Trinidad and Tobago Doing Business 2020

Doing Business 2020 Trinidad and Tobago
Economy Profile
Trinidad and Tobago
Page 1
Economy Profile of Trinidad and Tobago

Doing Business 2020 Indicators
(in order of appearance in the document)
Starting a business Procedures, time, cost and paid-in minimum capital to start a limited liability company
Dealing with construction permits Procedures, time and cost to complete all formalities to build a warehouse and the quality control and safety
mechanisms in the construction permitting system
Getting electricity Procedures, time and cost to get connected to the electrical grid, and the reliability of the electricity supply and
the transparency of tariffs
Registering property Procedures, time and cost to transfer a property and the quality of the land administration system
Getting credit Movable collateral laws and credit information systems
Protecting minority investors Minority shareholders’ rights in related-party transactions and in corporate governance
Paying taxes Payments, time, total tax and contribution rate for a firm to comply with all tax regulations as well as postfiling
processes
Trading across borders Time and cost to export the product of comparative advantage and import auto parts
Enforcing contracts Time and cost to resolve a commercial dispute and the quality of judicial processes
Resolving insolvency Time, cost, outcome and recovery rate for a commercial insolvency and the strength of the legal framework for
insolvency
Employing workers Flexibility in employment regulation and redundancy cost
Page 2
About Doing Business
The Doing Business project provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and
regional level.
The Doing Business project, launched in 2002, looks at domestic small and medium-size companies and measures the regulations applying to them through their life
cycle.
Doing Business captures several important dimensions of the regulatory environment as it applies to local firms. It provides quantitative indicators on regulation for
starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across
borders, enforcing contracts and resolving insolvency. Doing Business also measures features of employing workers. Although Doing Business does not present rankings
of economies on the employing workers indicators or include the topic in the aggregate ease of doing business score or ranking on the ease of doing business, it does
present the data for these indicators.
By gathering and analyzing comprehensive quantitative data to compare business regulation environments across economies and over time, Doing Business encourages
economies to compete towards more efficient regulation; offers measurable benchmarks for reform; and serves as a resource for academics, journalists, private sector
researchers and others interested in the business climate of each economy.
In addition, Doing Business offers detailed subnational studies, which exhaustively cover business regulation and reform in different cities and regions within a nation.
These studies provide data on the ease of doing business, rank each location, and recommend reforms to improve performance in each of the indicator areas. Selected
cities can compare their business regulations with other cities in the economy or region and with the 190 economies that Doing Business has ranked.
The first Doing Business study, published in 2003, covered 5 indicator sets and 133 economies. This year’s study covers 11 indicator sets and 190 economies. Most
indicator sets refer to a case scenario in the largest business city of each economy, except for 11 economies that have a population of more than 100 million as of 2013
(Bangladesh, Brazil, China, India, Indonesia, Japan, Mexico, Nigeria, Pakistan, the Russian Federation and the United States) where Doing Business also collected data
for the second largest business city. The data for these 11 economies are a population-weighted average for the 2 largest business cities. The project has benefited from
feedback from governments, academics, practitioners and reviewers. The initial goal remains: to provide an objective basis for understanding and improving the
regulatory environment for business around the world.
To learn more about Doing Business please visit doingbusiness.org
Page 3
Ease of Doing Business in DB RANK DB SCORE

Region Latin America & Caribbean
Trinidad and Tobago

Income Category High income
Population 1,389,858 105 61.3
City Covered Port of Spain
Rankings on Doing Business topics - Trinidad and Tobago
43
57
67
79 83
126
134
158 160
174
Starting Dealing Getting Registering Getting Protecting Paying Trading Enforcing Resolving
a with Electricity Property Credit Minority Taxes across Contracts Insolvency
Business Construction Investors Borders
Permits
Topic Scores
88.6 64.1 84.3 46.7 65.0 64.0 53.5 62.6 35.6 48.4
Starting a Business (rank) 79 Getting Credit (rank) 67 Trading across Borders (rank) 134
Score of starting a business (0-100) 88.6 Score of getting credit (0-100) 65.0 Score of trading across borders (0-100) 62.6
Procedures (number) 7 Strength of legal rights index (0-12) 7 Time to export
Time (days) 10.5 Depth of credit information index (0-8) 6 Documentary compliance (hours) 32
Cost (number) 0.7 Credit registry coverage (% of adults) 0.0 Border compliance (hours) 60
Paid-in min. capital (% of income per capita) 0.0 Credit bureau coverage (% of adults) 81.0 Cost to export
Documentary compliance (USD) 250
Dealing with Construction Permits (rank) 126 Protecting Minority Investors (rank) 57 Border compliance (USD) 499
Score of dealing with construction permits (0-100) 64.1 Score of protecting minority investors (0-100) 64.0 Time to export
Procedures (number) 16 Extent of disclosure index (0-10) 4.0 Documentary compliance (hours) 44
Time (days) 254 Extent of director liability index (0-10) 9.0 Border compliance (hours) 78
Cost (% of warehouse value) 0.1 Ease of shareholder suits index (0-10) 8.0 Cost to export
Building quality control index (0-15) 10.0 Extent of shareholder rights index (0-6) 5.0 Documentary compliance (USD) 250
Extent of ownership and control index (0-7) 4.0 Border compliance (USD) 635
Getting Electricity (rank) 43 Extent of corporate transparency index (0-7) 2.0
Score of getting electricity (0-100) 84.3 Enforcing Contracts (rank) 174
Procedures (number) 4 Paying Taxes (rank) 160 Score of enforcing contracts (0-100) 35.6
Time (days) 61 Score of paying taxes (0-100) 53.5 Time (days) 1,340
Cost (% of income per capita) 185.3 Payments (number per year) 39 Cost (% of claim value) 33.5
Reliability of supply and transparency of tariff index (0-8) 6 Time (hours per year) 210 Quality of judicial processes index (0-18) 8.0
Total tax and contribution rate (% of profit) 40.5
Registering Property (rank) 158 Postfiling index (0-100) 19.5 Resolving Insolvency (rank) 83
Score of registering property (0-100) 46.7 Score of resolving insolvency (0-100) 48.4
Procedures (number) 9 Recovery rate (cents on the dollar) 26.1
Time (days) 77 Time (years) 2.5
Cost (% of property value) 7.0 Cost (% of estate) 25.0
Quality of the land administration index (0-30) 11.0 Outcome (0 as piecemeal sale and 1 as going 0
concern)
Strength of insolvency framework index (0-16) 11.0
Page 4
Starting a Business
This topic measures the number of procedures, time, cost and paid-in minimum capital requirement for a small- to medium-sized limited liability company to start up and
formally operate in each economy’s largest business city.
To make the data comparable across 190 economies, Doing Business uses a standardized business that is 100% domestically owned, has start-up capital equivalent to
10 times the income per capita, engages in general industrial or commercial activities and employs between 10 and 50 people one month after the commencement of
operations, all of whom are domestic nationals. Starting a Business considers two types of local limited liability companies that are identical in all aspects, except that one
company is owned by 5 married women and the other by 5 married men. The ranking of economies on the ease of starting a business is determined by sorting their
scores for starting a business. These scores are the simple average of the scores for each of the component indicators.
The most recent round of data collection for the project was completed in May 2019. See the methodology for more information.
What the indicators measure Case study assumptions
Procedures to legally start and formally operate a company To make the data comparable across economies, several assumptions about the business and the
(number) procedures are used. It is assumed that any required information is readily available and that the
entrepreneur will pay no bribes.
• Preregistration (for example, name verification or reservation,
notarization)
The business:
• Registration in the economy’s largest business city -Is a limited liability company (or its legal equivalent). If there is more than one type of limited
• Postregistration (for example, social security registration, liability company in the economy, the limited liability form most common among domestic firms is
company seal) chosen. Information on the most common form is obtained from incorporation lawyers or the
statistical office.
• Obtaining approval from spouse to start a business or to leave -Operates in the economy’s largest business city. For 11 economies the data are also collected for
the home to register the company
the second largest business city.
• Obtaining any gender specific document for company -Performs general industrial or commercial activities such as the production or sale to the public of
registration and operation or national identification card goods or services. The business does not perform foreign trade activities and does not handle
products subject to a special tax regime, for example, liquor or tobacco. It is not using heavily
Time required to complete each procedure (calendar days) polluting production processes.
• Does not include time spent gathering information -Does not qualify for investment incentives or any special benefits.
-Is 100% domestically owned.
• Each procedure starts on a separate day (2 procedures cannot -Has five business owners, none of whom is a legal entity. One business owner holds 30% of the
start on the same day)
company shares, two owners have 20% of shares each, and two owners have 15% of shares
• Procedures fully completed online are recorded as ½ day each.
-Is managed by one local director.
• Procedure is considered completed once final document is -Has between 10 and 50 employees one month after the commencement of operations, all of them
received
domestic nationals.
• No prior contact with officials -Has start-up capital of 10 times income per capita.
-Has an estimated turnover of at least 100 times income per capita.
Cost required to complete each procedure (% of income per -Leases the commercial plant or offices and is not a proprietor of real estate.
capita) -Has an annual lease for the office space equivalent to one income per capita.
• Official costs only, no bribes -Is in an office space of approximately 929 square meters (10,000 square feet).
-Has a company deed that is 10 pages long.
• No professional fees unless services required by law or
commonly used in practice The owners:
Paid-in minimum capital (% of income per capita) -Have reached the legal age of majority and are capable of making decisions as an adult. If there
• Funds deposited in a bank or with third party before registration is no legal age of majority, they are assumed to be 30 years old.
or up to 3 months after incorporation -Are in good health and have no criminal record.
-Are married, the marriage is monogamous and registered with the authorities.
-Where the answer differs according to the legal system applicable to the woman or man in
question (as may be the case in economies where there is legal plurality), the answer used will be
the one that applies to the majority of the population.
Page 5
Starting a Business - Trinidad and Tobago
Standardized Company
Legal form Private Limited Liability Company
Paid-in minimum capital requirement No minimum
Indicator Trinidad and Latin America & OECD high Best Regulatory
Tobago Caribbean income Performance
Procedure – Men (number) 7 8.1 4.9 1 (2 Economies)
Time – Men (days) 10.5 28.8 9.2 0.5 (New Zealand)
Cost – Men (% of income per capita) 0.7 31.4 3.0 0.0 (2 Economies)
Procedure – Women (number) 7 8.1 4.9 1 (2 Economies)
Time – Women (days) 10.5 28.8 9.2 0.5 (New Zealand)
Cost – Women (% of income per capita) 0.7 31.4 3.0 0.0 (2 Economies)
Paid-in min. capital (% of income per capita) 0.0 0.4 7.6 0.0 (120 Economies)
Figure – Starting a Business in Trinidad and Tobago – Score
64.7 89.9 99.7 100.0
Procedures Time Cost Paid-in min. capital
Figure – Starting a Business in Trinidad and Tobago and comparator economies – Ranking and Score
DB 2020 Starting a Business Score
0 100
97.4: Jamaica (Rank: 6)
89.3: Dominica (Rank: 71)
88.6: Trinidad and Tobago (Rank: 79)
88.0: Grenada (Rank: 89)
82.6: Antigua and Barbuda (Rank: 130)
79.6: Regional Average (Latin America & Caribbean)
Note: The ranking of economies on the ease of starting a business is determined by sorting their scores for starting a business. These scores are the simple average of
the scores for each of the component indicators.
Page 6
Figure – Starting a Business in Trinidad and Tobago – Procedure, Time and Cost
Time (days) Cost (% of income per capita)

