To avoid getting yourself into any hot waters or penalties, every Limited Liability Company owner has to know at least six critical things.
They are:
A Company must be registered in Trinidad & Tobago's Company Registry before it can trade.
The Company must have its own Bank Account.
A Bank will suspend a Personal account if you use it to deposit revenue earned from your Company; this is an illegal practice known as "commingling."
A Company Registration Certificate, Business Stamp, Articles of Incorporation, Company By-Laws, and Cash-flow Projections are all required by the Bank to open a Company Bank Account.
After obtaining a Certificate of Incorporation, every Company needs to submit a Notice of Secretary and file for a BIR number.
Every year, at the anniversary date of your Company's Incorporation, you must submit a document known as your "Annual Returns."
P.S. You can complete this entire process (Company Registration, Business Stamp, Company By-Laws, Notice of Secretary, Cash-flow, and Annual Returns) on the MyBiz App Online; without ever having to leave your home. The items are courier delivered when ready.