doing business in trinidad & tobago.

Do business in Trinidad and Tobago. The U. S. Dept.
Already produced 62-
Page national business guide, providing useful information on doing business in Trinidad and Tobago. Excerptsfollow.
Email me if you would like to read the full report (Kalwagenheim @ cscom)
I will send it to you by email in the form of a file attachment: Market Overview Trinidad and Tobago (Population 1. 3 million)
Thanks to past economic reforms, coupled with tight monetary and fiscal responsibility and high oil prices, positive economic growth experienced in 2005 for 13 consecutive years.
The real GDP growth rate in 2004 was 6.
5%. The government expects real GDP to grow by 7% in 2005. 14% in 2006.
40 of the energy sector.
5% of GDP in 2004.
Growth in the sector will be boosted by the end of 2006
The ongoing activities of the Atlantic LNG 4 train and M5000 methanol plant as well as the construction sector. Non-
Manufacturing activity in the energy sector increased in 2005.
In the service sector, it is expected that the cost of transportation, storage and communications will be increased by six times. 4% in 2005.
The government is expected to make a decision in the medium term
2006 contract awarded for the construction of a lamp
Railway transport system in Trinidad.
Another major factor contributing to the growth of services is communication.
The two mobile operators will start their services in early 2006.
Rising food prices were the main driving force behind inflation in 2005. The inflation rate is 6.
8% in the first 11 months of 20053. 5% in Jan. -Nov. 2004.
Food prices rose to 12-
Rate of 22. 6% inNov. 2005.
In 2004, the balance of payments in the country exceeded $0. 734 billion or $6.
4% of GDP, with a current account surplus of $1,788. 1 million or 156% of GDP.
The balance of payments for the first six months of 2005 was $634. 4 million.
By the end of 2004, T & T\'s total international reserves were estimated at $4,209.
2 million, 29.
1% higher than in 2003.
As of June 2005, China\'s international reserves totaled US $3,113.
2 million or equivalent to 6 million.
The import guarantee is 7 months.
The expected unemployment rate of 2005 per cent was 8% per cent, below 10 per cent. 2% in 2004;
T & T has a trade surplus of $1.
2004 517 billion.
The first quarter of 2005 was $0. 875 billion, mainly due to $56.
Mineral exports grew by 4%. The U. S.
Continue to bet on & T\'s major trading partners.
T & T imported $1 in 2004.
650 billion goods from the United States. S.
Representing 33.
9% of T & Tmerchandise\'s total imports.
At the same time, the freight for T & T is $4.
Export value 392 billion (69.
8% of total T & T exports)to the USA.
In the first quarter of 2005, T & T imported $0. 273 billion from the United States (23.
9% of total T & T imports)Sold $1. 383 billion (69. 1%of the total)
Exports to the United States;
S & P for its long term
Long-term foreign currency credit rating from BBB to A-Tin July 2005.
T & T\'s S & Plocal currency credit rating rose to.
However, S & Plowered\'s prospects range from \"positive\" to \"stable \".
Moody\'s raised T & T\'s foreign currency rating from baa3 to Baa2;
Natural resources of T & T, English-
Investors are interested in the language labor force, a good investment environment, a stable democratic political system and a strategic position on the South American coast.
The rule of law and respect for contracts are an important part of business activities.
Although the T & T market is small, it has a close political, economic and cultural connection with the United States, which gives us a competitive advantage in goods and services and makes some of them occupy the market.
Almost all barriers to investment have been removed since 1992.
Persons engaged in legal employment for more than 30 days require a work permit.
A work permit must be obtained by a potential employer before the person arrives at T & T.
Issue work permit within a specific period (
Two years in general)
Local residents must be trained at which time to replace foreign employees;
Good market opportunities in petrochemical industry;
Food processing packaging; Construction;
Computers and peripheral equipment;
Telecom; Automotive; Tourism;
Using an agent or distributor T & T does not have specific legislation for a regulatory representative, distributor or distributor.
The agreement to appoint an agent is governed by the common law principle, and under the common law principle, the parties are almost free to form their own terms of the contract.
There are no statutory restrictions or regulations governing the period of appointment, the period of termination notice or the level of commission that the agent is entitled;
Foreign investors are free to negotiate agency, distribution and franchise agreements with T & T nationals.
Royalties and commission rates are not regulated and may be freely agreed upon by the parties concerned.
In addition to the rights set out in the contract, the agent generally does not acquire any additional rights as an employee.
The contract usually states that the agent is not treated as an employee or partner of the client. However, long-
Regular dealers/agents sometimes get some distribution rights requirements that go beyond the local common law interpretation and in some cases replace contractual rights.
