Employer Of Record in Trinidad and Tobago
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How we can help you expand in Trinidad and Tobago
As your EOR in Trinidad and Tobago we’d help you expand by hiring employees and running their payroll without establishing a local branch office or subsidiary.
Your candidate is hired by a PEO in Trinidad and Tobago provider in accordance with local labor laws and can be onboarded in days instead of the months it typically takes. Shortly after, your new employee will be working for you, just like any other member of your team.
Expand to Trinidad and Tobago with Serviap Global
Through our PEO and EOR services, you can hire qualified talent in your industry without the trouble of opening your own legal entity.
In just a few days, you can easily and safely build a presence in Trinidad and Tobago being sure that your staff will be hired in compliance with labor and tax regulations
Table of Contents
Trinidad and Tobago Dollar (TTD)
Port of Spain
The EconomyThe Republic of Trinidad and Tobago relies heavily on its energy resources, particularly petroleum and gas, which account for 80% of its exports. Other main industries are chemicals, food processing, cement, and beverages. The country’s main export partners are the United States, Jamaica, and France. Its natural resources have placed the country as one of the strongest economies in the Caribbean and it continues to attract international investors.
Small and Medium BusinessesSmall and medium businesses make up about 45% of Nicaragua’s GDP and they account for 74% of jobs. The country has improved its investment climate by reducing the time needed to get a business license or construction permits. There are also improvements in access to patents and trademarks. The United States has provided grants to the food agribusiness, clothing textiles, leather goods, wooden furniture, and artisan products. The Nicaraguan Ministry of Labor has trained many small and medium businesses on worker health and safety to reduce turnover and absenteeism. SMEs should continue to provide growth for the country.
Starting a BusinessAny person from any nationality may start a business in Trinidad and Tobago. An investor will have the choice of creating a Limited Liability Company, a Partnership, or a Sole Proprietorship. To register a business, the investor will need to complete online registration using a Single Electronic Window portal. The fee to register a business name is TT$25.00 and the fees to register legal status of the business is TT$220.00. The business becomes legal once it has received the Certificate of Business Registration. This is the third wealthiest area in the Caribbean, and is recognized as a high-income economy. This is due to the large reserves of oil and natural gas. With a high growth rate, this is a good place to start a business, especially in liquefied natural gas and petrochemicals, aluminum and plastics. It also supplies a wealth of food and beverages, and cement.
|Payroll Cycle||Pay is made monthly|
|Minimum Wage||Pay is received bimonthly, otherwise employees in manual work are paid weekly.|
|Wages||The standard working week is 48 hours and overtime pay is 100% of the regular salary. There is a maximum of 9 hours a week, and 3 hours a day. If employees work on a rest day, they receive above 100%. Pregnant employees cannot perform night time work.|
|The median salary3.994 euros per month|
|Overtime||Overtime work is paid at a rate of 150% for the first four hours and then bumps to 200%|
|Leaves of Absence|
|Employees have the right to paid absences for the following things:||Paid time off, and sick days vary depending on the industry. There are 14 weeks for paid maternity leave, which can be extended, and there are no stipulations for paternity leave|
Tax advantagesThe country of Trinidad and Tobago offers foreign tax credits to avoid double taxation. Registered foreign companies also benefit from a tax holiday which lasts up to 10 years. The exemption may be total or partial. Profits may be shared tax free and net losses can be carried forward for 5 years for set offs. The Tourism Development Act 2000 allows for approved tourism development projects, like hotels and resorts, to benefit from a tax holiday for 7 years. A Free Zone allows certain companies, like manufacturing, to be tax free. Promotional expenses for services and produced goods are tax deductible as an expense at 150% and companies grating scholarships can deduct the amount. There is a 150% allowance for audiovisual expenses and if a company chooses to set up a child care facility for a maximum of TTD$ 500,000. There is a 150% deduction for wear and tear of equipment and machinery and a company can claim a deduction of 150% for training employees. All of this ensures that businesses can remain running, and give their employees good benefits.
Business CultureThe country has a long history of trade with global partners, and it enjoys a high living standard.
- Be Kind
- The Difference
- English Speaking
- Make Friends
Food CulturePeople eat a lot of seafood, a variety of fruits, and leafy vegetables. It is a land where many cultures have crossed, and it shows in the variety of dishes. People like to make dumplings such as the Aloo pie, which is a soft fried pastry filled with vegetables. But Indian desserts and sweets are popular. On the street, people can readily find gyros, kebabs and wontons. Ice-cream is also a local favorite and is often made with coconut milk and condensed milk.
PopulationTrinidadians and Tobagonians have diverse ethnic roots coming from India, Africa, Europe, and Asia. Most people are of Indian (35%) or African (34%) descent. The religious landscape is varied. They value family relationships and will typically leave close to extended family. The majority of people consider themselves Christians, but there are also many Hindus and Muslims. They also love music and invented the now famous calypso drum.
