How to Start a Business

0. Your Business Idea: Before the process begins, you need a Business idea. Decide what problem you'd like to solve for others. Does it have commercial value? i.e. Would people pay to solve that problem? Who are your proposed target customers and how do you plan on reaching them?

1. Choose Your Business Structure: You'll need to decide on the legal structure for your business.
Common options include:
Sole Trader (Sole Proprietorship): Owned and run by one individual.
Partnership: Owned by two or more individuals.
Limited Liability Company (LLC): A separate legal entity from its owners, limiting their liability.

2. Business Name Reservation: Before registering your business, you or the agent acting on your behalf must reserve a business name. This ensures that the name you choose is not already in use. You can conduct a search at the Companies Registry to check for existing names. For limited liability companies, the name must include "Limited" or "Ltd."

3. Register Your Business:
The registration process varies slightly depending on your chosen business structure.

* **For Sole Traders and Partnerships:**
* Required documents for Sole Trader registration typically include your birth certificate, two valid forms of ID, and a headshot holding an ID.
* The Business must have a local address in Trinidad and Tobago for official mail.

* **For Limited Liability Companies:**
* Requires at least two directors, an incorporator, and a corporate secretary (a director can also fill these roles).
* Each individual must be over 18.
* The company must have a local address in Trinidad and Tobago for official mail.
* Submit a registration application adhering to the "Companies Act 81:01," including Articles of Incorporation, Notice of Address, and Notice of Directors.

* **Online Registration:** The entire registration process can often be completed online by MyBiz, with documents delivered within 3-5 working days after approval.

4. Obtain Necessary Tax Registrations: All companies must obtain a Board of Inland Revenue (BIR) number. Register for VAT if annual revenue is TT$500,000 or more. Register for corporate tax, payroll tax, and national insurance as required.

5. Licenses and Permits: Depending on your business type, obtain any required licenses or permits from local authorities (e.g., provisional permit from the municipal corporation).

6. Other Important Considerations: Open a business bank account (only for registered businesses), ensure ongoing compliance (annual returns, beneficial ownership forms), establish an online presence, plan your finances, and consider professional advice from a consultant or lawyer.