The twin island nation of Trinidad and Tobago is one of the most prosperous countries in the Caribbean. The diverse economy is heavily industrialized. Although Trinidad and Tobago are former British colonies, the United States is this country’s largest and most favored trading partner. The government is stable and it is intent on making direct investment a winning proposition for all.
Instructions
Regulations
1. Start by reviewing the government’s policies on foreign investment. The government of Trinidad and Tobago has no usual business regulations. Direct foreign investment up to 100 percent ownership is permitted. Unless your business investment requires a license for mining or drilling, leasing government owned land or getting tax concessions you can invest with little red tape.
2. Download the comprehensive guide to doing business in Trinidad at the Ministry of Tourism and Trade’s website (see Resources). Learn about business costs, including registration fees, taxes, licenses and permits and labor costs.
3. Obtain an application to reserve a business name. Small fees will apply for each name search and for the name reservation filing.
4. Register a partnership, sole proprietorship or limited liability business at the national Companies Registry. LLCs must file articles of incorporation. Trademarks, copyrights and patents can also be registered.
5. Get a tax ID number and PAYE numbers from Trinidad’s Inland Revenue Board. Pickup forms in one of two offices located in Trinidad or download them. The application requires different documentation for each company structure.
6. Submit a work permit application if you plan to be in the country longer than 30 days for business or work related activities. Any employees of your business will need one too. This requires a copy of your passport and character report from your local police.
Industries
7. Check Invest TT (see Resources) for an overview of Trinidad’s economy, imports, exports, labor force and major growth sectors. You will also find information about the government’s strategic economic development initiatives.
8. Review government data on targeted investment sectors. The highlighted sectors are fisheries, agro processing, yachting and marine services, entertainment (music and film), technology, desalination, manufacturing, steel and iron. The ammonia, oil, natural gas, telecommunications and petrochemical industries seek investors as well.
9. Visit the Trinidad stock market to research the country’s publicly traded companies (see Resources). Find share values and earnings reports for businesses in the sectors that interest you. Get contact information, including websites, for potential partnerships.
10. Research existing tax and trade treaties, investment insurance options, education, housing and relocation services for U.S. citizens by contacting the consular officer at the U.S. embassy.
Business Transactions
11. Choose the investment strategy and industry that meet your business goals. Review Trinidad and Tobago’s human resource regulations, standard business hours, pension payments for employees, minimum wage laws and average professional salaries. This data will help you prepare your operating budget and cash flow projections.
12. Arrange business operations needs like office and plant space, if required, telephone, utilities, international and Internet communications, transportation, shipping, banking, business insurance and suppliers.
13. Schedule a trip to Trinidad to negotiate partnerships and sign supplier contracts, lease facilities and utilities, recruit employees and establish bank accounts.