0.6
10
Cost (% of income per capita)

0.5
8
0.4
Time (days)
6
0.3
4
0.2
2
0.1
0 0
1 2 *3 4 *5 *6 *7
Procedures (number)
* This symbol is shown beside procedure numbers that take place simultaneously with the previous procedure.
Note: Online procedures account for 0.5 days in the total time calculation. For economies that have a different procedure list for men and women, the graph shows the
time for women. For more information on methodology, see the Doing Business website (http://doingbusiness.org/en/methodology). For details on the procedures
reflected here, see the summary below.
Page 7
Details – Starting a Business in Trinidad and Tobago – Procedure, Time and Cost
No. Procedures Time to Complete Associated Costs
1 Request the company name Less than one day TTD 25

Agency : Companies Registry (online procedure)
Company name search is done through the Single Electronic Window at www.ttbizlink.gov.tt.
2 Register with the Companies Registry 3 days TTD 560 (TTD 400 for
Agency : Companies Registry Articles of Incorporation
The completed documents are filed in person with the Commercial Registry, along with payment Form + TTD 40 for Notice
of the required fee. The company is legally registered and acquires its own legal personality on
of Address of Registered
the day on the date shown on its Certificate of Incorporation. However, it takes about 4 business
Office Form + TTD 40 for
days to obtain the certificate of incorporation, which provides required evidence for the company
Notice of Directors Form +
to undertake other procedures (for example, registering with tax authorities).
TTD 40 for Notice of
The following documents must be filed in duplicate: (a) Form 1 (now also includes form 31), the Secretary Form + TTD 40
embossed articles of incorporation; (b) Form 6, Notice of address of registered office; (c) Form 8, for Certificate of
Notice of directors; and (d) Form 27, Notice of secretary. All forms are available at the Government Incorporation)
Printer.
As of April 2013, online registration is available at www.ttbizlink.gov.tt.
Once the incorporation is approved, the original signed forms must be submitted in person to the
Registry, where they are stamped and processed. Then, the Certificate of Incorporation along with
accompanying documents can be received the same day. If the subscription account was not
chosen to pay for the incorporation, then payment for the incorporation has to be paid at the
cashier.
3 Make a company seal 1 day (simultaneous with TTD 195 + VAT

Agency : The OfficeWorks Limited previous procedure)
As of January 2017, the fees for the company seal are TTD 195 + VAT for a rubber company seal
with no logo, TTD335 + VAT for a self inking seal and a metal/iron seal costs TTD550 plus VAT.
Company seals can be obtained as quickly as four hours, but same day service is guaranteed if
the request is placed by 10:00 am, the seal will be ready by 2:00 pm for no expedited fee.
4 Apply for tax payer identification number 1 day no charge

Agency : Board of Inland Revenue
To apply for a taxpayer identification number, the company applies with the Board of Inland
Revenue for a corporate file number and a pay-as-you-earn file number. Required documents are:
i)The original and 1 copy of the Certificate of Incorporation; ii) The Name and file numbers of
Directors, iii)The Original and 1 Copy of the Notice of Directors, iv) The Original and 1 Copy of
Notice of Addresses; and v) any Returns, if applicable
5 Apply for Registration as an Employer 1 day (simultaneous with no charge

Agency : National Insurance Board previous procedure)
To obtain a national insurance number, the company must apply to register as an employer by
completing an application form (NI.1) and filing it with the National Insurance Board of Trinidad
and Tobago. Employer registration is effective immediately upon receipt of the application except
when the system data indicates previous registration of the employer. A Certificate of Registration
is issued in the name of the company immediately following registration.
6 Apply for Registration of Employees 4 days (simultaneous no charge

Agency : National Insurance Board with previous procedure)
After applying to be registered as an employer and receiving a national insurance number, the
company must enroll with the National Insurance Board any qualifying employee who has not
been enrolled previously. The employer must submit N1.4- Application to Register an Employed
Person to the National Insurance Board Service Centre within 14 days of hiring the employee. The
employee is then required within 7 days of employment, to provide the company with the
information needed to complete Form NI.4. This form must be signed by the company and filed
with the authority. It takes 4 weeks for the National Insurance Board Service Centre to notify the
company that the application is in order and to supply the company with the employee's national
insurance number.
7 Register for VAT 7 days (simultaneous no charge

