Aspiring entrepreneurs and business owners now have a handy guide to help them with starting and maintaining compliance with local regulations.
The Trade & Quality Infrastructure on Wednesday, December 9, 2020 launched the Business Registration & Compliance Handbook. The 36-page book which is currently available digitally provides information from choosing a business name to completing government forms such as Inland Revenue and Social Security.
Agatha Aspin, the Business Services Officer in the Trade Division did a brief walk through of the booklet, will shortly be made available in printed formats. It contains details on selecting the right legal framework for the business, employer and employee obligations, paying provisional taxes and much more.
The book came about as a result of many local businesses being non-compliant and unable to access stimulus support from the government during the lockdown.
The hour-long forum also provided an update on the soon to be launched National Development Foundation, which will be backed by the St. Patrick’s Cooperative Credit Union. Romily Murraine, Board Member of the NDF said a maximum loan amount of $50,000 will be available for borrowing for successful applicants. She said the fund was not a venture capital firm and would require sound business plans and collateral to consider granting a loan. She did not give details of the interest will be offering but said it would be lower than current commercial rates.
The NDF is expected to begin accepting applications in the new year.