FULFILLING REQUIREMENTS
- Otisha Hamlet
- Jul 17
- 2 min read
Congratulations on registering your business! Now that you’ve taken the first big step and know the requirements, it’s important to follow through with these requirements to stay compliant and fully operational in Trinidad and Tobago.
Here are the key post-registration steps every business owner should take:
✅ 1. Open a Business Bank Account
Why it matters: Keeping your personal and business finances separate is essential for accounting, tax reporting, and credibility. What you’ll need:
Registration/Incorporation Documents
Valid ID
Cashflow Projection & Opening Balance Sheet
Request Letter
AML Documents
Proof of address & authorization
BIR and NIS numbers (optional)
Business stamp
✅ 2. Register for BIR (Board of Inland Revenue)
Every business must register with the BIR to receive a BIR file number for tax purposes. You'll need to:
Fill out the online application.
Personal BIR Numbers for each person involved in the business (owners/ partners/directors)
2 forms of ID
Registration/Incorporation Documents
You’ll need to register for:
Income Tax (all businesses)
VAT (if earning over $500,000 annually)
PAYE (if hiring employees)
✅ 3. Register for NIS (National Insurance Scheme)
If you're hiring staff (or even just yourself as a salaried owner), NIS registration is required. You’ll need to:
Complete NI-1 or NI-4 forms
Submit to the NIBTT office
Make monthly contributions
✅ 4. FIU Registration (if applicable)
If your business falls under the category of a listed business (e.g. real estate agents, motor vehicle dealers, attorneys, accountants, jewelers), you must register with the Financial Intelligence Unit (FIU) for anti-money laundering compliance. This includes:
FIU registration form
Compliance documents
Appointment of a Compliance Officer
📝 Final Tip:
Stay ahead by keeping your records organized, renewing registrations where needed, and always operating in compliance with local laws.
At Hamlet & Associated Business Consultancy Ltd., we’re here to help you with every step even after your business is registered.