Agency : Value Added Tax ('VAT') Office, Board of Inland Revenue with previous procedure)
If the company earns gross income over TTD 500,000 per year or if it anticipates earning such an
income within 12 months from the date that it applies for VAT registration, it may apply by
completing, signing, and filing two forms (VAT No. 1 and VAT No. 2) with the required supporting
documentation. The company can start operating without being registered for VAT and apply only
once it has reached the TTD 500,000 threshold. Upon registration, it will receive a certificate and a
VAT registration number.
Takes place simultaneously with previous procedure.
Page 8
Dealing with Construction Permits
This topic tracks the procedures, time and cost to build a warehouse—including obtaining necessary the licenses and permits, submitting all required notifications,
requesting and receiving all necessary inspections and obtaining utility connections. In addition, the Dealing with Construction Permits indicator measures the building
quality control index, evaluating the quality of building regulations, the strength of quality control and safety mechanisms, liability and insurance regimes, and professional
certification requirements. The most recent round of data collection was completed in May 2019. See the methodology for more information
Procedures to legally build a warehouse (number) To make the data comparable across economies, several assumptions about the construction
company, the warehouse project and the utility connections are used.
• Submitting all relevant documents and obtaining all necessary
clearances, licenses, permits and certificates
The construction company (BuildCo):
• Submitting all required notifications and receiving all necessary - Is a limited liability company (or its legal equivalent) and operates in the economy’s largest
inspections
business city. For 11 economies the data are also collected for the second largest business city.
• Obtaining utility connections for water and sewerage - Is 100% domestically and privately owned; has five owners, none of whom is a legal entity. Has a
licensed architect and a licensed engineer, both registered with the local association of architects
• Registering and selling the warehouse after its completion or engineers. BuildCo is not assumed to have any other employees who are technical or licensed
Time required to complete each procedure (calendar days) experts, such as geological or topographical experts.
- Owns the land on which the warehouse will be built and will sell the warehouse upon its
• Does not include time spent gathering information completion.
• Each procedure starts on a separate day—though procedures
that can be fully completed online are an exception to this rule The warehouse:
- Will be used for general storage activities, such as storage of books or stationery.
• Procedure is considered completed once final document is
received - Will have two stories, both above ground, with a total constructed area of approximately 1,300.6
square meters (14,000 square feet). Each floor will be 3 meters (9 feet, 10 inches) high and will be
• No prior contact with officials located on a land plot of approximately 929 square meters (10,000 square feet) that is 100%
owned by BuildCo, and the warehouse is valued at 50 times income per capita.
Cost required to complete each procedure (% of income per
- Will have complete architectural and technical plans prepared by a licensed architect. If
capita)
preparation of the plans requires such steps as obtaining further documentation or getting prior
• Official costs only, no bribes approvals from external agencies, these are counted as procedures.
- Will take 30 weeks to construct (excluding all delays due to administrative and regulatory
Building quality control index (0-15) requirements).
• Quality of building regulations (0-2) The water and sewerage connections:

• Quality control before construction (0-1) - Will be 150 meters (492 feet) from the existing water source and sewer tap. If there is no water
• Quality control during construction (0-3) delivery infrastructure in the economy, a borehole will be dug. If there is no sewerage
infrastructure, a septic tank in the smallest size available will be installed or built.
• Quality control after construction (0-3)
- Will have an average water use of 662 liters (175 gallons) a day and an average wastewater flow
• Liability and insurance regimes (0-2) of 568 liters (150 gallons) a day. Will have a peak water use of 1,325 liters (350 gallons) a day and
• Professional certifications (0-4) a peak wastewater flow of 1,136 liters (300 gallons) a day.
- Will have a constant level of water demand and wastewater flow throughout the year; will be 1
inch in diameter for the water connection and 4 inches in diameter for the sewerage connection.
Page 9
Dealing with Construction Permits - Trinidad and Tobago
Standardized Warehouse
Estimated value of warehouse TTD 5,671,017.50
Procedures (number) 16 15.5 12.7 None in 2018/19
Time (days) 254 191.2 152.3 None in 2018/19
Cost (% of warehouse value) 0.1 3.6 1.5 None in 2018/19
Building quality control index (0-15) 10.0 9.0 11.6 15.0 (6 Economies)
Figure – Dealing with Construction Permits in Trinidad and Tobago – Score
56.0 34.3 99.6 66.7
Procedures Time Cost Building quality control index
Figure – Dealing with Construction Permits in Trinidad and Tobago and comparator economies – Ranking and Score
DB 2020 Dealing with Construction Permits Score
0 100
Note: The ranking of economies on the ease of dealing with construction permits is determined by sorting their scores for dealing with construction permits. These scores
are the simple average of the scores for each of the component indicators.
Page 10
Figure – Dealing with Construction Permits in Trinidad and Tobago – Procedure, Time and Cost
Time (days) Cost (% of warehouse value)
250 0.06
0.05
Cost (% of warehouse value)

200
0.04
Time (days)
150
0.03
100
0.02
50
0.01
0 0
1 2 *3 4 *5 6 7 8 9 10 11 12 * 13 14 * 15 16
Procedures (number)
Page 11
Figure – Dealing with Construction Permits in Trinidad and Tobago and comparator economies – Measure of Quality
14
12.0
12
10.0
Index score
10 9.0 9.0
8.0
8
6 5.0
4
2
0
Trinidad Antigua Dominica Grenada Jamaica Latin

and and America
Tobago Barbuda &
Caribbean
Details – Dealing with Construction Permits in Trinidad and Tobago – Procedure, Time and Cost
1 Obtain cadastral sheet 1 day no charge

Agency : Land and Surveys Division of the Ministry of Housing, Land and Marine Resources
The Land and Surveys Division of the Ministry of Housing, Land and Marine Resources provides
vertical and horizontal survey control services to land surveyors, engineers and to the general
public on request. This service provides professionals with the coordinates required to perform
cadastral, geodetic and topographical surveys, and to produce location maps.
It should be noted that the cadastral sheet is not always ideal as a location map, but it is a base
map which various agencies use for plotting and cross-referencing of projects. A copy of the
relevant cadastral sheet is therefore required in all submissions.
2 Request outline planning permission 60 days no charge

Agency : Town and Country Planning Division of the Ministry of Planning and Sustainable
Development
Upon issuing of the cadastral sheet, BuildCo. must outline planning permission should be
obtained prior to applying for full planning permission. This permission informs an applicant
whether or not the type of development proposed is consistent with the existing land use policy
and provides overall development standards applicable to the site. Submission of an outline
application reduces the risk of unnecessary expense in the preparation of plans and technical
drawings for a development that may not be approved.
To obtain outline planning permission, BuildCo must submit the following documents to the
regional office responsible for the area concerned:
• Two copies of the completed “outline application form” (TCP/3). An Outline application form
(TCP/3) can be obtained ‘online’ or from the nearest regional office
• Two copies of a location sketch with sufficient information for the site to be clearly and positively
identified in the field.. Information such as the plot number, postal address, number of the nearest
light pole or mile mark, prominent landmark, culvert, and other similar information, are useful on
location sketches
• A copy of the cadastral sheet indicating the sheet reference and the area proposed for
development
• A copy of the deed or oldest and latest tenancy receipts, and survey plan relating to the parcel of
land to be developed
While detailed plans and drawings are not required at this stage, a conceptual plan of the
proposed development may be provided.
Upon submission, the application is appointed a reference number and an acknowledgement slip
is issued. This reference number is plotted on the Division’s cadastral and layout sheets and all
relevant cross references are filed with the application. The Development Control Inspector from
the Town and Country Planning Division visits the site to collect information pertaining to the
application. An evaluation and report are then submitted with the application for consideration. A
notice of grant or refusal of outline planning permission is prepared and sent by mail to the
applicant. An application is processed within a 2-month period.
This cannot be done simultaneously with the previous procedure, given the nee to count with all
the previous clearances.
3 Receive inspection and obtain outline planning permission 1 day no charge

Agency : Town and Country Planning Division of the Ministry of Planning and Sustainable
Development
In order to receive the planning permit, BuildCo. will receive an inspection. This inspection can be
obtained when applying for the previous procedure.
4 Obtain approval of sewerage and water project from the Water and Sewerage Authority 35 days TTD 650
(WASA)
Agency : Water and Sewerage Authority (WASA)
The New Services Department administers the approval of water and wastewater services to new
buildings and developments. This makes this procedure a non-simultaneous one with the previous
one.
5 Obtain approval from the Fire Department 30 days no charge

