Business Formation

Register the company with the Commercial Registry; obtain a certificate of incorporation

Agency: Ministry of Commerce, Industry and Labor (MCIL)

Under the new Companies Act, which came into force July 2008, the applicant submits Form 1 (application for incorporation) and Form 2 (consent of director and directors). For an application to register a company under Section 6 of the Act, the fee is WST 250. Starting from February 18, 2013, entrepreneurs can register a company online. However, payment of the registration fee is made in person at the Ministry of Commerce, Industry and Labor, (MCIL) office.

Time and cost: 1 day, WST 250 flat registration fee

Apply for a Business License and Register for VAGST and PAYE with the Ministry of Revenue, Inland Revenue Services

Agency: Ministry of Revenue, Inland Revenue Services

In order to obtain a Business License, the following documents must be submitted:

  • Application Letter stating:
    • Type of business activity
    • Amount of Funding (Capital)
    • Source of Funding
    • Location of the business
    • Address to the Chief Executive Officer (Ministry for Revenue)
    • Request for Business License
  • Passport copies of all shareholders.
  • Roster with name(s) of shareholder(s) with respective number of shares, name(s) of director(s), and name(s) of secretary(s) for the company.
  • Certificate of Incorporation (Ministry of Commerce, Industry and Labor).
  • Completed and signed IR24 Form (filled in by Business License Officer).
  • Site map (location) of the business.
  • Fee (SAT 500.00 per activity).

Businesses must also register for VAGST (value-added-goods-and-services tax), in the event that annual gross sales are greater than or equal to WST 130,000. The Application for VAGST Registration Form (Section 9 & 10 VAGST Act 2015) is submitted to the Ministry for Revenue.

Businesses must register for Pay As You Earn (PAYE) tax deductions from employees’ salary, which are paid monthly. The Application for PAYE Registration Form is submitted to the Ministry for Revenue.

Time and cost: 4 days, WST 500 per license (1 per activity)

Register with the National Provident Fund (superannuation)

Agency: National Provident Fund

The company must contribute 10% of employees’ gross salaries to the National Provident Fund. The company can recover 5% of the contribution from the employee’s wage provided he deducts it in a timely manner. The company cannot recover contributions that are more than six months old.

Time and cost: 2 days on average, no charge

Register with the Accident Compensation Board

Agency: Accident Compensation Board

The company and employees each must contribute 1% of employee’s gross salaries to the fund.

Time and cost: 2 days on average, no charge