Registering a Business in Trinidad & Tobago

[inter_elegance]

Hey guys I'm opening a a pet store and would like to know what are the steps to register it and then get a vat number and a linx machine.

[Globalsstt]

Ive tried to do this myself the process can be slow and somewhat frustrating. I suggest you do as I did and have an accountant do this for you. If you look in the phone book you can find one that can help you with it.

[wagonrunner]

all the forms you need are there.
http://www.legalaffairs.gov.tt/companiesForms.htm

a rather simple process. but the gov't side of things takes time.

the name search & approval - two weeks.
the incorporation - 6 weeks.

everything else you can do yourself.

[Thetrance]

hey buddy checkout https://www.ttbizlink.gov.tt/ you will find out all the necessary steps to register your businees and name all online

[chevy659]

all the forms you need are there.
http://www.legalaffairs.gov.tt/companiesForms.htm

a rather simple process. but the gov't side of things takes time.

the name search & approval - two weeks.
the incorporation - 6 weeks.

everything else you can do yourself.

2 weeks? where u getting ur info from? if you from south go to the birth paper place, i forgot the name of the street, the registrar general office is upstairs, u go in they give u a form to full out, it takes THREE DAYS to do the name search and the process takes 4 days to make the registration cert and u go and collect it so in total it takes 7 days also im speaking from a sole trader POV idk if u opening ur pet store under a partnership or llc etc

[wagonrunner]

2 weeks? where u getting ur info from?

from my experience 4 years ago with the PoS office on south quay.
If it has improved that's great.

[cinco]

7 working days which will run across two weeks more or less

[M-Tech]

7 working days which will run across two weeks more or less

Correct. Just as chevy659 mentioned.

[abusafaa]

+1 (868) 361-2379 my pal Saleem he will organize u

[VexXx Dogg]

I know there have been a couple threads from a few years ago.
I believe some things may have changed with processes and TTConnect etc.

Hoping some tuners can chime in.

Situation: Thinking about registering a technology consultancy company for a second income stream. The work I do is a small niche and I get sideline work, but the lack of formal registration limits my international prospects and I usually have to jump through hoops to work with some organizations. It's nothing much, but I want to build my brand and do it properly and re-invest some of this sideline income to build my brand. Gotta start somewhere.

Sole Trader vs LLC.

Which is better, and why?
What are the pros and cons?
What are the tax implications and other obligations?
How much will this cost up front and/or annually?
Is it worth it?

[gastly369]

Check pm

[RedVEVO]

^^

LLC is better than Sole Trader.
The main "pro" is that you are under the protection of an entity not personally liable.
The main "con" is the taxes .
Cost about $3-$4K (TT)

Yes it's definitely worth it .

[VexXx Dogg]

Ok, I already have a TTCOnnect ID, so I'll be exploring the route of doing everything myself vs hiring one of these companies to help.

http://www.investt.co.tt/how-we-help/set-up-a-business/

Step1: Setup a TTConnectID (if you don't have it)
Step2: Register for TTBizLink
https://www.ttbizlink.gov.tt/tntcmn/fac ... uIndex.jsf

I'll update this thread with details as I go thru the process.

[RedVEVO]

Just get a law clerk or lawyer to form your company .

Why is focus now changed ? You really think Tuners what to know your process ?

Focus on your income , the new revenue stream .

You can form a LLC company by yourself .

It's so simple.

Why you sticking ?

[88sins]

I know there have been a couple threads from a few years ago.
I believe some things may have changed with processes and TTConnect etc.

Hoping some tuners can chime in.

Situation: Thinking about registering a technology consultancy company for a second income stream. The work I do is a small niche and I get sideline work, but the lack of formal registration limits my international prospects and I usually have to jump through hoops to work with some organizations. It's nothing much, but I want to build my brand and do it properly and re-invest some of this sideline income to build my brand. Gotta start somewhere.

Sole Trader vs LLC.