Agency : Fire Department Page 12
At the same time, BuildCo. can request the Fire Department approval request at the same time as
Details – Dealing with Construction Permits in Trinidad and Tobago – Measure of Quality
Answer Score
Building quality control index (0-15) 10.0
Quality of building regulations index (0-2) 2.0
How accessible are building laws and regulations in your economy? (0-1) Available online; Free 1.0
of charge.
Which requirements for obtaining a building permit are clearly specified in the building regulations or on any List of required 1.0
accessible website, brochure or pamphlet? (0-1) documents; Fees to
be paid; Required
preapprovals.
Quality control before construction index (0-1) 1.0
Which third-party entities are required by law to verify that the building plans are in compliance with existing Licensed engineer. 1.0
building regulations? (0-1)
Quality control during construction index (0-3) 1.0
What types of inspections (if any) are required by law to be carried out during construction? (0-2) Inspections at various 1.0
phases.
Do legally mandated inspections occur in practice during construction? (0-1) Mandatory 0.0
inspections are not
always done in
practice during
construction;
Mandatory
inspections are done
most of the time
during construction.
Quality control after construction index (0-3) 3.0
Is there a final inspection required by law to verify that the building was built in accordance with the approved Yes, final inspection 2.0
plans and regulations? (0-2) is done by
government agency.
Do legally mandated final inspections occur in practice? (0-1) Final inspection 1.0
always occurs in
practice.
Liability and insurance regimes index (0-2) 0.0
Which parties (if any) are held liable by law for structural flaws or problems in the building once it is in use No party is held liable 0.0
(Latent Defect Liability or Decennial Liability)? (0-1) under the law.
Which parties (if any) are required by law to obtain an insurance policy to cover possible structural flaws or No party is required 0.0
problems in the building once it is in use (Latent Defect Liability Insurance or Decennial Insurance)? (0-1) by law to obtain
insurance .
Professional certifications index (0-4) 3.0
What are the qualification requirements for the professional responsible for verifying that the architectural plans Minimum number of 2.0
or drawings are in compliance with existing building regulations? (0-2) years of experience;
University degree in
architecture or
engineering; Being a
registered architect or
engineer.
What are the qualification requirements for the professional who supervises the construction on the ground? (0- Minimum number of 1.0
2) years of experience;
University degree in
engineering,
construction or
construction
management.
Page 13
Getting Electricity
This topic measures the procedures, time and cost required for a business to obtain a permanent electricity connection for a newly constructed warehouse. Additionally,
the reliability of supply and transparency of tariffs index measures reliability of supply, transparency of tariffs and the price of electricity. The most recent round of data
collection for the project was completed in May 2019. See the methodology for more information.
Procedures to obtain an electricity connection (number) To make the data comparable across economies, several assumptions about the warehouse, the
electricity connection and the monthly consumption are used.
• Submitting all relevant documents and obtaining all necessary
clearances and permits The warehouse:
• Completing all required notifications and receiving all necessary - Is owned by a local entrepreneur and is used for storage of goods.
inspections
- Is located in the economy’s largest business city. For 11 economies the data are also collected for
• Obtaining external installation works and possibly purchasing the second largest business city.
material for these works - Is located in an area where similar warehouses are typically located and is in an area with no
physical constraints. For example, the property is not near a railway.
• Concluding any necessary supply contract and obtaining final - Is a new construction and is being connected to electricity for the first time.
supply
- Has two stories with a total surface area of approximately 1,300.6 square meters (14,000 square
Time required to complete each procedure (calendar days) feet). The plot of land on which it is built is 929 square meters (10,000 square feet).
• Is at least 1 calendar day The electricity connection:

• Each procedure starts on a separate day - Is a permanent one with a three-phase, four-wire Y connection with a subscribed capacity of 140-
kilo-volt-ampere (kVA) with a power factor of 1, when 1 kVA = 1 kilowatt (kW).
• Does not include time spent gathering information
- Has a length of 150 meters. The connection is to either the low- or medium-voltage distribution
• Reflects the time spent in practice, with little follow-up and no network and is either overhead or underground, whichever is more common in the area where the
prior contact with officials warehouse is located and requires works that involve the crossing of a 10-meter road (such as by
excavation or overhead lines) but are all carried out on public land. There is no crossing of other
Cost required to complete each procedure (% of income per
owners’ private property because the warehouse has access to a road.
capita)
- Does not require work to install the internal wiring of the warehouse. This has already been
• Official costs only, no bribes completed up to and including the customer’s service panel or switchboard and the meter base.
• Value added tax excluded The monthly consumption:

The reliability of supply and transparency of tariffs index (0-8)
- It is assumed that the warehouse operates 30 days a month from 9:00 a.m. to 5:00 p.m. (8 hours
• Duration and frequency of power outages (0–3) a day), with equipment utilized at 80% of capacity on average and that there are no electricity cuts
(assumed for simplicity reasons) and the monthly energy consumption is 26,880 kilowatt-hours
• Tools to monitor power outages (0–1) (kWh); hourly consumption is 112 kWh.
• Tools to restore power supply (0–1) - If multiple electricity suppliers exist, the warehouse is served by the cheapest supplier.
- Tariffs effective in January of the current year are used for calculation of the price of electricity for
• Regulatory monitoring of utilities’ performance (0–1)
the warehouse. Although January has 31 days, for calculation purposes only 30 days are used.
• Financial deterrents limiting outages (0–1)
• Transparency and accessibility of tariffs (0–1)
Price of electricity (cents per kilowatt-hour)*
• Price based on monthly bill for commercial warehouse in case

study
*Note: Doing Business measures the price of electricity, but it is

not included in the ease of doing business score nor in the ranking
on the ease of getting electricity.
Page 14
Getting Electricity - Trinidad and Tobago
Standardized Connection
Name of utility Trinidad and Tobago Electricity Commission
Price of electricity (US cents per kWh) 6.6
Procedures (number) 4 5.5 4.4 3 (28 Economies)
Time (days) 61 66.8 74.8 18 (3 Economies)
Cost (% of income per capita) 185.3 407.2 61.0 0.0 (3 Economies)
Reliability of supply and transparency of tariff index (0-8) 6 4.4 7.4 8 (26 Economies)
Figure – Getting Electricity in Trinidad and Tobago – Score
83.3 81.3 97.7 75.0
Reliability of supply and transparency of

Procedures Time Cost
tariff index
Figure – Getting Electricity in Trinidad and Tobago and comparator economies – Ranking and Score
DB 2020 Getting Electricity Score
0 100
Note: The ranking of economies on the ease of getting electricity is determined by sorting their scores for getting electricity. These scores are the simple average of the
scores for all the component indicators except the price of electricity.
Figure – Getting Electricity in Trinidad and Tobago – Procedure, Time and Cost
Time (days) Cost (% of income per capita)
60 200
Cost (% of income per capita)
50
150
40
Time (days)
30 100
20
50
10
0 0
1 2 3 4
Procedures (number)
Page 15
Details – Getting Electricity in Trinidad and Tobago – Procedure, Time and Cost
1 Request final internal wiring inspection and obtain inspection certificate 21 calendar days TTD 1,550
Agency : Govt. Electrical Inspectorate
Customer/Contractor needs to obtain application form from Inspectorate offices. The Application
form is to be completed by the licensed Wireman but signed by the owner/customer. On the same
day that the Wireman submits this form, part or all of the costs associated with the inspection must
be paid. The date for inspection is given immediately at this point (i.e. on the same day given that
payment in part or in full has occurred).
2 Submit service request to T&TEC and await site inspection 14 calendar days TTD 0
Agency : Trinidad and Tobago Electricity Commission
Documents to be submitted - Proof of ownership of premises to be connected: e.g. Title, Deed of
Assent, Deed of Gift, Deed of Mortgage, Deed of Lease; Service Deposit for each meter; the
Registration Certificate of the Company; A Letter from Company authorizing the bearer to sign on
its behalf; Identification of the Signatory: e.g. Identification Card, Passport or Driver's Permit; The
Company Seal or rubber stamp. Customer provides load details of connection. Once application is
received, the utility carries out a survey to confirm that the capacity exists.
3 Receive site visit from T&TEC and await conditions of supply letter 5 calendar days TTD 203,415.23
Once an application is received, the utility carries out a survey to confirm that the requested
capacity can be supplied. After the survey is completed, T&TEC issues a Conditions of Supply
letter informing the electrical contractor of the availability or non-availability of the capacity
required, terms and conditions, connection costs and whether capital works would be required.
4 Pay service deposit and await external connection, meter installation and electricity flow 21 calendar days TTD 5,250
from T&TEC
Customer makes payment of estimated amount at utility offices, and utility conducts all external
connection works and meter installation.
Takes place simultaneously with previous procedure.
Page 16
Details – Getting Electricity in Trinidad and Tobago – Measure of Quality
Answer
Reliability of supply and transparency of tariff index (0-8) 6
Total duration and frequency of outages per customer a year (0-3) 1
System average interruption duration index (SAIDI) 6.3
System average interruption frequency index (SAIFI) 3.9
What is the minimum outage time (in minutes) that the utility considers for the calculation of SAIDI/SAIFI 2.0
Mechanisms for monitoring outages (0-1) 1
Does the distribution utility use automated tools to monitor outages? Yes
Mechanisms for restoring service (0-1) 1
Does the distribution utility use automated tools to restore service? Yes
Regulatory monitoring (0-1) 1
Does a regulator—that is, an entity separate from the utility—monitor the utility’s performance on reliability of supply? Yes
Financial deterrents aimed at limiting outages (0-1) 1
Does the utility either pay compensation to customers or face fines by the regulator (or both) if outages exceed a certain cap? Yes
Communication of tariffs and tariff changes (0-1) 1
Are effective tariffs available online? Yes
Link to the website, if available online Small industrial

