Organization : Inland Revenue Department
Type of Facility : Applying For Business Licence
Country: St. Kitts & Nevis
Website : https://www.sknird.com/
Applying for Starting A Business :
The first step in starting a new business is to have an outline showing what your business plan will entail. While the success of a business is not guaranteed, a well thought out plan will increase the odds in your favour.
Related : Inland Revenue Department St. Kitts & Nevis Obtaining Driver’s Licence : www.statusin.org/8306.html
This plan should include visiting the Inland Revenue Department to determine the taxes and licences for which you will be liable. After you have worked out the details of your plan, it is time to get the business registered. A business plan is not required for this.
There are two ways to register your business depending on whether your business will be incorporated or whether you choose to be a sole trader. For information on incorporating your business you can contact the Financial Services Regulatory Commission (FSRC) at 869-467-1019, located on Liverpool Row in Basseterre, St. Kitts or Charlestown, Nevis. If you chose to carry on business as a sole trader, then you will not have to go through this step. An individual should do the necessary research to determine which avenue is best, depending on their unique circumstances, and the type of business venture they wish to undertake.
One of the most important aspects of conducting a business, is ensuring that proper and complete records are kept for all transactions relating to the business. In addition, business records should always be kept separate from personal records. These two will be invaluable in helping you to determine the success of your enterprise, and it is required for tax purposes.
Applying For A Business Licence:
All businesses, whether incorporated or sole trader, are required to have a business licence before the start of operations as stated in the Licences on Businesses and Occupations Act Chapter 18.20
(1) Notwithstanding anything contained in any other law, every person wishing to carry on a business, occupation or trade or practising any profession mentioned in the Schedule to this Act, as a condition precedent to carrying on any such business, occupation, profession or trade, shall apply in writing to and obtain from the Minister a licence to engage in or to conduct such business, occupation, profession or trade and such licence shall be according to the classification thereof in the said Schedule, and shall be issuable on payment of the prescribed fee.
(2) A licence issued under subsection (1) of this section shall entitle the holder thereof, for the period specified in the licence, to carry on the specified business or occupation, profession or trade from the designated place of business.
Applications for a Business Licence should be submitted to the Ministry of Finance, located at Golden Rock, Basseterre. The Business and Occupation Licence Application must be fully completed when submitted, and applicants must provide two forms of picture identification, for each owner listed on the application. Acceptable IDs are passports, St Christopher and Nevis drivers licence, St Christopher and Nevis Social Security card and National Identification card. Other international forms of identification, such as driver licences and national IDs may be accepted.
Depending on the type of licence being sought there may be further requirements. For example, a licence to operate a restaurant will require that the premises and surrounding environment, be examined by a health officer, before the licence is granted. In addition, there will be periodic checks to ensure that the premises remain sanitary, and all the health codes are being followed.
Other types of businesses may have other regulations and rules, set by other government agencies which must be followed before a licence is issued. These agencies will also be responsible for ensuring that the rules are followed after operations have started.
There are many different types of business licences with different fees. The Business and Occupation page of the website contains a list to which you can refer.
Business Licence Payments And Registration For Tax:
If the application for licence is approved, the successful applicant will receive notice from the Ministry of Finance or the Inland Revenue Department, informing them to visit the Inland Revenue Department to officially register the business and pay for the licence.
On completion of the registration and payment, the Department will issue a Business and Occupation Licence Certificate. This must be displayed in the business place of operation, where it can be viewed by the general public. If the owner has applied for multiple licences, each licence must be displayed in the appropriate business location.
During registration, the owners may be registered for other taxes as provided by the tax laws of the Federation. The compulsory taxes are the Unincorporated Business Tax (UBT) for those businesses that are not incorporated and the Corporate Income Tax (CIT) for those companies that are incorporated. There may be other taxes licences and fees associated with your enterprise. For example, an insurance business will also be registered for Insurance Premium Tax and Insurance Registration Fees and Tour operators will also be registered for Island Enhancement Tax
It is recommended that the business owner visit the Department, so that he /she can fully understand their tax rights, responsibilities and obligations and seek clarification on any issue they may have.