Sole trader (individual business name)Trinidad & Tobago
What it takes to form, own and run a sole trader in Trinidad & Tobago, and how its profit is taxed. Each figure links to the page it was read from.
This company type
At a glance
Quote
The owner/ proprietor is personally liable for any debts incurred in the course of operating the business.
Quote
A business is a trade, lawful activity or profession, carried on for profit by an individual or by two or more persons
Quote
Complete the business registration application and pay the fee
Quote
Income Tax is charged for each year of income on the chargable profits arising in that year at the rate of 25%, up to 2016-12-31.
Form it
Who registers it
- Registry
- Formed without visiting
- Not stated
The registry’s and the law’s own pages do not mention it.
- Formed online
- Yes
What it takes to form
Not in our records A notary, A resident director, Paying up the capital: none of these is in our records for the Sole trader (individual business name).
Own it
Who may own and run it
- Directors
- Does not apply
- Shareholders
- Does not apply
- Members
- At least 1 · at most 1 · one person may form it alone
Quote
A business is a trade, lawful activity or profession, carried on for profit by an individual or by two or more persons
- A local company secretary
- Does not apply
- A local registered agent
- Does not apply
Each year, at the registry
- Annual registry fee
- Not stated
The registry’s and the law’s own pages do not mention it.
- Accounts on the public record
- No
Quote
There is no obligation to file any post-registration documentation otherwise.
- Audit for a small company
- Not stated
The registry’s and the law’s own pages do not mention it.
- Audit
- Not in our records
Important dates
When each obligation falls due, as the authority states it.
Not in our records No dates for the Sole trader (individual business name) are in our records.
What is public
Not in our records What the register shows the public is not in our records for the Sole trader (individual business name).
Tax
Tax on profit
How this company type is taxed, which can differ from its place’s headline rate.
Through owners
The owner is taxed as an individual on chargeable profits: the Inland Revenue page states 25% to 2016 and, for income year 2017, 25% up to $1,000,000 and 30% above; business levy 0.6% and health surcharge also apply.
Quote
Income Tax is charged for each year of income on the chargable profits arising in that year at the rate of 25%, up to 2016-12-31.
- CFC rules in Trinidad & Tobago
- Not in our records
Close it
Closing it
The other end, which most guides leave out.
- Route
- Notice of Cessation (Form 9) of the business with the Registrar (section 15 of the Act).
Quote
you must file a Notice of Cessation ( Form 9) of the business with the Registrar (section 15 of the Act).
- Statutory fee
- Not in our records
Every business in Trinidad & Tobago
VAT
- Standard rate
- Not in our recordsThe tax authority’s pages have not been read for Trinidad & Tobago.
Payment and banking services
None of the services whose lists we hold names Trinidad & Tobago. Each provider, and what a listing means.
Reference
Its name and code
- Kind
- Sole traderDerived our grouping, the same words in every country
- Name in law
- Sole trader (individual business name)
- Identifier
- TT-SOLE-TRADERA form ISO 20275 does not list.