https://ttec.co.tt/default/tari
ffs-2#industriallargeloads
Are customers notified of a change in tariff ahead of the billing cycle? Yes
Note:
If the duration and frequency of outages is 100 or less, the economy is eligible to score on the Reliability of supply and transparency of tariff index.
If the duration and frequency of outages is not available, or is over 100, the economy is not eligible to score on the index.
If the minimum outage time considered for SAIDI/SAIFI is over 5 minutes, the economy is not eligible to score on the index.
Page 17
Registering Property
This topic examines the steps, time and cost involved in registering property, assuming a standardized case of an entrepreneur who wants to purchase land and a
building that is already registered and free of title dispute. In addition, the topic also measures the quality of the land administration system in each economy. The quality
of land administration index has five dimensions: reliability of infrastructure, transparency of information, geographic coverage, land dispute resolution, and equal access
to property rights. The most recent round of data collection for the project was completed in May 2019. See the methodology for more information.
Procedures to legally transfer title on immovable property To make the data comparable across economies, several assumptions about the parties to the
(number) transaction, the property and the procedures are used.
• Preregistration procedures (for example, checking for liens, The parties (buyer and seller):
notarizing sales agreement, paying property transfer taxes)
- Are limited liability companies (or the legal equivalent).
• Registration procedures in the economy's largest business city. - Are located in the periurban (that is, on the outskirts of the city but still within its official limits)
• Postregistration procedures (for example, filling title with area of the economy’s largest business city. For 11 economies the data are also collected for the
municipality) second largest business city.
- Are 100% domestically and privately owned.
Time required to complete each procedure (calendar days) - Perform general commercial activities.
• Does not include time spent gathering information The property (fully owned by the seller):
• Each procedure starts on a separate day - though procedures - Has a value of 50 times income per capita, which equals the sale price.
that can be fully completed online are an exception to this rule
- Is fully owned by the seller.
• Procedure is considered completed once final document is - Has no mortgages attached and has been under the same ownership for the past 10 years.
received - Is registered in the land registry or cadastre, or both, and is free of title disputes.
- Is located in a periurban commercial zone (that is, on the outskirts of the city but still within its
• No prior contact with officials
official limits), and no rezoning is required.
Cost required to complete each procedure (% of property - Consists of land and a building. The land area is 557.4 square meters (6,000 square feet). A two-
value) story warehouse of 929 square meters (10,000 square feet) is located on the land. The warehouse
is 10 years old, is in good condition, has no heating system and complies with all safety standards,
• Official costs only (such as administrative fees, duties and building codes and legal requirements. The property, consisting of land and building, will be
taxes).
transferred in its entirety.
• Value Added Tax, Capital Gains Tax and illicit payments are - Will not be subject to renovations or additional construction following the purchase.
excluded - Has no trees, natural water sources, natural reserves or historical monuments of any kind.
- Will not be used for special purposes, and no special permits, such as for residential use,
Quality of land administration index (0-30) industrial plants, waste storage or certain types of agricultural activities, are required.
- Has no occupants, and no other party holds a legal interest in it.
• Reliability of infrastructure index (0-8)
• Transparency of information index (0–6)
• Geographic coverage index (0–8)
• Land dispute resolution index (0–8)
• Equal access to property rights index (-2–0)
Page 18
Registering Property - Trinidad and Tobago
Procedures (number) 9 7.4 4.7 1 (5 Economies)
Time (days) 77 63.7 23.6 1 (2 Economies)
Cost (% of property value) 7.0 5.9 4.2 0.0 (Saudi Arabia)
Quality of the land administration index (0-30) 11.0 12.0 23.2 None in 2018/19
Figure – Registering Property in Trinidad and Tobago – Score
33.3 63.6 53.0 36.7
Procedures Time Cost

Quality of the land administration index
Figure – Registering Property in Trinidad and Tobago and comparator economies – Ranking and Score
DB 2020 Registering Property Score
0 100
Note: The ranking of economies on the ease of registering property is determined by sorting their scores for registering property. These scores are the simple average of
Page 19
Figure – Registering Property in Trinidad and Tobago – Procedure, Time and Cost
Time (days) Cost (% of property value)

8
70
7
Cost (% of property value)

60
6
50
Time (days)
40 4
30 3
20 2
10 1
0 0
1 *2 *3 4 5 6 7 8 9
Procedures (number)
Page 20
Figure – Registering Property in Trinidad and Tobago and comparator economies – Measure of Quality
20 19.0
18
16 14.0
Index score
14 12.0
12 11.0
10
8 7.0
6 4.5
4
2
0

