The FIU is the primary institution for the collection of financial intelligence and information and the analysis, dissemination, and exchange of such financial intelligence this will also include information among law enforcement authorities, financial institution and listed businesses
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What does the FIU do?
1.Acts as an autonomous independent body to serve as a national centre for the collection, analysis and dissemination of financial intelligence and information.
2.The FIU functions as a specialised intelligence agency for the receipt and analysis of STRs/SARs) and the dissemination of financial intelligence and information.
3.FIU acts as a Supervisor to monitor specified Supervised Entities and enforce compliance of AML/CFT (AML/CFT) obligations.
4.The FIU does not engage in investigative action, which is conducted by the Law Enforcement Authorities (LEAs).
The Author is an attorney at law based in Trinidad. She specializes in Anti Money Laundering and Financial Crimes. She is also an Internationally Certified Fraud and Risk Management Professional.
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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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 868 373-1166
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
For further assistance, contact Sydney 868 373-166
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 Compliance, Taxation and provides Corporate Secretarial Services. Kindly explore the website for her portfolio of companies: http://asydneygroup.com .
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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The Author is an attorney at law based in Trinidad and Tobago. She specializes in Anti Money Laundering and Financial Crimes.
AML is an acronym for Anti Money Laundering. There is an evolving jurisprudence around this subject matter. I have prepared a free training session on this on Youtube.
See my Youtube video explaining Anti Money Laundering. Please Subscribe for the other 20+ AML Training sessions .
The author is an attorney at law based in Trinidad and Tobago. She specializes in Anti Money Laundering and Financial Crimes.
1.The Name Approval / Name Reservation includes the applicant’s name, address, contact information, the proposed name of the business and the nature of the business.
The applicant signs the bottom of the form, however an incorporator, accountant or attorney at law can sign for and on behalf of the applicant only with respect to the Application for Name Approval.
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The relevant fees are paid to the cashier and the receipt is stamped with the date of return for the applicant. This is usually five to seven working days. If the Registrar has an issue with the proposed name, a query will be placed on the application. When the applicant returns to collect the name search results, the query must be satisfied in writing. In the event that there are no queries, the applicant will collect the name approval and proceed the next step.
2.Preparing and filing the Application for Registration by an Individual.
At this juncture, the application for Registration by an Individual must be completed and submitted together with the name approval that was previously collected. Details such as the business name, principal place of business, nature of the business, full name of the applicant must be included in this form. Only the applicant can sign this form and a copy of photo identification must also be submitted with the application to verify the signature of the applicant. The relevant fees are paid and the cashier issues a receipt with the stamped date for the applicant to return, usually five to seven working days. Once this application is approved, the certificate will be produced and ready for collection by the applicant.
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A.Sydney is an attorney at law by profession in Trinidad and Tobago. She specializes in AML/CFT Compliance, Taxation and provides Corporate Secretarial Services.
My free Anti Money Laundering Training for 2019 has been uploaded on Youtube. No tricks, just free. I realised the need for free Anti Money Laundering Training especially for owners of local businesses. These listed businesses are required to make arrangements for annual training of all staff and bear the cost of same.
I have prepared this free training in order to satisfy the requirement for Anti Money Laundering Training as mandated by Regulation 6 of the Financial Obligations Regulations, Proceeds of Crime Act in Trinidad and Tobago.
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These free training sessions have been specifically tailored for listed businesses such as car dealers, real estate agents, insurance agents, lawyers, accountants, casinos, jewelers in Trinidad and Tobago and the Caribbean.
This comprehensive FREE Training:
Defines Money Laundering:
Defines Anti Money Laundering;
Explains the 3 Stages of Money Laundering;
Discusses the Financial Intelligence Unit;
Explains Terrorist Financing;
Identifies Red Flags of Terrorist Financing;
An electronic copy of a Certificate of Attendance can be requested via email.
Other Services offered (Paid Services) :
Specialized Training offered for Front Line Employees, Managers, the Board of Directors;
External AML Audit;
Drafting Compliance Programs.
The author is an attorney at law in based in Trinidad, she has a specialized practice in Anti Money Laundering and Financial Crimes. Call or whatsapp 868 373-1166 and see website http://asydneygroup.com
Yes, you have to pay filing fees to the Registrar of Companies in Trinidad. There are two steps in registering a business as a sole trader in Trinidad and Tobago namely:
Application for Name Approval/Name Reservation and;
Preparing and filing the Application for Registration by an Individual.
1.The Name Approval / Name Reservation includes the applicant’s name, address, contact information, the proposed name of the business and the nature of the business.
The applicant signs the bottom of the form, however an incorporator, accountant or attorney at law can sign for and on behalf of the applicant only with respect to the Application for Name Approval.
The relevant fees are paid to the cashier and the receipt is stamped with the date of return for the applicant. This is usually five to seven working days. If the Registrar has an issue with the proposed name, a query will be placed on the application. When the applicant returns to collect the name search results, the query must be satisfied in writing. In the event that there are no queries, the applicant will collect the name approval and proceed the next step.
2.Preparing and filing the Application for Registration by an Individual.
At this juncture, the application for Registration by an Individual must be completed and submitted together with the name approval that was previously collected. Details such as the business name, principal place of business, nature of the business, full name of the applicant must be included in this form. Only the applicant can sign this form and a copy of photo identification must also be submitted with the application to verify the signature of the applicant. The relevant fees are paid and the cashier issues a receipt with the stamped date for the applicant to return, usually five to seven working days. Once this application is approved, the certificate will be produced and ready for collection by the applicant.
A.Sydney is an attorney at law by profession in Trinidad and Tobago. She specializes in AML/CFT Compliance, Taxation and provides Corporate Secretarial Services.
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Get my ebook now!!! Call 868 373-1166 only $100TTD
1.The Name Approval / Name Reservation includes the applicant’s name, address, contact information, the proposed name of the business and the nature of the business.
GET MY EBOOK NOW ONLY $100 TTD CALL OR WHATS APP 868 373-1166
Get my ebook now!! Only $100TTD
The applicant signs the bottom of the form, however an incorporator, accountant or attorney at law can sign for and on behalf of the applicant only with respect to the Application for Name Approval.
The relevant fees are paid to the cashier and the receipt is stamped with the date of return for the applicant. This is usually five to seven working days. If the Registrar has an issue with the proposed name, a query will be placed on the application. When the applicant returns to collect the name search results, the query must be satisfied in writing. In the event that there are no queries, the applicant will collect the name approval and proceed the next step.
2.Preparing and filing the Application for Registration by an Individual.
At this juncture, the application for Registration by an Individual must be completed and submitted together with the name approval that was previously collected. Details such as the business name, principal place of business, nature of the business, full name of the applicant must be included in this form. Only the applicant can sign this form and a copy of photo identification must also be submitted with the application to verify the signature of the applicant. The relevant fees are paid and the cashier issues a receipt with the stamped date for the applicant to return, usually five to seven working days. Once this application is approved, the certificate will be produced and ready for collection by the applicant.
Updated 11th February 2019
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.
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