Disclaimer: The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.
No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.
If you are thinking about opening a business bank account for your Partnership business in Trinidad and Tobago, this post is just for you.
S.U.B.S.C.R.I.B.E. to my Youtube Channel.
The general requirements to open a business bank account for a Partnership Business are:
1.Certificate of Registration;
2.Two valid forms of Government issued, photo identification for each Partner;
3.A utility bill for each Partner, if the bill is not in your name, you will need an authorization letter from the person whose name appears on the utility bill and a copy of their unexpired Government issued photo identification. I am always telling my clients to get a utility bill in their name. See my YouTube video where I explain the importance of this.
4.A Business Stamp with your business name on it.
5.Special letters such as a letter of request, a letter requesting online banking.
6.Cash Flow Projections for three years.
7. Some banks require a Board of Inland Revenue (BIR) number;
8.Additional documents such as F.I.U (Financial Intelligence Unit) Registration
9.The minimum deposit payable to the bank, as the first deposit in your account.
10.Partnership Agreement. Some banks will insist on this!
Other documents may be required according to the sector that you operate in.
Disclaimer: The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.
No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.
The general requirements to open a company bank account for a Limited Liability Company are:
1.Certificate of Incorporation;
2. The Incorporation documents, these are Forms 1,4,8,27,
3.Most Recent Annual Returns;
4.Two valid forms of Government issued, photo identification for each director;
5.A utility bill in your name, if the bill is not in your name, you will need an authorization letter from the person whose name appears on the utility bill and a copy of their unexpired Government issued photo identification. I am always telling my clients to get a utility bill in their name. See my YouTube video where I explain the importance of this.
6.A Company Stamp with your registered company name on it.
7.Special letters such as a letter of request, a letter requesting online banking.
8.Cash Flow Projections for three years.
9.Some banks require a Board of Inland Revenue (BIR) number each director and for the conmpany;
10.By-Laws, if applicable.
11.Additional documents such as F.I.U (Financial Intelligence Unit) Registration.
Other documents may be required according to the sector that you operate in.
Antoinette Sydney LLB LEC CAMLFC CFRMP is an author and entrepreneur based in Trinidad and Tobago.
Disclaimer: The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.
No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.
Have you ever visited the bank to open a business bank account and you were told to come back because you did not have all the required documents? Naturally, this is after you waited for three hours!
Thank you for stopping by!! In this post, apart from inviting you to subscribe to my YouTube channel, (PLEASE SUBSCRIBE) I will be describing the requirements for you to open your business bank account in Trinidad and Tobago.S.U.B.S.C.R.I.B.E
The general requirements to open a business bank account for a Small Business (Sole Trader) are:
1.Certificate of Registration;
2.Two valid forms of Government issued, photo identification;
3.A utility bill in your name, if the bill is not in your name, you will need an authorization letter from the person whose name appears on the utility bill and a copy of their unexpired Government issued photo identification. I am always telling my clients to get a utility bill in their name. See my YouTube video where I explain the importance of this.
4.A Business Stamp with your business name on it.
5.Special letters such as a letter of request, a letter requesting online banking.
6.Cash Flow Projections for three years.
7. Some banks require a Board of Inland Revenue (BIR) number;
8.Additional documents such as F.I.U (Financial Intelligence Unit) Registration.
9.The minimum deposit payable to the bank, as the first deposit in your account.
Other documents may be required according to the sector that you operate in.
Antoinette Sydney Attorney at Law is an author and entrepreneur based in Trinidad and Tobago.
Disclaimer: The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.
No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.
Disclaimer: The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.
No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.
Disclaimer: The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.
No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.
The registered name of the limited liability company. In law, a limited liability company has its own legal personality.
Date & country of incorporation ;
This will reveal whether the company is an external company registered in another country. The date is indicative of the age of the company.
Registration Number
This registration # also indicates the length of time that the company was in existence because it contains the year that the company was registered accompanied by other numbers.
Permanent Address;
Registered office address of the company, this should be reflected on the Form 4 or Notice of Address and or the Forms 28(Annual Returns).
Mailing Address
A PO Box or Bag #, that the company uses will suffice because the registered office address was already captured above.
Telephone #
Please ask for a current number and extension where applicable.
Email address
Preferably the company’s email address.
Purpose of Intended Nature of Business Relationship
This is not the services offered by the Company, but it is the reason for the customer approaching your entity.
Name, Addresses of Directors/Secretary/Officers/Authorized Signatories
Full name, as it appears on their Government issued Identification documents;
Position ;e.g. Directors, Secretaries;
2 forms of valid, government issued identification;
Expiry date, will assist in determining whether the ID is valid;
Country of Issue; Helpful in identifying Non Residents or countries that are High Risk.
Identity of Shareholders holding more than 10% Paid Up Share Capital.
Paid–up capital is the amount of money a company has received from shareholders in exchange for shares of stock. Paid–up capital is created when a company sells its shares on the primary market, directly to investors -Most Applicable to Public Companies, trading on the Stock Exchange reference: https://www.investopedia.com/terms/p/paidupcapital.asp
The Name of the Beneficial Owner
“The natural person(s) who ultimately owns or controls a customer and/or the natural person on whose behalf a transaction is being conducted. It also includes those persons who exercise ultimate effective control over a legal person or arrangement.” FATFWhy would an individual choose to be the beneficial owner?
