Trinidad and Tobago

Ease of Doing Business in

Trinidad and Tobago

This page summarizes Doing Business 2014 data for Trinidad and Tobago. The first table lists the overall "Ease of Doing Business" rank (out of 189 economies) and the rankings by each topic. It also lists the economy's distance to frontier (DTF)** measure. The rest of the tables summarize the key indicators for each topic and benchmark against regional and high-income economy (OECD) averages.

Economy Overview

Region Latin America & Caribbean
Income Category High income
Population 1,337,439
GNI Per Capita (US$) 14,400
City covered Port of Spain
Doing Business 2014 Rank Doing Business 2013 Rank*** Change in Rank
66 63 down -3

Doing Business 2014 DTF** (% points) Doing Business 2013 DTF** (% points) Change in DTF** (% points)
63.58 63.31 down 0.27
Positive=Doing Business reform making it easier to do business. Negative=Doing Business reform making it more difficult to do business.
 

Starting a Business

Info

The challenges of launching a business are shown below. Included are: the number of steps entrepreneurs can expect to go through to launch, the time it takes on average, and the cost and minimum capital required as a percentage of gross national income (GNI) per capita.

DB 2014 Rank 67 DB 2013 Rank*** 71 Change in Rank up4
DB 2014 DTF** (% points) 81.11 DB 2013 DTF** (% points) 78.57 Change in DTF** (% points) up2.54

Information on new business density and number of newly created firms with limited liability can be found at Entrepreneurship Database.

Indicator Trinidad and Tobago Latin America & Caribbean OECD

The total number of procedures required to register a firm. A procedure is defined as any interaction of the company founders with external parties (for example, government agencies, lawyers, auditors or notaries).

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Procedures (number)
7 9 5

The total number of days required to register a firm. The measure captures the median duration that incorporation lawyers indicate is necessary to complete a procedure with minimum follow-up with government agencies and no extra payments.

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Time (days)
37.5 36.1 11.1

Cost is recorded as a percentage of the economy’s income per capita. It includes all official fees and fees for legal or professional services if such services are required by law.

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Cost (% of income per capita)
0.8 33.1 3.6

The amount that the entrepreneur needs to deposit in a bank or with a notary before registration and up to 3 months following incorporation and is recorded as a percentage of the economy’s income per capita.

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Paid-in Min. Capital (% of income per capita)
0.0 3.6 10.4
No. Procedure Time to Complete Associated Costs
1 Request company name Less than one day (online procedure) TTD 25
2 Registration with the Companies Registry 4 days TTD 600 (TT$400 for Form 1; TT$ 40 for Form 31; TT$ 40 for Form 4; TT$ 40 for Form 8;TT$ 40 for Form 27; TT$ 40 for Certificate of Incorporation)
* 3 Make a company seal 2 days (simultaneous with previous procedure) TTD 115
4 Apply for tax payer identification number 1 day no charge
* 5 Apply for Registration as an Employer with National Insurance Board 1 day (simultaneous with previous procedure) no charge
* 6 Apply for Registration of Employees with National Insurance Board 30 days (simultaneous with previous procedure) no charge
* 7 Register for VAT 30 days (simultaneous with previous procedure) no charge
* Takes place simultaneously with another procedure.

** The distance to frontier (DTF) measure shows the distance of each economy to the "frontier," which represents the highest performance observed on each of the topics including Getting Electricity across all economies included in Doing Business. An economy’s distance to frontier is indicated on a scale from 0 to 100, where 0 represents the lowest performance and 100 the frontier. Read more...

***Last year's rankings are adjusted: they are based on 10 topics and reflect data corrections.

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