What Services do we offer?
We offer Business Formation and Development, Branding Services. Please view our detailed list of services here.
Why choose us to register your company/ business?
• Hassle-free, simple online service
• Registration and branding in one place.
• Do everything from the safety and comfort of your home/ office
• Company Protection with must-have customised legal contracts
• Simple easy-to-follow Tax Guidance
• Helpful information on how to go about doing many business-related activities
• Affordable package options to suit your budget
How do I place an order to register my business/company on your site?
The process is as easy as 1,2,3.
Step 1: Select the package that suits your needs
Step 2: Complete the questionnaire
Step 3: Complete the payment options
How long does the entire registration and branding process take?
The duration varies based on the package you choose. The process can take between 7 and 29 days. We aim to deliver final documents to you no later than 30 days from your order.
How will I sign the documents?
We will deliver all documents requiring your signature to you at mailing address via our Courier service. When you finish signing the documents, you need to contact our Courier service to collect the documents.
What form of payments do you accept?
1. Bank deposit/transfer
2. PayPal (Credit/debit card payments)
STARTING YOUR BUSINESS
What type of business can I form?
To get the most out of your small business, you need to choose the right structure. With the correct type of business, you can maximise your chances of financial and operational success.
Common types of business structures in that can be registered in Trinidad and Tobago are:
• Sole Proprietorships/ Sole Trader;
• Partnerships;
• Limited Liability Companies;
• Unlimited companies; and
• Non-Profit/ Non- Governmental Organisations.
What is a Sole Proprietorships/ Sole Trader?
A sole trader is the most straightforward form of business structure and is the easiest and most inexpensive to set up. Sole traders are legally responsible for all aspects of the business. In essence, you will be responsible for making all the decisions about starting and running your business, and you can employ people.
Facts for Sole Traders:
• Start-up Cost - cheapest structure to set up and run
• Setting up process - easy
• Owner - you
• Responsibility for business decisions - you
• Responsibility for losses - you
• Report business income - on your individual tax return
• Risk of losing assets - yes
• Additional administration - no
• Additional reporting - no
• Separate business bank account needed - no
What are Partnerships?
In a partnership, two or more people going into business together to make a profit. In Trinidad and Tobago, partnerships are governed by the Partnership Act, Chap 81:02.
Facts for Partnerships:
• Cost - low cost to set up and run
• Setting up process - relatively easy
• Owner - you and your partners
• Responsibility for business decisions - you and your partners share
• Responsibility for losses - you and your partners share
• Report business income - each partner reports their share in their individual tax return
• Risk of losing assets - yes
• Additional administration - if partners' shares aren't equal, a partnership agreement is required
• Additional reporting - yes, an annual partnership return must be lodged at the Board of Inland Revenue
• Separate business bank account needed - yes
What is a company?
A business that is managed by two or more persons. The company is a separate legal entity, and it can incur debt, sue and be sued. A company must be incorporated under the Companies Act, Chap 81:01. Limited Liability Companies (LLC) are the most common entities registered in Trinidad and Tobago. You can create a company as either a private or public entity. A registered company must have at least two directors (and a company secretary). Directors are responsible for managing the company's business activities.
Key facts for companies
• Cost - higher cost to set up and run
• Setting up process - more complicated
• Owner - company shareholders
• Responsibility for business decisions - the Director (s)
• Responsibility for losses - generally, the company is responsible
• Report business income - on the company tax return
• Risk of losing assets - if you're a director, you can be personally liable in some cases for company debts
• Additional administration - yes
• Additional reporting - yes, annual company tax return and other requirements
• Separate business bank account needed - yes
What type of business should I start?
It depends on which business structure is more likely to suits your needs. See the advantages and disadvantages of each below.
Advantages of a Sole Proprietorship/ Trader
• Easy to set up and operate.
• You, the owner, keep complete control of your assets and business decisions.
• You have less reporting requirements
• Losses incurred by your business activities may be offset against other income
• Allows you to use your own BIR file number to lodge tax returns pay income tax and health surcharge.
• You pay fewer taxes.
• Easy to change your business structure if your business grows or if you wish to wind things up.
• Easy to manage
Disadvantages of a Sole Proprietorship/ Trader
• Unlimited liability which means that all your personal assets are at risk if things go wrong. You remain personally liable for lawsuits filed against the business.
• Less opportunity for taxation planning
Advantages of a Partnership
• Easy to set up.
• Minimal reporting requirements.
• Shared control and management with other partners.
• Relatively easy to dissolve the partnership.
• Partners are not employees.
• Financing is easier to obtain
Disadvantages of a Partnership
• Unlimited liability which means all of each partner's personal assets are at risk if things go wrong. You remain personally liable for lawsuits filed against the business.
• Potential for disputes over profit-sharing, control and business direction.
• Changing ownership can be difficult.
Advantages of a Company
• Shareholders have Limited liability
• A well understood and accepted structure exists
• Can raise plenty of capital
• You can carry forward losses indefinitely to offset against future profits.