GeographyThe country is an archipelagic republic in the southern Caribbean, northeast of Venezuela. It enjoys a tropical climate with dry and wet seasons. The southern part of Trinidad island is rich in oil and has the world’s biggest asphalt deposit on the southwest side of the island, which is called Pitch Lake. Tobago is a much smaller island that is known for its amazing coral reef called the Buccoo Coral Reef. This reef is popular with divers.
- San Fernando
|Country||Trinidad and Tobago|
|Num. States / Province||There are 9 regions Couva/Tabaquite/Talparo, Diego Martin, Mayaro/Rio Claro, Penal/Debe, Princes Town, Sangre Grande, San Juan/ Laventille, Siparia, Tunapuna/Piarco.|
|Local Currency||Trinidad and Tobago dollar|
|Thousands Separator Format||999,999,999,99|
|Country Dial Code||+868|
|Border Countries||Island in the Caribbean Sea, close to Venezuela|
|Continental surface||1,980 mi²|
|Fiscal Year||October 1st – September 30th|
|Taxpayer Identification Number Name in the country||Numéro National (NN)|
|Current President||Paula-Mae Weekes|
Laws and Agencies that regulate labor relationshipsTrinidad and Tobago are part of the International Labor Organization, and these laws govern how employment is handled. However, there is flexibility between the employer and the employee.
|Constitution of the Republic of Trinidad and Tobago||This constitution was published in 1976|
|Organization membership –||ACP, AOSIS, C, Caricom, CDB, CELAC, EITI (compliant country), FAO, G-24, G-77, IADB, IAEA, IBRD, ICAO, ICC (NGOs), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAES, MIGA, NAM, OAS, OPANAL, OPCW, Pacific Alliance (observer), Paris Club (associate), UN, UNCTAD, UNESCO, UNIDO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO|
|National Insurance Board (NIBTT) and Board of Inland Revenue (BIR)||Every employee that is hired needs to be reported to the NIBTT within the first 7 days. And also the BIR|
|Social Security||1934 (public-sector mandatory occupational pension), 1939 (old-age social pension), 1951 (social assistance), and 1971 (social insurance). Social Security does not always cover a self-employed person or certain employees of international organizations. An employer pays 2/3 of 13.2% of weekly or monthly reference payroll, based on 16 wage classes|
Key Tax and Labor Authorities
|Trinidad and Tobago Revenue Authority (TTRA)||Collects government revenue|
|Ministry of Finance||Principal tax collecting agency|
|Inland Revenue Division||Principal tax collecting agency|
|The Industrial Stabilisation Act||During the 1950s to early 60s, there were an increasing amount of strikes and instability in the economy due to labor disputes. The government put the Industrial Stabalisation Act in place, which introduced the concept of compulsory arbitration and the Industrial Court|
|Several Contracts Can be Agreed Upon||• Permanent contract • Part-time contract • Fixed-term contract • Agency contract • Contractor agreement • Casual contract.|
|Verbal vs Written Contracts||Contracts in Trinidad and Tobago can be verbally or explicitly expressed.|
|Compensation Laws||An employer must provide an employer a written payslip, which contains information about earnings, tax deductions and NIS numbers.|
|Collective Bargaining Agreements||Collective bargaining agreements happen between companies and the recognized majority union. And the employee and employer can also bargain collectively. The Industrial Relations Act regulates the process of this bargaining.|
|Work Hours||People work 8 hours a day, five days a week, or 40 hours a week.|
|Corporation Type||Tax Rate %|
|Petrochemical Companies/ banks||35|
|Life Insurance Companies||0/15/25/30|
|Petroleum Production Companies||50|
|Petroleum Production Companies (deep sea)||35|
Public HolidaysThe Labor Code provides for public holidays that are observed in Trinidad and Tobago:
|1 January||New Year’s Day|
|30 March||Spiritual Baptist/Shouter Liberation Day|
|15 April, Friday before Easter||Good Friday|
|18 April, Monday after Good Friday||Easter Monday|
|2-3 May||Eid al-Fitr|
|30 May||Indian Arrival Day|
|16 June||Feast of Corpus Christi|
|20 June||Labour Day|
|1 Aug||Emancipation Day (of Trinidad and Tobago)|
|31 Aug||Independence Day|
|24 Sep||Trinidad and Tobago Republic Day|
|25 December||Christmas Day|
|26 December||Boxing Day|
TerminationThere must be grounds for dismissal when letting an employee go in Trinidad and Tobago, with an open ended contract.
|Type of Termination||Brief Description|
|Justified Dismissal||There must be a valid reason to let an employee go. Therefore, the employer must investigate any misconduct. If the employee has broken any policies, then they must be told so and given the opportunity to respond. The employee must always be warned that their job is in jeopardy and given fair trial. However, if there is gross misconduct, the employer does not need to give notice.|
|Unjust Dismissal||When an employee alleges unjust dismissal, he or she may seek union representation, and if there is no settlement, it can be taken to Industrial Court. There they could argue for reinstatement or re-employment, compensation or damages, which include exemplary damages in lieu of reinstatement. There is no law the court is bound to follow. They will base their decision on an opinion of fairness.|
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