What the current Companies Registry process requires
1. Companies Registry Accounts for the people forming the company
The Registry requires a Companies Registry Account for each person engaged in forming the company, including directors, incorporators and attorneys-at-law. Its current incorporation requirements also call for intended directors, shareholders and beneficial owners to have accounts.
2. Company name selection and reservation
The proposed company name must meet the Registry's availability and suitability rules. A preliminary CROS search can help identify obvious conflicts before paying for a reservation.
3. Government name reservation fee
The current Companies Registry fee for a company name reservation is TT$25. The Registry states a processing time of three working days for the reservation request. An approved name is reserved for 45 days.
4. Required approvals
Each person or entity to be listed must complete the relevant CROS approval. The current requirements include intended directors, shareholders or members, and beneficial owners. These approvals are recorded against the approved name-reservation reference.
5. Articles of Incorporation
The company incorporation application is filed electronically through CROS. The Companies Registry currently lists a TT$520 incorporation fee for a profit company.
6. Signed documents and certificate collection
The current instructions require two copies of the Articles of Incorporation, Notice of Address and Notice of Directors to be printed, signed with original signatures and delivered to the Companies Registry Counter.
What happens after incorporation?
Incorporation creates continuing filing duties. The Companies Registry says companies must file an annual return within 30 days of the anniversary of incorporation. The current annual-return filing fee is TT$40, and late filing attracts a statutory penalty of TT$300 for every month or part of a month the return is late.
Profit companies are also subject to beneficial ownership reporting. The Registry says beneficial owners generally include natural persons who own or control 10% or more, exercise ultimate effective control, or, where no person meets the criteria, the senior managing official. Changes to beneficial ownership information must be notified within 14 days.