In this case, foreign product suppliers may have to buy back dealer rights from local agents. The U. S.
Commercial services in Port of Spain can help to identify the right agents and distributors.
More information can be obtained on www. BuyUSA. gov/ caribbean.
Details: email Hannah. Bereaux@mail. doc.
The government set up an office in 1997, and the new company law replaces the 1950 company regulations based on the United States. K.
Company Law of 1929.
It is based on the Canadian model, similar to the American model. S. law;
Public and private limited liability companies: the most widely used form of commercial entity is limited liability companies, of which there are two types: public and non-publicpublic. Non-
A listed company requires at least two directors and a listed company requires at least three directors, of which at least two are not executives or employees of the company or any of its affiliates.
Articles of Association of Non-companies
Public companies restrict the right to transfer shares and prohibit any invitation to the public to subscribe for shares or bonds;
Branch: an external company setting up a place of business at T & T is required to register within 14 days established under Part 2 of the company law.
In order to re-register the branch, the company must submit the constitution and company information to the company registrar.
The information must include the name of the lawyer-in-
Fact residents of T & T are authorized to receive process services and other notices.
The application fee and fee are 2,000 RMB (US$ 320).
It is easier to register a branch than to set up a company, but because the difference is so small and the trade branch has a tax disadvantage, when deciding the type of entity to use, this should not be the main consideration;
Company Registration: the company registrar must approve the name of any proposed limited liability company, and the name of the company must include the word \"limited\" or the abbreviation \"limited.
\"The Articles of Association of the company are submitted to the company registrant for the purpose of obtaining the company registration certificate.
The articles of association include the rules of shareholders\' rights.
The articles of association must include rules and regulations governing the operation of the company.
Details: company registrar, 34 Frederick Street, Port of Spain. TEL: (868)625-9971; FAX: (868)625-6530;
Local and international franchises are common here.
Including Burger King, chicken from church, KFC, father John, Pizza Hut, TCBY, TGI Friday, Subway sandwich, Tony Roman and Ruby Tuesday.
Royalties related to the franchise agreement are paid to non-
Residents franchisor and have different withholding-
Tax rates under the residence of franchisor and the applicable double taxation treaty.
As an alternative to direct franchising, franchisees may delegate the responsibility for recruiting, appointing and supervising franchisees to T & T\'s \"master license \";
Little or no direct telemarketing or on-site marketingto-
On-site sales occur at T & T;
The joint venture of the joint venture/licensed T & T is governed by the joint venture agreement negotiated by both parties. U. S.
Companies sometimes find it necessary to establish such a relationship as a way to keep in touch with the established network of contacts and to obtain ready-made information and actions on the tendering procedures for government contracts;
Selling to the government almost all goods sold to the government must go through the bidding process.
Government procurement is largely open and fair.
The government is not a party to the WTO code on government procurement.
Government and government
The procurement of products and services by its own enterprises generally adheres to the public bidding process.
In 2005, the government announced that it would replace the central tendering committee with a decentralized system in which ministries and commissions each conduct tenders.
The three daily newspapers published a tender announcement.
The American Chamber of Commerce provides tracking of many bids through its website;
The use of e-commerce is growing.
Many people buy products from the United States. S.
Through the Internet.
However, Trinidad has made slow progress in building its own e-business;
Trade Promotion and advertising companies target products for age, income and ethnic groups.
Radio is the preferred advertising media, followed by print advertising (
Mainly newspapers)
And TV.
The wide viewing of American programs has boosted sales in the United States. S. products.
Word of mouth is also an important advertising factor given the small size of T & T.
Little or no direct telemarketing or door-to-doorto-door sales.
In addition to the laws protecting the use of trademarks, T & T does not have laws or regulations governing product advertising and other forms of trade promotion.
Advertisements for professional services, such as advertisements for doctors and lawyers, are generally not allowed;
Main Newspaper: Trinidad Guardian
Editor Dominic calapelardin-Chief 22 -24 St. Vincent St. The Port of Spain. TEL: (868)623-8870; FAX: (868)623-8871EXT. 5000.
Advertising :(868)-625-5702 edit (868)-625-7211.
Trinidad ExpressMs.
Omatie Lyder, edit.
No. 35 and No. 37 Independence Square, Port of Spain. TEL: (868)623-1711; FAX: (868)625-8897.
Trinidad and TobagoMs.
Alice factory, editor-in-chiefin-Chief. Chacon House.
1921 Chacan Street, Port of Spain. TEL: (868)623-4929; FAX: (868)625-8362 .