Tentmaker Reports

Trinidad and Tobago Report

Entrepreneurial Missions Index

42.18

General Information

Population

1,341,465 (142nd most populous country in the world)

RELIGIONS
Roman Catholic26.0%
Hindu22.5%
Anglican7.8%
Baptist7.2%
Pentecostal6.8%
Muslim5.8%
Seventh Day Adventist4.0%
Other Christian5.8%
Other10.8%
Unspecified1.4%
None1.9%
LANGUAGES
English
Caribbean Hindustani
French
Spanish
Chinese

Industries

Petroleum and petroleum products, liquefied natural gas, methanol, ammonia, urea, steel products, beverages, food processing, cement, cotton textiles

Unless otherwise noted, all information included here was obtained from the World Factbook project 4, conducted by the Central Intelligence Agency (CIA). For more detailed information about Trinidad and Tobago, visit https://www.cia.gov/library/publications/the-world-factbook/geos/tt.html.

Business Information

The World Bank ranks Trinidad and Tobago as 76 out of 183 economies in terms of ease of doing business. The country ranks as 0 (of 183) in terms of ease of starting a business.

It requires 0 procedures, takes 0 days, and costs N/A% of income per capita to start a business in Trinidad and Tobago.

In order to start a business in Trinidad and Tobago, one must follow these procedures:

  1. Request company name
  2. Statutory declaration before Commissioner of Affidavits
  3. Emboss Articles of Incorporation at the Board of Inland Revenue
  4. Registration with the Commercial Registry
  5. Make a company seal
  6. Apply for a tax payer identification number
  7. Apply for Registration as an employer with National Insurance Board
  8. Apply for Registration as an Employer with National Insurance Board
  9. Register for VAT

Unless otherwise noted, all information included here was obtained from the Doing Business project 3, conducted by the World Bank. For more detailed information about starting a business in Trinidad and Tobago, visit http://www.doingbusiness.org/.

 

 

Trinidad and Tobago Economic Freedom

The annual survey Economic Freedom of the World is an indicator produced by the Fraser Institute, a libertarian think tank which attempts to measure the degree of economic freedom in the world's nations. Economic Freedom of the World index has been more widely used than any other measure of economic freedom, because of its coverage of a longer time period

Their measure of economic freedom is based on that the following standards:

  • Personal choice rather than collective choice,
  • Voluntary exchange coordinated by markets rather than allocation via the political process,
  • Freedom to enter and compete in markets, and
  • Protection of persons and their property from aggression by others.

A state will rate high when it focuses on protection of people and their property from the actions of aggressors, enforcement of contracts, and provision of the limited set of public goods like roads, flood control projects, and money of stable value and little else, but a country’s rating on the EFW summary index will fall as government expenditures increase and regulations expand.   

 

Trinidad and Tobago Summary

 

1 World Economic Forum

2 Free the World
Gwartney, James and Robert Lawson with Herbert Grubel, Jakob de Haan, Jan-Egbert Sturm, and Eelco Zandberg (2009). Economic Freedom of the World: 2009 Annual Report. Vancouver, BC: The Fraser Institute. Data retrieved from www.freetheworld.com.

3 World Bank Data

4 World Factbook Project

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