• Selling and Changing ownership can be easier
• You can re-invest profits in the company or pay to the shareholders as dividends.
• You can benefit from limited legal and financial liability.
• More that one person can take joint ownership of the business by allocating shares in the company.
• Your business may appear to be more professional,
• More access to funding;
• Tax benefits may exist.
Disadvantages of a Company
• Significant set-up and maintenance costs.
• Owners do not retain complete control.
• Complex reporting requirements.
• Can't distribute losses to its shareholders
Can I Switch a Sole-Trader Business to a Limited Liability Company?
Yes. First, you will be required to de-register the Sole-Trader, while simultaneously applying for a Limited Liability Company with the same name.
Do I need to register my business/ company?
To conduct business in Trinidad and Tobago, you must be registered with the Companies Registry for the following reasons:
1. You muse do so according to the laws of Trinidad & Tobago.
2. If your business is unregistered, another person can register the name that you operate under and prevent you from doing any business under that name.
3. You may be able to declare tax-deductible business expenses.
3. You can grow your business and do legit business without having to hide from the Government.
4. If you wish to accept WiPay, cheque and Linx transactions, you will be required to open a business bank account, to get this account your business must be registered.
What do I need to register a business/ company?
The requirements for registering a business or company in Trinidad and Tobago are as follows:
If you are registering a Sole Trader Business, you will need:
1. A form of Valid ID
If you are requirements for registering a Partnership you will need:
1. A minimum of two (2) partners.
2. A Valid form of ID for each partner
If you are registering a Limited Liability Company, you will need:
1. A minimum of two (2) directors.
2. One (1) company secretary.
3. A registered address for the company.
4. A Board of Inland Revenue Number (BIR #) for each Director
5. A valid form of identification (ID) for each Director and your secretary
Where do I register my business/company?
Registration takes place at the Companies Registry. You fill out our online business registration form, and we take it from there.
What is the Companies Registry?
The Companies Registry is the sub-division of the Ministry of Legal Affairs responsible for administering and enforcing most parts of the Companies Act. Local and non-local companies and annual returns are registered and filed at the Companies Registry. The also de-register defunct solvent companies and provides the public with services and facilities for inspecting and obtaining company information kept by the Registry.
How long does the Online Registration process take?
Our Online business registration process can take between 5-15 minutes, depending on the type of business that you are registering.
How much does it cost to register my business?
The cost of registering a Business in Trinidad depends on the type of business that you wish to register. Check out our packages.
How do I choose a business/ company name?
Several rules govern what name you can choose as your business or company name. When registering your business/ company, your business/ company name must be different from any business/ company that already exists according to the Registration of Business Names Act. You should search the business names public record on the Companies Registry website. This will tell you if someone else is already using the name you chose. When registering you business using our service you must submit 3 potential business names. The Companies Registry must approve your business or company name.
Why do I need to submit more than one company name when applying for a Name Search?
We require you to provide three (3) names: the first choice name and two alternatives. In the event the first choice name you have chosen is taken by another business or company, then one of the alternate names that you selected can be approved. This safeguards you from having to pay to conduct a new name search if the Companies Registry rejects your submitted name.
Who can be a director?
- A person who has the appropriate competence and skillset to direct the management of the company can be a director.
- A director must be at least eighteen years of age, and cannot be mentally ill or been declared bankrupt.
Can one of the company secretary be a director?
Yes.
What are shares and who are shareholders?
Shares represent that capital of a company. A share represents a unit of ownership of a company. A person that owns a share in the company is known as a shareholder. The shareholders own the company and its profits. Shareholders receive these profits through dividends.
What are Articles of Incorporation?
Articles of incorporation is a set of legal documents filed with the Companies Registry to document the creation of a company legally. Articles of incorporation generally contain pertinent information, such as the company's name, address, the person incorporating the company and the amount and type of stock to be issued.
What are Company Bye-laws?
Bye-laws are one of the most important legal documents of any company. Bye-laws outline the day-to-day rules for your company and provide comprehensive guidelines to keep things running smoothly.
Bye-laws outline the structure of an organisation and should be customised to suit the unique needs of your company. We provide you with a standard downloadable word document containing Company's Bye-laws per provisions of the Companies Act when you purchase any Company Registration package.
Bye-laws establish and protect the rights, and specify the duties and responsibilities of a company's members, Board of Directors, executive committee, and others. Bye-laws determine how those in charge are nominated or elected, and they help settle any disputes among parties. Finally, Bye-laws must be formally adopted and amended as necessary.
What is a business/ company stamp/seal? Why do I need one?
A business/ company stamp/seal is the official mark or signature of a business/ company and means that the document on which it is affixed is a formal, legally binding document. If you wish to engage in certain banking activities, for example, open a company bank account, you need a company stamp.
BUILDING YOUR BUSINESS
What are some things I need to do after my business/ company is registered?
