Congratulations on registering your limited liability company. Please be gently reminded that there a few post-registration considerations such as tax compliance, AML/CFT/FIU compliance for listed businesses and the filing of annual returns with the Companies Registrar every year.
For further assistance, contact Sydney 868 373-166
Importance of an Annual Return
An Annual Return is critical to a company since this document presents a correct, updated reflection of the company’s state of affairs. This documents presents an up to date snapshot of all directors and officers of the company, share capital as well as company debts. Once this document is filed at the Companies Registry, this information will be registered with the Registrar. When conducting company business, banks and other stakeholders will request the most recent Annual Returns. From this document all present company officers and company debts can be discerned.
When should a Company file an Annual Return??
The law states that a company should file an Annual Return no later than 30 days after each anniversary date of its continuance, incorporation or amalgamation at the Companies Registrar.
What happens if a company fails or refuses to file an Annual Return?
Where a Company fails or refuses to file a document with the Registrar within the time specified in the Act, the Registrar shall be entitled to collect from that Company a penalty of three hundred dollars ($300.00) for every month or part thereof.
The Companies Act of the Republic of Trinidad and Tobago requires companies to file an Annual Return every year even if the company has not been trading. In accordance with Section 194 (1) of the Companies Act of the Republic of Trinidad and Tobago, each company must file an Annual Return no later than thirty (30) days after each anniversary date of incorporation in the applicable form. At any point, the officers of the company can change directors, corporate secretaries, issue shares or acquire loans and these changes must be captured in the Registrar’s records of the company.
The following must be updated in the Annual Returns:
(a)Name of the Company
(b)The Registered Office of Company
(c) The Anniversary date of the Company
(d) Share Capital
(e)Authorized Share Capital
(f) Details of the persons holdings shares in the company
(g) The Total amount of indebtedness of the company (loans, mortgages, charges)
(h) Updated details of all directors of the company
(i) Updated details of corporate secretaries
(j) Signature of the corporate secretary or the director
For further assistance, contact Sydney 868 373-1166
The content herein is provided for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney at law to obtain advice with respect to any particular issue or problem.
ABOUT THE AUTHOR:
A.Sydney is an attorney at law by profession in Trinidad and Tobago. She specializes in AML/CFT/FIU Compliance, Taxation and provides Corporate Secretarial Services. Kindly explore the website for her portfolio of companies: http://asydneygroup.com .
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