and and America
Tobago Barbuda &
Caribbean
Details – Registering Property in Trinidad and Tobago – Procedure, Time and Cost
1 Conduct title search at the Land Registry 11 days TTD 1,250; (TDD 500-
Agency : Land Registry Department 2,000 (includes charges
There are two systems of law under which land is held in Trinidad and Tobago: the old or Common for document searches,
Law system of conveyancing, and the Torrens system of registered conveyancing (The Real
copies of each page of
Property Act system - RPA). Most of land in Trinidad (about 70%) is still held under the old law
document, certification of
system. The two systems exist side by side and it is not uncommon to find one property consisting
of lands held under both systems. The registration system used is dependent on where the each copy))
property is located. The deeds registration system, established under the Common Law system,
was the initial property registration system and then RPA was introduced and the property in the
city of Port of Spain is predominantly still held under it. This is the reason why the calculations of
the time and cost in the DB Report reflect the Common Law system. Under RPA, all dealings with
land or property are endorsed in a document called a Certificate of Title, so it is also referred to as
the Title system, and the Common Law system is referred to as the Deeds system. Title searches
are carried out under both systems as a routine part of the property registration system. The
search under RPA is quicker and less expensive as the certificate of title provides all the
information on the previous owners on it. In the case of the Deeds registration, one is required to
do a search for a minimum of 20 years. The search is done manually and entails longer time and
higher costs. A search clerk conducts the title search at the Land Registry by examining the Index
of Deeds and Country Books relating to parcel of land. The Land Registry created an online
database which is in the testing stage and, thus, only grants access to search clerks.
2 Obtain the Certificate of Assessment from the District Revenue Office 11 days TTD 10
Agency : District Revenue Office / City Corporation / Borough Corporation
The application for Certificate of Assessment is to facilitate acquisition of WASA lines on
properties in Procedure 4. The certificate is needed to verify that the applicant owns the property.
3 Conduct companies search at the Companies' Registries Less than one day, TTD 500; (TDD 20 per
Agency : Company Registry online download)
Searches should also be performed on the companies which are parties to the transaction.
Lawyers will usually use two resources to conduct companies searches : (1) the online registry at
https://rgd.legalaffairs.gov.tt/ and (2) the Companies’ Registry. Common practice is to consult a
company’s online file and what is termed the physical file that is held at the Companies Registry.
Downloading a company file from the online registry costs TT$20.00 while physical searches can
cost anywhere around TT$500 - $2,000.00. A standard company’s search will usually take
approximately one week. The company search is done by first downloading the Company's file
from the Online Companies' Registry and, later, having a search clerk review the physical file at
the Companies' Registry to ensure that the online file is accurate. Once the Company's file has
been obtained, the attorney can confirm whether any charges exist which may affect the relevant
property as well as, for the purposes of execution, the directors of the company can be identified.
4 Obtain the Clearance Certificate from the Water and Sewerage Authority (WASA) 7 days TTD 862.5; (WASA
Agency : Water and Sewerage Authority (WASA) Clearance Certificate for
The vendor requests the clearance certificate from WASA (the application form is obtained online commercial property)
at http://www.wasa.gov.tt/Forms/Clearance%20Certificate%20Form.pdf). This is to confirm that
there are no outstanding rates due in respect of the property. The required documents are:
- up to date Certificate of Assessment from the District Revenue Office (not older than three (3)
months)- obtained in procedure 3;
- a sketch showing clear directions to property;
-WASA bill (if any);
-The clearance fee (revised April 1st 2009)
Commercial properties cost $862.50 (VAT inclusive)
(B3, B4, C1, C2, C3, C4)
- valid identification (ID card/Driver’s permit/Passport);
- application form from any Customer Service Centre or download the Clearance Certificate
application form.
At this point, the purchaser’s attorney would also request up-to-date receipts from the vendor,
showing that all land and building taxes have been paid.
5 Send the memorandum of the transfer to the Board of Inland Revenue for Stamp Duty 4 days no charge
assessment
Agency : Inland Revenue Page 21
The Memorandum of Transfer (RPO lands) or Deed (Common Law system) are sent to the Board
Details – Registering Property in Trinidad and Tobago – Measure of Quality
Answer Score
Quality of the land administration index (0-30) 11.0
Reliability of infrastructure index (0-8) 4.0
Type of land registration system in the economy: Dual system (Title &
Deed)
What is the institution in charge of immovable property registration? The Land Registry
In what format are past and newly issued land records kept at the immovable property registry of the largest Computer/Scanned 1.0
business city of the economy —in a paper format or in a computerized format (scanned or fully digital)?
Is there a comprehensive and functional electronic database for checking for encumbrances (liens, mortgages, Yes 1.0
restrictions and the like)?
Institution in charge of the plans showing legal boundaries in the largest business city: Lands and Surveys
Division
In what format are past and newly issued cadastral plans kept at the mapping agency of the largest business Computer/Scanned 1.0
city of the economy—in a paper format or in a computerized format (scanned or fully digital)?
Is there an electronic database for recording boundaries, checking plans and providing cadastral information Yes 1.0
(geographic information system)?
Is the information recorded by the immovable property registration agency and the cadastral or mapping agency Separate databases 0.0
kept in a single database, in different but linked databases or in separate databases?
Do the immovable property registration agency and cadastral or mapping agency use the same identification No 0.0
number for properties?
Transparency of information index (0–6) 1.5
Who is able to obtain information on land ownership at the agency in charge of immovable property registration Anyone who pays the 1.0
in the largest business city? official fee
Is the list of documents that are required to complete any type of property transaction made publicly available– No 0.0
and if so, how?
Link for online access:
Is the applicable fee schedule for any type of property transaction at the agency in charge of immovable No 0.0
property registration in the largest business city made publicly available–and if so, how?
Does the agency in charge of immovable property registration agency formally commit to deliver a legally No 0.0
binding document that proves property ownership within a specific timeframe –and if so, how does it
communicate the service standard?
Is there a specific and independent mechanism for filing complaints about a problem that occurred at the agency No 0.0
in charge of immovable property registration?
Contact information:
Are there publicly available official statistics tracking the number of transactions at the immovable property No 0.0
registration agency?
Number of property transfers in the largest business city in 2018:
Who is able to consult maps of land plots in the largest business city? Anyone who pays the 0.5
official fee
Is the applicable fee schedule for accessing maps of land plots made publicly available—and if so, how? No 0.0
Does the cadastral/mapping agency formally specifies the timeframe to deliver an updated cadastral plan—and No 0.0
if so, how does it communicate the service standard?
Is there a specific and independent mechanism for filing complaints about a problem that occurred at the No 0.0
cadastral or mapping agency?
Page 22
Getting Credit
This topic explores two sets of issues—the strength of credit reporting systems and the effectiveness of collateral and bankruptcy laws in facilitating lending. The most
recent round of data collection for the project was completed in May 2019. See the methodology for more information.
Strength of legal rights index (0–12) Doing Business assesses the sharing of credit information and the legal rights of borrowers and
lenders with respect to secured transactions through 2 sets of indicators. The depth of credit
• Rights of borrowers and lenders through collateral laws (0-10) information index measures rules and practices affecting the coverage, scope and accessibility of
• Protection of secured creditors’ rights through bankruptcy laws credit information available through a credit registry or a credit bureau. The strength of legal rights
(0-2) index measures the degree to which collateral and bankruptcy laws protect the rights of borrowers
and lenders and thus facilitate lending. For each economy it is first determined whether a unitary
Depth of credit information index (0–8) secured transactions system exists. Then two case scenarios, case A and case B, are used to
• Scope and accessibility of credit information distributed by determine how a nonpossessory security interest is created, publicized and enforced according to
credit bureaus and credit registries (0-8) the law. Special emphasis is given to how the collateral registry operates (if registration of security
interests is possible). The case scenarios involve a secured borrower, company ABC, and a
Credit bureau coverage (% of adults) secured lender, BizBank.
• Number of individuals and firms listed in largest credit bureau In some economies the legal framework for secured transactions will allow only case A or case B
as a percentage of adult population (not both) to apply. Both cases examine the same set of legal provisions relating to the use of
movable collateral.
Credit registry coverage (% of adults)
• Number of individuals and firms listed in credit registry as a Several assumptions about the secured borrower (ABC) and lender (BizBank) are used:
percentage of adult population - ABC is a domestic limited liability company (or its legal equivalent).
- ABC has up to 50 employees.
- ABC has its headquarters and only base of operations in the economy’s largest business city. For
11 economies the data are also collected for the second largest business city.
- Both ABC and BizBank are 100% domestically owned.
The case scenarios also involve assumptions. In case A, as collateral for the loan, ABC grants
BizBank a nonpossessory security interest in one category of movable assets, for example, its
machinery or its inventory. ABC wants to keep both possession and ownership of the collateral. In
economies where the law does not allow nonpossessory security interests in movable property,
ABC and BizBank use a fiduciary transfer-of-title arrangement (or a similar substitute for
nonpossessory security interests).
In case B, ABC grants BizBank a business charge, enterprise charge, floating charge or any
charge that gives BizBank a security interest over ABC’s combined movable assets (or as much of
ABC’s movable assets as possible). ABC keeps ownership and possession of the assets.
Page 23
Getting Credit - Trinidad and Tobago
Strength of legal rights index (0-12) 7 5.3 6.1 12 (5 Economies)
Depth of credit information index (0-8) 6 5.1 6.8 8 (53 Economies)
Credit registry coverage (% of adults) 0.0 14.6 24.4 100.0 (2 Economies)
Credit bureau coverage (% of adults) 81.0 47.6 66.7 100.0 (14 Economies)
Figure – Getting Credit in Trinidad and Tobago – Score
65.0
Score - Getting Credit
Figure – Getting Credit in Trinidad and Tobago and comparator economies – Ranking and Score
DB 2020 Getting Credit Score
0 100
Note: The ranking of economies on the ease of getting credit is determined by sorting their scores for getting credit. These scores are the sum of the scores for the
strength of legal rights index and the depth of credit information index.
Page 24
Figure – Legal Rights in Trinidad and Tobago and comparator economies
10 9
9
8 7
Index Score
7 6 6
6 5 5.3
5
4
3
2
1
0