Two forms of IDs for the beneficialowner
Valid , government issued photo identification
Address of Person ;
Permanent address of the UBO
Occupation;
Source of Funds Declaration
Source of funds refers to the origins of the activity that generated the particular funds or assets which are used in the transaction between the customer and the FI/LB. eg $136,000 from bank loan proceeds from ACB Arima , or $136,000 from Company Account, Tobago Branch chq # XXX
Customer Declaration;
Signature of Customer;
The Company Stamped should be used by the customer, who is acting for and on behalf of the company.
Official Use Only;
For Compliance Review;
There should be a check box or Yes/No option to confirm whether these Sanction Lists were consulted:
UN 2253 List;
FATF Non-Cooperative Countries and Territories;
TT Consolidated List of Court Orders
About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP is an author and entrepreneur based in Trinidad and Tobago.
Disclaimer: The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.
No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.
Hi hustlers! Are you thinking about starting your own company after quarantine? You may already appreciate that there are different company structures. In my previous post I discussed the benefits of a sole trader business.
I will now list the benefits of a limited liability company.
1.The ability to get a Company Bank Account ;
2.The ability to enter into contracts;
3.Protection.
I discuss all these benefits in my latest Youtube Video. S.U.B.S.C.R.I.B.E.
Subscribe and turn on post Notifications to be the first to see all my videos!
Antoinette Sydney LLB LEC CAMLFC CFRMP is an author and entrepreneur based in Trinidad and Tobago.
Order her new book now: How to Hustle from Home: 50 Success Secrets Get a free sample of two chapters here https://linktr.ee/asydneygrouptt
Disclaimer: The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.
No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.
Hello human!! I want to thank you for reading my post during your 2020 quarantine! I understand that your schedule is very demanding…
I have compiled a list of 10 products that remain profitable during this current season that many are calling a “pandemic”.
These should provide you with business ideas that you can start now or after quarantine
You can use my ebook to guide you through the process of registering your own company here in Trinidad and Tobago!!. It is now available on Amazon!
I have also prepared a Youtube video discussing all these products ! Subscribe for more!
Here are the products:
1.Bathroom tissue;
2.Cleaning Supplies;
3.Water;
4.Vegetables
5.Dry Goods;
6.Protective Gear;
7.Ebooks;
8.Online courses;
9.Alcohol;
10.Cigarettes!
Did I miss out any profitable pandemic product? Comment below!
Antoinette Sydney LLB LEC CAMLFC CFRMP is an author and entrepreneur based in Trinidad and Tobago
Order her new book now: How to Hustle from Home: 50 Success Secrets Get a free sample of two chapters here linktree:https://linktr.ee/asydneygrouptt
Disclaimer: The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.
No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.
A utility bill is a detailed invoice from a service provider for your consumption of utilities such as electricity, internet, water. Some companies send you the utility bills monthly or every 2 months, especially for us in Trinidad and Tobago for electricity.
Why are utility bills important for entrepreneurs?
As a business owner, you will be asked to present a utility bill as your proof of address in order to conduct the following transactions:
1.Open a Business Bank Account (as well as personal bank account);
2.Get a Business Loan;
3.Get a credit card;
4.Purchasing a car
5.To get a mortgage to buy land.
Subscribe to my Youtube channel.
What is Proof of address?
This is verification of your residential address. Financial institutions and listed businesses in Trinidad must obtain a utility bill from all customers. This is stated in law , particularly at Regulation Proof of Address 15 (1) (b) “permanent address and proof thereof” Financial Obligations Regulations. There is a body of laws and regulations that aims to fight anti-money laundering and the countering the financing of terrorism.
What happens if utility bill is not in your name?
Authorization Letters
If the bill is not in your name, you must present a letter of authorization from the person whose name appears on the bill as well as a copy of the persons National ID card. The signature on the letter must match the signature on the person’s ID card.
Parents/Family
Usually the utility bill is in the name of a parent and you can get a letter of authorization from your parent.
Tenants
There are other cases where, you are renting, and your landlord has to provide you with the authorization letter and copy of ID.
Deceased Persons
In the event that the person whose name is on the utility bill is deceased, this bill will not be accepted by financial institutions. You will be asked to return to the Service Provider and follow their internal process to get the name changed.
Best Practice?
It would be wise to get a utility bill in your name; it can be as easy as taking out the internet in your name in the instance of persons living with their friends.
ANTOINETTE SYDNEY LLB LEC CAMLFC CFRMP is an author and entrepreneur based in Trinidad and Tobago.
Disclaimer: The content herein is only for informational and educational purposes and does not constitute legal advice. Please be advised that no attorney/client relationship is created by the publishing of this content. You should consult with your attorney at law for independent legal advice.
No representations or warranties are made about the suitability, comprehensiveness and or accuracy of the information and other content contained on this channel. It should be noted that legal information and content can become out of date and I give no undertaking to keep this blog up to date. All liability for any loss or damage of any kind which may be suffered as a result of accessing and using the information and or content of this blog is hereby excluded to the full extent permitted by law.
