Why You MUST get a Utility Bill in Your Name!

What is a utility bill?

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.

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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

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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.

About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago.She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.

ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO

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Penalty for late filing of Annual Return by Company in Trinidad: Antoinette Sydney Attorney at Law

The penalty for late filing of Annual Returns in Trinidad and Tobago is $300.00 TTD . This penalty is imposed 30 days after the anniversary of the incorporation date of the company and an additional $300.00 will be payable for every month that the annual returns remains outstanding

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The amnesty to file outstanding Annual Returns with the Registrar of Companies has been extended from August 30th 2019 to 31st October 2019.

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.

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 one 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

Disclaimer

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.

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 Disclaimer

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.

I am a Certified Professional in the following areas:

Taxation;

Corporate Training;

Anti-Money Laundering and Financial Crimes;

 Fraud Risk Management;

Graphic Design.

#antoinette #sydney #trinidad #business #ideas #registration #llc #incorporation #entrepreneurs #trinidadonlinelawyer #aml #amlexpert #consultant #antimoneylaundering

 Disclaimer

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.

I am a Certified Professional in the following areas:

Taxation;

Corporate Training;

Anti-Money Laundering and Financial Crimes;

 Fraud Risk Management;

Graphic Design.

Disclaimer
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.

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AML Training: How many times per year ?AML Compliance Consultants

Generally training is conducted at least once per year. However for the front line employees training may be done quarterly, especially for those employed in a financial institution.

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About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. SHE IS A LECTURER AT  THE ARTHUR LOK JACK GLOBAL SCHOOL OF BUSINESS IN TRINIDAD. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.

ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO

Website: www.asydneygroup.com

Email: sydney@asydneygroup.com

Consultation fee is $300 TTD per hour.

Blog: https://sydneygroupblog.wordpress.com/

Linked In: https://tt.linkedin.com/in/antoinette-sydney-77093550

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I am a Certified Professional in the following areas:

Taxation;

Corporate Training;

Anti-Money Laundering and Financial Crimes;

Fraud Risk Management;

Graphic Design.

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

Consulting services and much more.

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Ebooks on Sale:

  • How to Change the Business Name of a Sole Trader
  • How to De-Register a Sole Trader Business
  • How to Register a Partnership
  • How to Change from a Sole Trader Business to a Limited Liability Company
  • How to Register a Limited Liability Company
  • How to Change the name of a Limited Liability Company
  • How to Dissolve a Limited Liability Company
  • How to Register an External Company
  • How to prepare Annual Returns for an External Company

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How to Change the Name of a Limited Liability Company in Trinidad

There are 2 main steps to change the name of a Limited Liability Company in Trinidad. Firstly file a Name Search, secondly file the Articles of Amendment and Special Resolution once the proposed name is approved.

The first step is to file a Name Reservation Form to determine if the proposed business name is available. This is very similar to the first step that you took when you initially registered your company. The results from the name search will be available within 5-7 working days .Once the name is approved,you will be given a deadline to file the other 2 documents to complete the process.

The second step is to file the Articles of Amendment and the Special Resolution . The Special Resolution is the document that is prepared to reflect the decision that was made after a general or special meeting to change the name of the company. Both the Articles of Amendment and the Special Resolution must be signed by a director of the corporate secretary. The name approval ,the Articles of Amendment and the Special Resolution must be  lodged with the registrar at the same time. The prescribed fee will be paid to the cashier. Your Certificate of Amendment will be printed .

About the Author: Antoinette Sydney LLB LEC CAMLFC CFRMP, Bar No. SYA2015211, Attorney at Law. The author is the first Online Lawyer based in Trinidad and Tobago. She has clients in Guyana, St Vincent, Barbados, the British Virgin Islands and North America. She specializes in Corporate Law and Anti-Money Laundering Compliance. She helps clients to start their Online Business Empire.

ANTOINETTE SYDNEY LAW OFFICE: MONTROSE MAIN ROAD CHAGUANAS, TRINIDAD AND TOBAGO

Website: www.asydneygroup.com

Email me: sydney@asydneygroup.com

Consultation fee is $300 TTD per hour.

Blog: https://sydneygroupblog.wordpress.com/

Linked In: https://tt.linkedin.com/in/antoinette-sydney-77093550

Instagram: https://www.instagram.com/asydneygrouptt/?hl=en

Facebook: https://www.facebook.com/sydneygrouptt/

Youtube: https://www.youtube.com/channel/UC8-sUa8WMDJM8w5_Q3nhQ5w

I am a Certified Professional in the following areas:

Taxation;

Corporate Training;

Anti-Money Laundering and Financial Crimes;

Fraud Risk Management;

Graphic Design.

Services include:

Anti-Money Laundering (AML) Training for staff, directors;

Anti-Money Laundering Audits;

Compliance Program drafting;

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