Bureaucracy in setting up Limited Liability Companies causing a strain on Job Creation and Economic Development

Business registration in the twin-island republic of Trinidad and Tobago is mired in excessive procedures. This not only creates needless difficulties for people wanting to start businesses, but it also acts as an impediment to the country’s economic development. New business owners have to endure completing a seemingly endless series of forms, most of which only differ from each other in a few details, yet seek the same information. This is not only pointless, but also incredibly time consuming, which could have otherwise been directed towards scaling their business.

One of the main concerns is the multiple documents requiring the same information. It is common place that an entrepreneur is compelled to provide substantially identical information to the Registrar General and to the new Tax Revenue Service, even when these two departments perform different functions. Not only does this create inefficiency, but it also burdens the business as well as the government in the form of undue expenses. Instead of making such requests, these two agencies ought to collaborate. If the information provided for tax registration is adequate to the Registrar General, then completing a tax form should not be necessary.

As a remedy, it is suggested that all forms in the registration of a business be merged into one single document. Given that most forms are alike, merging them into one form with the addition of a few fields will make the entire process efficient. This reduction in number of registrations will help make the entire process move far more efficiently than it does at present.