Entrepreneurship, as defined by Oxford Languages, is “the practice of starting up a company or companies, taking on financial risks in the hope of profit.” Many of us can be considered entrepreneurs based on our business mindset, but what are the basics of becoming an entrepreneur in Trinidad and Tobago?
How do you register your business? What is needed to open a bank account for your business? Where does your business fit into Social Media local groups and influencers? What business associations are you supposed to join? Whether with physical employees or virtual assistants, how do you staff your company? These are all the questions that you may ask and think about what your next move is.
If you’re ready to become an entrepreneur in Trinidad and Tobago, here are a few guidelines:
Registering a Business in Trinidad and Tobago
With the current pandemic, registering your business has become easier and more convenient as you have the option of registering online via TTBizLink or outsourcing a small business offering this service or a lawyer.
If you choose a stand-alone option, TTBizLink e-service allows individuals to conduct a Name Search, Name Reservation, and Business Registration or Company Incorporation electronically. You will need a TTConnect ID to access this service.
Once you have successfully obtained your TTConnect ID, log in to the TTBizLink portal and choose e-Company Registration. Your first step will be to search for your desired business or company name. The name search costs are $20.00 TTD for business (Sole Proprietor or Partnership) and $25.00 TTD for companies (Limited Liability).
Once the name has been approved, you will be guided as to how to register your Business or Company and pay the applicable fees, which are $220.00 TTD for Sole Proprietor and Partnership businesses and $520.00 TTD for Companies. Once your registration is successful, you will receive an email stating that the Business Registration or Company Incorporation is approved and you will need to schedule an appointment with the Ministry of Legal Affairs for payment and collection of your certificate on the same day.
Opening a Business Bank Account
You’ve successfully registered your business and now it is time to open a bank account. A business bank account plays a key role in the growth of your business, while at the same time protecting it and yourself. It enables you to keep track of business expenses, simplify tax reporting and deposit payments under your company or business name. However, the selection of the banking institution is based on your decision and if you prefer to bank with the best ranked financial institution of 2020 in Trinidad and Tobago, Scotiabank Trinidad and Tobago was rated Best Bank for 2020 according to Global Finance Magazine.
Once you have decided which bank you will prefer to open your account with, you will require these documents:
- Two valid forms of photo identification issued by the Government as proof of identification;
- Proof of address- utility bill
- Certificate of Business Registration or Article of Incorporation.
- Cash Flow Projections for the next 3 years (if the business is registered for less than 1 year) or:
- Management Accounts for the last 3 years
- Business or Company stamp
- The Bank may also request additional documents such as FIU Registration Certificate.
Local Social Media Groups & Influencers
We are all aware of the impact that social media can have on your brand’s awareness, but how do local social media groups and influencers influence your business? There are a number of social media groups on Facebook, such as Trini Biz Members, Everything Tobago, Trinbago Buy/Sell/Wholesale/Retail, Black Lives & Black Dollars Matter, Dynamic Business Strategist, just to name a few, offering a platform for you to promote your business and to gain followers that can lead to potential buyers.
These groups can benefit your business by enabling you to gain meaningful insights into competitors, gain knowledge within your industry, or engage potential buyers. It also gives you the opportunity to increase brand awareness through their social media pages, either through paid promotions or by registering on their websites or through their advertising platforms. The followings in these groups are constantly growing as the footwork is done by a team that allows your business a better chance of being exposed. Not only are these local groups beneficial, but our local influencers can also help boost your business.
Intellifluence.com has identified and ranked the top 10 influencers in Trinidad and Tobago, with the top 2 being Krysta Gobin and Keevan Lewis. Influencers can be an effective spokesperson for your business and a great way to target audiences and increase brand awareness. They already have a pretty good following and their ability to influence person(s) to purchase from your business can be helpful.
The best time to hire a social media influencer and to join these groups are in the early stages of your business growth and should be included in your social media strategy.
Associations to join
Business associations offer their members the opportunity to network and share information and resources. Joining a business association provides the new business owner with contact information for other local businesses and speeds up the process of community integration. Associations have the primary objective of helping existing businesses grow locally, expand into new markets and remain competitive in an increasingly complex and evolving global marketplace. In addition, they work with entrepreneurs and start-ups to help them realize the dream of owning a business.
There are many associations within Trinidad and Tobago, but first, we suggest joining an association within your community and then expanding to join associations within your industry. Joining these associations can be more beneficial than joining others who may not be useful or align with your business. For example, if you live in the San Juan area, you should be apart of the San Juan Business Association and if you offer real estate services, you may consider being apart of the Association of Real Estate Agents. Here, your business has a better chance of being recognized by your community and by people who are interested in services within your industry.
Even though there are many options, always make sure that they align with your target audience.
Importance of using Courier Companies for deliveries and virtual assistants.
You registered your business, opened your business bank account, joined the right local social media groups and hired the best local influencers. You’ve even joined the right associations, but how do you manage the shipping and day-to-day operations of your business? Ensuring customers receive on-time delivery with exceptional service and staying ahead of all your administrative and other business-related tasks. Do you outsource an external company or do you carry out the tasks of managing the day-to-day operations of your business and trying to deliver to your customers on your own?
Outsourcing has been a new trend in Trinidad and Tobago since the pandemic, as business owners have found it difficult to pay staff, equip offices and monitor their performance. Outsourcing has allowed business owners to focus on their strengths, such as production, manufacturing, etc., while outsourcing their weaknesses, such as delivery, accounting, office administration, etc. It also reduced the costs of hiring staff and providing these individuals with a comfortable, creative workspace.
Outsourcing some aspects of your business, such as courier services, maybe advantageous as companies such as UDLVR can help reduce vehicle costs. When you outsource delivery and courier services, you save money on vehicle expenses, and you can focus on your core competence. These companies also have manageable fees, as mentioned UDLVR, where their base rate is $40 for nationwide delivery and allows your customers the option of paying cash on delivery. Which can now be beneficial to your customers and a bonus to your business.
The context of outsourcing courier and delivery services, virtual assistants can also be of value to your business. Hiring a virtual assistant can reduce labor costs. If you hire a full-time employee, you will not only have to pay his salary, but also increase productivity and flexibility, and so on. Virtual assistants can help you save money by not only reducing labor costs but also by increasing efficiency, expanding your business operations, offering 24/7 customer service and freeing up strategic thinking time. It is clear that outsourcing these core services can be of enormous benefit to your business.
Now that you have a guideline to becoming an entrepreneur in Trinidad and Tobago, what kind of business do you intend to start?
