POST REGISTRATION REQUIREMENTS
- Otisha Hamlet
- Jul 15
- 2 min read
You’ve registered your business now what? To legally operate and grow your business in Trinidad and Tobago, there are key follow-up actions that go beyond registration. Understanding what they are and why they matter is the next step to success.
Here’s a breakdown of what you need and why it’s important:
🏦 1. Business Bank Account
What it is: A bank account opened in your business's name.
Why it’s important:
Keeps business and personal finances separate
Builds credibility with clients and suppliers
Makes accounting and tax filing easier
Required for most business loans or grants
🧾 2. BIR (Board of Inland Revenue) Registration
What it is: Official registration with the tax authority to obtain a BIR file number.
Why it’s important:
Allows you to pay business taxes
Required for Income Tax, VAT, and PAYE registration
Needed for most government-related applications
🏥 3. NIS (National Insurance Scheme) Registration
What it is: A national social security system for employees and self-employed persons.
Why it’s important:
Ensures access to benefits like sick leave, maternity leave, pensions
Required if you hire staff
Protects you and your employees in case of injury or illness
🕵️ 4. FIU (Financial Intelligence Unit) Registration
What it is: Registration with the FIU for businesses considered "listed" under anti-money laundering laws.
Why it’s important:
Legally required for certain sectors (e.g., real estate, legal, accounting, car dealerships, jewelers)
Helps protect your business from being used for money laundering or terrorist financing
Failure to register can result in fines or legal penalties
💬 Final Note:
Registering your business is a great first step, but true business readiness comes from following through on your legal and financial responsibilities.
Take action now to protect your business and build a strong foundation for growth.
Need help completing these steps? We’ve got you covered at Hamlet & Associated Business Consultancy Ltd.
