1. Request a Board of Inland Revenue (BIR) Number for your company.
  2. Obtain a VAT Clearance or VAT Number if your company is projected to earn over TTD $500,000 per year.
  3. Acquire a company stamp or seal.
  4. Submit an application to open a company bank account.
  1. Submit the annual returns to the Company Registry within 30 days after each anniversary date of incorporation.
  2. Notify the Company Registry of any changes to the company's directors.
  3. Notify the Company Registry of any changes to the company's secretary or assistant secretaries.
  4. Notify the Company Registry of any changes to the company's address.
  5. Fulfill the company's tax obligations by paying taxes and filing tax returns.
  1. The directors of a company are required to fulfill three main legal duties, which are:
  2. To oversee the management of the company's business and affairs.
    To act with honesty and good faith, while prioritizing the best interests of the company.
  3. To exercise reasonable care, diligence, and skill, similar to that of a prudent person.

The role of the secretary is to ensure that the directors follow proper procedures and fulfill their legal and statutory obligations. The secretary also assists in coordinating the activities of the directors, such as arranging and documenting meetings. Additionally, the secretary is responsible for maintaining the records of the company, including legal and statutory documents, board meeting minutes, and the company's seal for security purposes

It is recommended that every business should maintain a separate bank account. This practice is not only legally required to keep your personal and business funds separate but also has tax benefits.

Having a separate business bank account allows for better organization of your financial transactions, making it easy to track income and expenses. This also simplifies the process of compiling financial information during tax season.

Furthermore, maintaining a clear distinction between your personal and business finances enables you to evaluate the profitability of your business more accurately.

As a director of a limited company, you can withdraw money from the company in three ways:

  1. Salary, expenses, and benefits: If you wish to receive a salary, expenses, or benefits from the company, you need to register the company as an employer with the National Insurance Board (NIS).

  2. Dividends: A dividend is a payment that a company can make to shareholders if it has generated enough profits.

  3. Directors' loans: If you withdraw more money from the company than you have invested, and it is not in the form of salary or dividends, it is referred to as a 'directors' loan'. If your company provides directors' loans, it is essential to maintain accurate records of them.

According to legal requirements, your company must report the following changes:

Changes in directors: Any changes in directors' appointments, names, or addresses must be reported within thirty (30) days of the change by completing and filing the Notice of Directors/Notice of Change of Directors.

Changes in address: If your company's address changes, you must report it within thirty (30) days of the change by completing and filing the Notice of Address/Notice of Change of Address.

Changes in secretary: Any changes in the appointment, name, or address of the secretary must be reported within thirty (30) days of the change by completing and filing the Notice of Secretary/Notice of Change of Secretary

The type of business you choose will depend on your goals, resources, and risk tolerance. It's important to consult a business advisor or attorney to determine which type of business is best for you.

Records about the company such as:

  1. Directors, shareholders and company secretaries.
  2. The results of any shareholder votes and resolution, promises for the company to repay loans at a specific date in the future (‘debentures’) and who they must be paid back to.
  3. Promises the company makes for payments if something goes wrong and it’s the company’s fault (‘indemnities’).
  4. Transactions when someone buys shares in the company and loans or mortgages are secured against the company’s assets.

Financial and accounting records:

  1. All money received and spent by the company.
  2. Dividends paid out.
  3. Details of assets owned by the company.
  4. Debts the company owes or is owed.
  5. Stock the company owns at the end of the financial year.
  6. All goods bought and sold; who you bought and sold them to and from (unless you run a retail business).