and and America
Tobago Barbuda &
Caribbean
Page 25
Details – Legal Rights in Trinidad and Tobago
Strength of legal rights index (0-12) 7
Does an integrated or unified legal framework for secured transactions that extends to the creation, publicity and enforcement of functional equivalents No
to security interests in movable assets exist in the economy?
Does the law allow businesses to grant a non possessory security right in a single category of movable assets, without requiring a specific description Yes
of collateral?
Does the law allow businesses to grant a non possessory security right in substantially all of its assets, without requiring a specific description of Yes
collateral?
May a security right extend to future or after-acquired assets, and does it extend automatically to the products, proceeds and replacements of the Yes
original assets?
Is a general description of debts and obligations permitted in collateral agreements; can all types of debts and obligations be secured between parties; Yes
and can the collateral agreement include a maximum amount for which the assets are encumbered?
Is a collateral registry in operation for both incorporated and non-incorporated entities, that is unified geographically and by asset type, with an No
electronic database indexed by debtor's name?
Does a notice-based collateral registry exist in which all functional equivalents can be registered? No
Does a modern collateral registry exist in which registrations, amendments, cancellations and searches can be performed online by any interested third No
party?
Are secured creditors paid first (i.e. before tax claims and employee claims) when a debtor defaults outside an insolvency procedure? Yes
Are secured creditors paid first (i.e. before tax claims and employee claims) when a business is liquidated? No
Are secured creditors subject to an automatic stay on enforcement when a debtor enters a court-supervised reorganization procedure? Does the law Yes
protect secured creditors’ rights by providing clear grounds for relief from the stay and sets a time limit for it?
Does the law allow parties to agree on out of court enforcement at the time a security interest is created? Does the law allow the secured creditor to sell Yes
the collateral through public auction or private tender, as well as, for the secured creditor to keep the asset in satisfaction of the debt?
Figure – Credit Information in Trinidad and Tobago and comparator economies
9 8
8
7
Index Score
6
6 5.1
5
4
3
2
1 0 0 0
0

and and America
Tobago Barbuda &
Caribbean
Page 26
Details – Credit Information in Trinidad and Tobago
Depth of credit information index (0-8) Credit bureau Credit registry Score
Are data on both firms and individuals distributed? No No 0
Are both positive and negative credit data distributed? Yes No 1
Are data from retailers or utility companies - in addition to data from banks and Yes No 1
financial institutions - distributed?
Are at least 2 years of historical data distributed? (Credit bureaus and registries Yes No 1
that distribute more than 10 years of negative data or erase data on defaults as
soon as they are repaid obtain a score of 0 for this component.)
Are data on loan amounts below 1% of income per capita distributed? Yes No 1
By law, do borrowers have the right to access their data in the credit bureau or No No 0
credit registry?
Can banks and financial institutions access borrowers’ credit information online Yes No 1
(for example, through an online platform, a system-to-system connection or
both)?
Are bureau or registry credit scores offered as a value-added service to help Yes No 1
banks and financial institutions assess the creditworthiness of borrowers?
Note: An economy receives a score of 1 if there is a "yes" to either bureau or registry. If the credit bureau or registry is not operational or covers less than 5% of the adult
population, the total score on the depth of credit information index is 0.
Coverage Credit bureau Credit registry
Number of individuals 778,000 0
Number of firms 0 0
Total 778,000 0
Percentage of adult population 81.0 0.0
Page 27
Protecting Minority Investors
This topic measures the strength of minority shareholder protections against misuse of corporate assets by directors for their personal gain as well as shareholder rights,
governance safeguards and corporate transparency requirements that reduce the risk of abuse. The most recent round of data collection for the project was completed
in May 2019. See the methodology for more information.
• Extent of disclosure index (0–10): Disclosure, review, and To make the data comparable across economies, a case study uses several assumptions about
approval requirements for related-party transactions the business and the transaction.
• Extent of director liability index (0–10): Ability of minority
shareholders to sue and hold interested directors liable for The business (Buyer):
prejudicial related-party transactions; Available legal - Is a publicly traded corporation listed on the economy’s most important stock exchange.
remedies (damages, disgorgement of profits, disqualification - Has a board of directors and a chief executive officer (CEO) who may legally act on behalf of
from managerial position(s) for one year or more, rescission of Buyer where permitted, even if this is not specifically required by law.
the transaction) - Has a supervisory board in economies with a two-tier board system on which Mr. James
appointed 60% of the shareholder-elected members.
• Ease of shareholder suits index (0–10): Access to internal
corporate documents; Evidence obtainable during trial and - Has not adopted bylaws or articles of association that go beyond the minimum requirements.
allocation of legal expenses Does not follow codes, principles, recommendations or guidelines that are not mandatory.
- Is a manufacturing company with its own distribution network.
• Extent of conflict of interest regulation index (0-30): Sum of
the extent of disclosure, extent of director liability and ease of The transaction involves the following details:
shareholder suits indices - Mr. James owns 60% of Buyer, sits on Buyer’s board of directors and elected two directors to
• Extent of shareholder rights index (0-6): Shareholders’ rights Buyer’s five-member board.
and role in major corporate decisions - Mr. James also owns 90% of Seller, a company that operates a chain of retail hardware stores.
Seller recently closed a large number of its stores.
• Extent of ownership and control index (0-7): Governance - Mr. James proposes that Buyer purchase Seller’s unused fleet of trucks to expand Buyer’s
safeguards protecting shareholders from undue board control distribution of its food products, a proposal to which Buyer agrees. The price is equal to 10% of
and entrenchment
Buyer’s assets and is higher than the market value.
• Extent of corporate transparency index (0-7): Corporate - The proposed transaction is part of the company’s principal activity and is not outside the
transparency on ownership stakes, compensation, audits and authority of the company.
financial prospects - Buyer enters into the transaction. All required approvals are obtained, and all required disclosures
made—that is, the transaction was not entered into fraudulently.
• Extent of shareholder governance index (0–20): Sum of the
- The transaction causes damages to Buyer. Shareholders sue Mr. James and the executives and
extent of shareholders rights, extent of ownership and control
directors that approved the transaction.
and extent of corporate transparency indices
• Strength of minority investor protection index (0–50): Sum

