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Trinidad and Tobago

 
   

Executive Summary
The Republic of Trinidad and Tobago is located in the Caribbean Sea on the archipelago; Venezuela, Barbados and Grenada are its neighbour states. Trinidad is the largest island of the country, Tobago constitutes approximately 6% of the country’s territory, numerous smaller islands belong to the country, which covers a total area of 5,128 sq km.

Port of Spain is the capital of Trinidad and Tobago, while San Fernando is the largest city of the country. English is its official language. Bicameral parliamentary system of Trinidad and Tobago is based on the UK model. President is the head of the country, Prime Minister is the head of the government. Trinidad and Tobago participates in a number of international organizations and has an important role on the international arena.

Petroleum, petrochemicals and natural gas production constitute the basis of the state economy. Other important sectors are manufacturing and tourism, even though they are proportionally less significant than in other countries of the region. Citrus fruits and coca are main agricultural products.

The Trinidad and Tobago dollar (TTD) is the national currency of the country.

Geography
Even though geological origins and geographic location make Trinidad and Tobago belong to South America, its language and cultural links relate it to North America. Its landscape represents mountainous territories and plains. It has a tropical climate, the year is divided in two seasons – dry and wet.  Trinidad and Tobago lie outside the hurricane belt which makes the country avoid devastating effects of hurricanes, by which its neighbour countries are relatively frequently affected.

Map, Flag and Coat of Arm

 


Types of Company

Private Limited Liability Company

One shareholder may incorporate a company with a limited liability, the name of which must end with “Limited” or “Ltd”. General public is prohibited to subscribe shares of this company.

Public Limited Liability Company
Such a company must have at least seven shareholders and it can offer its shares to the general public.

Partnership
A Partnership does not have a separate legal entity. All the rights and obligations of a Partnership must be contained in a partnership agreement. The government welcomes partnerships between local and foreign entities.

Branch of a Foreign Company
In order to register a branch, a foreign company is obliged to submit all the required documents to the Registrar of Companies. It must have a registered agent in Trinidad and Tobago at all times, to be able to represent and act in the name of the company. Favourable taxation regime is granted to braches on most occasions.

Taxation

Personal
Income tax has a scalable nature, reaching the maximum of 35%. VAT is added to most goods and services, but medicine and several other products categories are exempted from the VAT.

Corporate
The standard rate of the corporation tax is 35%, but companies involved in the petroleum business are levied 50% of the corporation tax. Withholding tax at a rate of 15% is levied on dividends and interest payments, while royalties and other payments are applied with the rate of 20% of withholding tax.

 
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