobago (2011)
(PAYE) number will be used to remit taxes withheld
from the earnings of employees. Supporting documents
relevant to different business types can be received
from the Inland Revenue Division addressed
below.
Registration Unit
Inland Revenue Division
Victoria Courts
Queen Street
Port of Spain
Trinidad, West Indies
868-623-1211-4
http://www.ird.gov.tt/
8. Registration for Value Added Tax (VAT) Under
the Value Added Tax Act
A business must register for VAT if that business sells
or expects to sell goods and services over and above
TT$200,000 in value a year (within 12 months from
the VAT registration date). A business can operate
without VAT registration until the time it reaches the
TT$200,000 limit.
Sole Proprietors should fill out VAT Form No. 1. Partnerships
and Limited Liability Companies should fill
VAT Form 1 and Form 2.
In Trinidad and Tobago VAT is charged at the rate of
fifteen percent (15%) of the price of goods and services
and is paid to the Inland Revenue Division of the
Ministry of Finance.
9. Filing of Financial Statements by Public
Companies
In accordance with the Companies Act 1995, all
public companies incorporated or continued in Trinidad
and Tobago under the Companies Act must file
annual financial statements. Failure to do so would
entitle the Registrar to collect from the company the
relevant penalty fees of one hundred dollars ($100.00)
for every day or part thereof that the company fails to
deliver said statements.
10. Registration With the Financial Intelligence
Unit (FIU) of Trinidad and Tobago
For the prevention of money laundering, businesses
which are financial institutions and listed businesses
are required to register with the FIU and comply
with the various legislation relating to the FIU. Listed
businesses include real estate, motor vehicle sales,
money or value transfer services, jewelers, art dealers,
gaming houses among others.