Starting a Business

Starting a Business Guide

Key Steps to Consider when Starting a Business

Starting a business can be fulfilling, but it requires hard work and dedication. A clear business idea, a solid plan and market research can help you stay on track. The benefits of owning a business include independence, higher earnings, personal growth, and community impact. It is crucial to consider legal and financial aspects such as obtaining permits and licenses and registering the business.

Here are some key steps you should consider when starting a business:

Business Licensing

Are you considering launching a business venture? Have you secured all the necessary legal paperwork to get started? The following guide offers valuable insights on how to obtain the required business license before you can begin trading.

Business Structure	Documents Required
Sole Trader	Business License Application. To access the Business License Application form, visit www.gov.tc/revenue/forms SIGTAS Registration Form. To access the SIGTAS Registration forms, visit www.gov.tc/revenue/forms. Name Registration Certificate (Financial Service Commission - For more information visit www.tcifsc.tc or call them at 649-946-5314) Departmental Clearance, visit www.gov.tc/revenue to view the Clearance Guide Certified copy of a passport and proof of immigration status (Belonger status card, Naturalization, PRC etc.)
Corporation	Business License application form. To access the Business License Application form, visit www.gov.tc/revenue/forms. SIGTAS Registration Form (Each shareholder). To access the SIGTAS Registration forms, visit www.gov.tc/revenue/forms. Incorporated Documents: Certificate of Incorporation (from the Financial Services Commission), Register of Members, Memorandum and Articles of Association, Register of Directors, Certificate of Good Standing (FSC), all certified copies). If company shares are held in trust, a Declaration of Trust must be provided. If company shares are held in another company’s name, the incorporated documents including the Register of Directors and Members (showing the individual beneficial owners) of that company are required. Department Clearance Letter (if applicable). Visit www.gov.tc/revenue for a Clearance Guide Certified copy of a passport and proof of immigration status for each shareholder (Belonger status card, Naturalization, PRC etc.)
Partnership	Business License application. To access the Business License Application form, visit www.gov.tc/revenue/forms SIGTAS Registration Form (Each Partner). To access the SIGTAS Registration forms, visit www.gov.tc/revenue/forms. Name Registration Certificate (Financial Service Commission) Departmental Clearance, visit www.gov.tc/revenue for a clearance guide Certified copy of a passport and proof of immigration status for each partner (Belonger status card, Naturalization, PRC etc.)

Kindly note that if the business activity of interest is a “Reserved” category (shown as “R” on the Business License Fee Schedule located at the following hyperlink https://busreg.gov.tc/busreg/PDF/Fee%20Schedule6%20120315.pdf), the Belonger applicant MUST maintain controlling interest in the business (51% or more ownership).

All activities that are “Restricted” (shown as “X” on the Business License fee schedule located at the following hyperlink - https://busreg.gov.tc/busreg/PDF/Fee Schedule6 120315.pdf) are approved by the Ministry of Finance. Visit https://www.gov.tc/revenue/ to view the Business License Fee Schedule.

If applying in person, follow these steps:

To submit a business license application online via the E-Services portal, follow these steps:

Renewal of a Business License

To renew a business license for a sole proprietorship in person, follow these steps:

To renew an existing business license for a corporation in person, follow these steps:

To renew a business license via the E-Services Portal, follow these steps:

Payments

Receipts can be paid via Credit Card at the Inland Revenue Department (IRD), or to the Treasury at the same location. Receipts can also be paid online via bank transfer. Visit www.gov.tc/treasury for more online payment information.

Important Information

For more information regarding Business License fees, contact the IRD on +1 (649) 338-5234 or email tcirevenuedepartment@gov.tc.
Applications can take up to two weeks to be approved and certificate/s printed.
Business Licenses can be collected from the Inland Revenue Department. A copy of a government-issued ID is needed for collection.

Kindly note that the original license should be properly displayed at the business location. Licenses are valid for one year, starting March, with a grace period of one month. Penalties for non-renewal usually commence in May