4 Critical Things Every New Business Owner Should Know (Sole Trader)

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4 Critical Things Every New Business Owner Should Know (Sole Trader)

 

To avoid getting yourself into any hot waters or penalties, every business owner has to know at least four critical things.

They are:

  1. A Business must be registered in Trinidad & Tobago's Company Registry before it can trade.
  2. The Business must have its own Bank Account.
  3. A Bank will suspend a Personal account if you use it to deposit revenue earned from your Business; this is an illegal practice known as "commingling." 
  4. A Business Registration Certificate, Business Stamp, and Cash-flow Projections are all required by the Bank to open a Business Account.

 

P.S. You can complete this entire process (Business Registration, Cash-flow, and Business Stamp) on the MyBiz App; without having to leave your home. The items are courier delivered to you when ready.