1. Apply for business/ company Board of Inland Revenue (BIR) Number and any other relevant taxation numbers
2. Apply for VAT Number or VAT Clearance(if you meet the requirements)
3. Attain Company Stamp/Seal
4. Attain a Company Logo and Letterhead
5. Start Branding your Business
6. Open a Separate Business/ Company Bank Account
What are some on-going reporting requirements I have to do?
File Annual Returns within thirty (30) days after each anniversary date of incorporation.
Pay Taxes and complete Tax Returns
What are directors' duties?
Primary legal duties that directors have:-
1. to direct the management of the business and affairs of the company
2. to act honestly and in good faith in the best interests of the company and
3. to exercise the care, diligence and skill of a reasonably prudent person
What are the responsibilities of the company secretary?
The Secretary:
1. Ensures that the Directors follow correct procedures and that they comply with the legal and statutory obligations.
2. Assists in organising the Director's activities.
3. Is the Custodian of Records.
Do I need to report any changes I make to my company formation to the Companies Registry?
Yes, a change of directors, address or secretary must be reported by completing and filing the required Notice of Directors/ Notice of Change of Directors, Notice of Address/Notice of Change of Address, or Notice of Secretary/Notice of Change of Secretary within thirty (30) days of the change.
What is an Annual Return? Why is it essential for a company to file its Annual Return?
An Annual Return is a statement that is made each year early. It provides essential information about a company's state of affairs; namely: officers, shareholdings and any indebtedness. This statement must be filed by every active incorporated company regardless of whether or not they are trading.
TAXES
Further detailed information is provided with each registration package purchased through We Brand Designs.
What is a BIR Number?
A Board of Inland Revenue (BIR) file number is a number issued to you by the Ministry of Finance, Board of Inland Revenue Division that is to be used when paying taxes and filing tax returns. This number must be placed on all correspondence to the Board of Inland Revenue.
What is VAT? Do I need a VAT number?
Value Added Tax (VAT), is a form of taxation that is applied to both goods and services in Trinidad and Tobago. The Government of Trinidad and Tobago set the rate of VAT and determine which goods and services are to be taxed. When VAT is charged, it is to be included in the final price of the product/services. In order to charge VAT, the business/ company has to be VAT-registered. Businesses that sell goods or services or project sales in a 12-month period worth TT$500,000.00 must register for VAT. VAT-registered businesses are required to collect VAT from customers, submit VAT returns and pay any VAT that they owe to the Ministry of Finance.
START-UP CONTRACTS
What is a Founder's Agreement?
A founders' agreement outlines the roles, rights, and responsibilities of each owner in a business. It could be a standalone document, or it could be incorporated into company bye-laws. It is designed to protect each founder's interests and to prevent conflict down the line.
What is a Partnership agreement?
Partners should enter into a formal agreement prior to registering a partnership. The Agreement should set out:
• each partner's role, function and level of authority
• each partner's financial input/ contribution
• how disputes are to be resolved
• how the partnership will be ended
• a procedure for resigning from the partnership.
What is an employment contract?
An employment contract sets out terms and conditions of employment and is an agreement between an employer and employee. Employment contracts should be made in writing; however, they can be made orally. It usually sets out the job description and provides clarity on essential matters such as the period of notice which will be needed on termination. They may also include provisions as it relates to confidentiality, assignments of intellectual property, and non-competition.
What is a Non-Disclosure Agreement?
A Non-Disclosure Agreement, also known as an "NDA" or "Confidentiality Agreement", protects your business' confidential information. An NDA usually explains what type of information is considered confidential and describes the way the data can be used or disclosed to others. NDAs are critical to protecting any sort of company information that you don't want to be released to the general public. These include such things as product information, financial data, and sales and marketing plans.
NDAs should be signed by anyone who has access to confidential information, including employees, independent contractors, vendors, outside professionals, and potential investors.
Why should I have a Freelancer/Consultancy Agreement?
As a Freelancer/Consultant, before you begin any work for the client, you should ensure that your client signs a freelancer/consulting agreement. This Agreement aims to protect persons as it relates to payments, the performance of service and any issue that may come up in the course of dealings. The agreement also defines the duration of the consulting arrangement and the consultant's compensation. Freelancer/Consultant Agreement should make a note of provisions as it related to the following:
• Important Dates (the date that the agreement takes effect from, start and end dates, dates for delivery of services, and other important dates)
• Names of all parties to the agreement;
• The type of services being offered;
• The duration of the contract;
• Termination;
• Compensation;
• Confidentiality;
• Non-competition;
• Intellectual Property Ownership; and
• Laws that govern the Agreement; among other provisions.
What is a Lease Agreement?
A lease agreement is an agreement that allows one person to use an asset belonging to the owner. It is designed to protect both the person leasing the asset and the owner of the asset. Usually, lease agreements are used for rental properties, but they are also used for rentals of vehicles, equipment, and other items.
Are my online transactions secure?
Please, see our Privacy Statement.
Is my personal information secure and kept confidential?
Please, see our Privacy Statement.
Learn More
If you need any further clarification/ information regarding our services or need assistance with other business-related issues, feel free to contact us or email us at webranddesigns@gmail.com.
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