Which is better, and why?
What are the pros and cons?
What are the tax implications and other obligations?
How much will this cost up front and/or annually?
Is it worth it?

both can be done relatively quickly
sole trader is easier, less taxes and fewer requirements, as opposed to LLC, where you'll need to list the company's directors and bylaws etc.
LLC offers a degree of personal protection from liability of the entity. make note, only a degree. there are things you can still be held accountable for if you screw up.
LLC are required by law to have annual audits done and distributed to all investors including paid or unpaid directors .

my 2 cents? register as a sole trader, and you can always register as an LLC later on if business really takes off.

[Redman]

I would say that if based on your activity level
3 or 4 years down the line you have an entity with history-the accounts done up and in compliance.
The accounts show the growth and expansion of your activities.
And the co can pre qualify for bigger projects tenders.

The LLC can be formed by you -and some of your current expenses fall into deductible against profits.

If the juice is worth the squeeze then LLC

[RedVEVO]

LLC always the way to go for serious business man - future thinker - the next Ranger Rover owner - Rolex owner.

Otherwise your dream team is a hustle - gone tomorrow - dust in the wind .

So again OP dude , think big - LLC - think like the Apple Boys .


Exactly what type of programming or tech work do you do ?

Do you need / want investors ?

[Coppershot]

^^

LLC is better than Sole Trader.
The main "pro" is that you are under the protection of an entity not personally liable.
The main "con" is the taxes .
Cost about $3-$4K (TT)

Yes it's definitely worth it .

What exactly cost $3 -$4k?? Is this in reference to taxes?

[RedVEVO]

^^

LLC is better than Sole Trader.
The main "pro" is that you are under the protection of an entity not personally liable.
The main "con" is the taxes .
Cost about $3-$4K (TT)

Yes it's definitely worth it .

What exactly cost $3 -$4k?? Is this in reference to taxes?

Yes.
Actually it's less .

[88sins]

^^

LLC is better than Sole Trader.
The main "pro" is that you are under the protection of an entity not personally liable.
The main "con" is the taxes .
Cost about $3-$4K (TT)

Yes it's definitely worth it .

What exactly cost $3 -$4k?? Is this in reference to taxes?

Yes.
Actually it's less .

Coppershot, doh waste yuh time & effort taking on idiotvevo. he eh have a clue what he tellin u.
sole trader registration is about $220, not including name searches
llc registration is about $650, not including name searches

[linton]

The same person who quoted $3-4000, is the same person saying it's less. ???????????????

[RedVEVO]

^^

Have an attorney do the needed for you - LLC is the best .

Why ? If your business is important to you then it should be organized in the best way going forward.

You need a good business entity (LLC) with a good attorney , good accountant and good banking relationship.

If it important to you and your family then do it the best way .

You can then apply for the numerous gov't contracts and private contracts .

[88sins]

The same person who quoted $3-4000, is the same person saying it's less. ???????????????

u eh realize that halfwit doh have an inkling of a clue on the topic?

[widdyphuck]

What are the steps necessary to register a business (LLC)?
A lot of persons are offering packages but how does one do this himself?
Educated replies only.

[Dohplaydat]

Good luck expect to go back in several times and for it to take 2 months

[widdyphuck]

Good luck expect to go back in several times and for it to take 2 months

Are you saying it's worth just to pay someone else to get it done?

[Dohplaydat]

Good luck expect to go back in several times and for it to take 2 months

Are you saying it's worth just to pay someone else to get it done?

If it's your first time, and your time is valuable then probably yes. It's not hard, just annoying.

[widdyphuck]

Good luck expect to go back in several times and for it to take 2 months

Are you saying it's worth just to pay someone else to get it done?

If it's your first time, and your time is valuable then probably yes. It's not hard, just annoying.

What are the steps to getting it done?
Price?

[Dohplaydat]

Good luck expect to go back in several times and for it to take 2 months

Are you saying it's worth just to pay someone else to get it done?

If it's your first time, and your time is valuable then probably yes. It's not hard, just annoying.

What are the steps to getting it done?
Price?

https://www.ttconnect.gov.tt/gortt/port ... usiness+++

[Dave]

In most instances those who are familiar with the Ppl and the process makes things happen quicker and easier than the average person walking off the street requesting the service to be done.