Home' Trinidad and Tobago Guardian : September 29th 2014 Contents www.guardian.co.tt
Onika Nkrumah Lakhan
So you're starting your own business and
you want to get it up and running quickly.
Here are the four (4) steps to startup.
STEP 1: BUSINESS NAME RESERVATION
This is the best part, you get to come up
with names but curb your enthusiasm and
think about practical and appropriate
names. Your potential customers should be
able to make the connection between your
business name and the service you are of-
fering. For example, if you are into financial
investments and mutual funds, it is not ad-
visable to name your business, Heavenly
Rest Investments. You run the risk of your
target market not getting the connection
and your business being mistaken for a fu-
Complete an Application form for Name
Reservation. The fee is about TTD$25.00
and the search takes approximately two
weeks. If the name you have chosen is al-
ready taken by another business in opera-
tion, you will have to choose another, since
having the same name as another business
is prohibited by law. If the name is avail-
able, you need to apply to have the name
reserved and it is usually reserved for a
three month period, during which time you
must complete the registration process.
Collect the Registration of the Business
Name form from the Companies Registrar,
complete in duplicate and have an official
double check your form. You will then be di-
rected to the cashier to pay the $25.00 fee.
The cashier will let you know when you can
return to collect the document indicating
your reserved business name.
STEP 2 -- COLLECT YOUR NAME
You would need to visit the Companies
Registry to collect the document indicating
your reserved name. You must present
your receipt to collect the document.
STEP 3 -- COMPLETE REGISTRATION
After putting all that effort into deciding
on the right name for your enterprise you
should work quickly to complete the
process as your business name is only re-
served for a specific time. If you do not reg-
ister within the stipulated timeframe, you
could lose the name to someone else.
Complete your Form 1, in duplicate, and
have it verified by an official at the Compa-
nies Registry. If the form is completed cor-
rectly, you will be directed to the cashier to
pay the TT$220.00 fee to complete the
process. You will be advised when to return
to collect your registration certificate.
Return after the stipulated time - re-
member to bring your receipt to collect
your certificate. Before leaving, double
check the pertinent details.
After completing these four basic steps,
your business is now a legal entity. Con-
gratulations, now you can focus on making
your business grow!
Sageworks, a financial information
firm, has identified five industries with
the highest sales growth after examin-
ing the recent financial statements of
U.S. private companies. These indus-
tries experienced stable net profit mar-
gins in recent years, and all but one
showed profitability in the last 12
months that was above the average
for all privately held companies.
Here are the five top industries:
COMPUTER SERVICES: Encompass-
ing systems design, on-site manage-
ment systems and data processing, the
computer services industry saw sales
growth of 15.3 percent in the last 12
months. Data integrity, data protection
and data security have become a
tremendous priority for many U.S.
companies as cybercrime rises -- mak-
ing it an on-demand sector.
ARCHITECTURAL SERVICES: This
broad industry includes everything
from landscape architecture, drafting
services and building inspection to sur-
veying and mapping, engineering and
architectural work. The industry experi-
enced 13.6 percent sales growth in the
last 12 months. As the real estate mar-
ket recovery continues and the econ-
omy in general improves, demand for
architectural firm services is likely to
EMPLOYMENT FIRMS: Ranging
from temporary work placement and
employment agency to payroll services
and benefits administration, this indus-
try experienced sales growth of 13.4
percent in the last 12 months. An im-
proving economy and more hiring by
companies represent a boon for small
businesses specialized in employment-
CONSULTING FIRMS: Businesses
that involve management, human re-
sources, energy, security, logistics, dis-
tribution and marketing had 11.4
percent sales growth in the last 12
months. With new issues pertaining to
changes in the health care system,
technology and even the environment,
the need for experts who can help
companies comply with new regula-
tions is rising.
ACCOUNTING SERVICES: Another
broad category, accounting services,
which includes CPA firms, tax prepara-
tion, bookkeeping and payroll services,
had sales growth of 10.1 percent in the
last 12 months.
Demand for such services is usually
consistent, and once you have the ap-
propriate education and licenses, up-
front costs of a startup in this field
aren't as intensive as other industries.
(Remember that licenses and certifica-
tions have to be kept up to date.)
"For various reasons, each of these
service industries might be worth ex-
ploring as starting points for business
ideas," said Sageworks analyst Kevin
Abbas, in a press release.
Another way to use the data to ex-
plore new business ideas is to identify
some of the unmet needs of these
growing industries and to determine
where small businesses could provide
support, he added.
- See more at:
If you're an entrepreneur looking to start a business, focusing on
some of the fastest-growing small business industries such as
architecture, employment services and computer services could
make your venture a success.
72-74 South Quay
Port of Spain
Trinidad, West Indies
Tel. (868) 624-1660
Opening hours: 8:00 am to 4:00 pm,
Monday to Friday, except public
Visit the office or download forms
from the Ministry of Legal Affairs
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