of the extent of conflict of interest regulation and extent of
shareholder governance indices
Page 28
Protecting Minority Investors - Trinidad and Tobago
Stock exchange information
Stock exchange Trinidad and Tobago Stock Exchange
Stock exchange URL http://www.stockex.co.tt
Listed firms with equity securities 20
Extent of disclosure index (0-10) 4.0 4.1 6.5 10 (13 Economies)
Extent of director liability index (0-10) 9.0 5.2 5.3 10 (3 Economies)
Ease of shareholder suits index (0-10) 8.0 6.7 7.3 10 (Djibouti)
Extent of shareholder rights index (0-6) 5.0 3.0 4.7 6 (19 Economies)
Extent of ownership and control index (0-7) 4.0 2.3 4.5 7 (9 Economies)
Extent of corporate transparency index (0-7) 2.0 2.3 5.7 7 (13 Economies)
Figure – Protecting Minority in Trinidad and Tobago – Score
64.0
Score - Protecting Minority Investors
Figure – Protecting Minority Investors in Trinidad and Tobago and comparator economies – Ranking and Score
DB 2020 Protecting Minority Investors Score
0 100
Note: The ranking of economies on the strength of minority investor protections is determined by sorting their scores for protecting minority investors. These scores are
the simple average of the scores for the extent of conflict of interest regulation index and the extent of shareholder governance index.
Page 29
Figure – Protecting Minority Investors in Trinidad and Tobago and comparator economies – Measure of Quality
Trinidad and Tobago 2 9 4 4 5 8
Antigua and Barbuda 2 8 4 4 3 8
Dominica 2 8 4 4 3 8
Grenada 1 8 4 2 2 8
Jamaica 5 8 4 4 5 5
OECD high income 5.6 5.6 6.6 4.3 4.5 7.4
Latin America & Caribbean 2.5 5.4 4.4 2.5 3.2 6.5
0 5 10 15 20 25 30 35 40
Sub-Indicator Score
Extent of corporate transparency index (0-7) Extent of director liability index (0-10) Extent of disclosure index (0-10) Extent of ownership and control index (0-7)
Extent of shareholder rights index (0-6) Ease of shareholder suits index (0-10)
Page 30
Details – Protecting Minority Investors in Trinidad and Tobago – Measure of Quality
Answer Score
Extent of conflict of interest regulation index (0-30)
Extent of disclosure index (0-10) 4.0
Whose decision is sufficient to approve the Buyer-Seller transaction? (0-3) Board of directors 2.0
excluding interested
members
Must an external body review the terms of the transaction before it takes place? (0-1) No 0.0
Must Mr. James disclose his conflict of interest to the board of directors? (0-2) Full disclosure of all 2.0
material facts
Must Buyer disclose the transaction in periodic filings (e.g. annual reports)? (0-2) No disclosure 0.0
obligation
Must Buyer immediately disclose the transaction to the public? (0-2) No disclosure 0.0
obligation
Extent of director liability index (0-10) 9.0
Can shareholders representing 10% of Buyer's share capital sue for the damage the transaction caused to Yes 1.0
Buyer? (0-1)
Can shareholders hold Mr. James liable for the damage the transaction caused to Buyer? (0-2) Liable if unfair or 2.0
prejudicial
Can shareholders hold the other directors liable for the damage the transaction caused to Buyer? (0-2) Liable if unfair or 2.0
prejudicial
Must Mr. James pay damages for the harm caused to Buyer upon a successful claim by shareholders? (0-1) Yes 1.0
Must Mr. James repay profits made from the transaction upon a successful claim by shareholders? (0-1) Yes 1.0
Is Mr. James disqualified upon a successful claim by shareholders? (0-1) No 0.0
Can a court void the transaction upon a successful claim by shareholders? (0-2) Voidable if unfair or 2.0
prejudicial
Ease of shareholder suits index (0-10) 8.0
Before suing, can shareholders representing 10% of Buyer's share capital inspect the transaction documents? No 0.0
(0-1)
Can the plaintiff obtain any documents from the defendant and witnesses at trial? (0-3) Any relevant 3.0
document
Can the plaintiff request categories of documents from the defendant without identifying specific ones? (0-1) Yes 1.0
Can the plaintiff directly question the defendant and witnesses at trial? (0-2) Yes 2.0
Is the level of proof required for civil suits lower than that of criminal cases? (0-1) Yes 1.0
Can shareholder plaintiffs recover their legal expenses from the company? (0-2) Yes if successful 1.0
Extent of shareholder governance index (0-20)
Extent of shareholder rights index (0-6) 5.0
Does the sale of 51% of Buyer's assets require shareholder approval? No 0.0
Can shareholders representing 10% of Buyer's share capital call for a meeting of shareholders? Yes 1.0
Must Buyer obtain its shareholders’ approval every time it issues new shares? Yes 1.0
Do shareholders automatically receive preemption rights every time Buyer issues new shares? Yes 1.0
Do shareholders elect and dismiss the external auditor? Yes 1.0
Are changes to the rights of a class of shares only possible if the holders of the affected shares approve? Yes 1.0
Extent of ownership and control index (0-7) 4.0
Is it forbidden to appoint the same individual as CEO and chairperson of the board of directors? No 0.0
Page 31
Must the board of directors include independent and nonexecutive board members? No 0.0
Paying Taxes
This topic records the taxes and mandatory contributions that a medium-size company must pay or withhold in a given year, as well as the administrative burden of
paying taxes and contributions and complying with postfiling procedures (VAT refund and tax audit). The most recent round of data collection for the project was
completed in May 2019 covering for the Paying Taxes indicator calendar year 2018 (January 1, 2018 – December 31, 2018). See the methodology for more information.
Tax payments for a manufacturing company in 2018 (number Using a case scenario, Doing Business records taxes and mandatory contributions a medium size
per year adjusted for electronic and joint filing and payment) company must pay in a year, and measures the administrative burden of paying taxes,
contributions and dealing with postfiling processes. Information is also compiled on frequency of
• Total number of taxes and contributions paid or withheld, filing and payments, time taken to comply with tax laws, time taken to comply with the
including consumption taxes (value added tax, sales tax or
requirements of postfiling processes and time waiting.
goods and service tax)
• Method and frequency of filing and payment To make data comparable across economies, several assumptions are used:
- TaxpayerCo is a medium-size business that started operations on January 1, 2017. It produces
Time required to comply with 3 major taxes (hours per year) ceramic flowerpots and sells them at retail. All taxes and contributions recorded are paid in the
second year of operation (calendar year 2018). Taxes and mandatory contributions are measured
• Collecting information, computing tax payable
at all levels of government.
• Preparing separate tax accounting books, if required
• Completing tax return, filing with agencies The VAT refund process:
- In June 2018, TaxpayerCo. makes a large capital purchase: the value of the machine is 65 times
• Arranging payment or withholding income per capita of the economy. Sales are equally spread per month (1,050 times income per
capita divided by 12) and cost of goods sold are equally expensed per month (875 times income
Total tax and contribution rate (% of commercial profits)
per capita divided by 12). The machinery seller is registered for VAT and excess input VAT incurred
• Profit or corporate income tax in June will be fully recovered after four consecutive months if the VAT rate is the same for inputs,
sales and the machine and the tax reporting period is every month. Input VAT will exceed Output
• Social contributions, labor taxes paid by employer VAT in June 2018.
• Property and property transfer taxes
The corporate income tax audit process:
• Dividend, capital gains, financial transactions taxes - An error in calculation of income tax liability (for example, use of incorrect tax depreciation rates,
• Waste collection, vehicle, road and other taxes or incorrectly treating an expense as tax deductible) leads to an incorrect income tax return and a
corporate income tax underpayment. TaxpayerCo. discovered the error and voluntarily notified the
Postfiling Index tax authority. The value of the underpaid income tax liability is 5% of the corporate income tax
• Time to comply with VAT refund (hours) liability due. TaxpayerCo. submits corrected information after the deadline for submitting the annual
tax return, but within the tax assessment period.
• Time to obtain VAT refund (weeks)
• Time to comply with a corporate income tax correction (hours)
• Time to complete a corporate income tax correction (weeks)
Page 32
Paying Taxes - Trinidad and Tobago
Payments (number per year) 39 28.2 10.3 3 (2 Economies)
Time (hours per year) 210 317.1 158.8 49 (3 Economies)
Total tax and contribution rate (% of profit) 40.5 47.0 39.9 26.1 (33 Economies)
Postfiling index (0-100) 19.5 47.5 86.7 None in 2018/19
Figure – Paying Taxes in Trinidad and Tobago – Score
40.0 75.1 79.5 19.5
Payments Time Total tax and contribution rate Postfiling index
Figure – Paying Taxes in Trinidad and Tobago and comparator economies – Ranking and Score
DB 2020 Paying Taxes Score
0 100
Note: The ranking of economies on the ease of paying taxes is determined by sorting their scores for paying taxes. These scores are the simple average of the scores for
each of the component indicators, with a threshold and a nonlinear transformation applied to one of the component indicators, the total tax and contribution rate. The
threshold is defined as the total tax and contribution rate at the 15th percentile of the overall distribution for all years included in the analysis up to and including Doing
Business 2015, which is 26.1%. All economies with a total tax and contribution rate below this threshold receive the same score as the economy at the threshold.
Page 33
Figure – Paying Taxes in Trinidad and Tobago and comparator economies – Measure of Quality
90
78.9
80 69.4
70
Index score
60
48.9 47.5
50
40
30 19.5 19.7
20
10
0

and and America
Tobago Barbuda &
Caribbean
Page 34
Details – Paying Taxes in Trinidad and Tobago
Tax or mandatory contribution Payments Notes on Time Statutory tax Tax base Total tax and Notes on
(number) Payments (hours) rate contribution TTCR
rate (% of
profit)
Corporate income tax 4.0 45.0 30% taxable profit 25.85
Social Security Contributions 12.0 75.0 various rates gross salaries 9.37
Environmental tax 4.0 0.3% turnover and 5.31

interest
Health insurance contributions 12.0 TTD 8.25 per employee per 0.00 withheld
week
Value added tax (VAT) 6.0 90.0 12.5% value added 0.00 not included
Social Security Contributions on 0.0 jointly various rates gross salaries 0.00
employees
Stamp duty 1.0 varies 0.00 small amount
Totals 39 210 40.5
Page 35
Details – Paying Taxes in Trinidad and Tobago – Tax by Type
Taxes by type Answer
Profit tax (% of profit) 25.8
Labor tax and contributions (% of profit) 9.4
Other taxes (% of profit) 5.3
Page 36
Details – Paying Taxes in Trinidad and Tobago – Measure of Quality
Answer Score
Postfiling index (0-100) 19.5
VAT refunds
Does VAT exist? Yes
Does a VAT refund process exist per the case study? Yes
Restrictions on VAT refund process none
Percentage of cases exposed to a VAT audit (%) 50% - 74%
Is there a mandatory carry forward period? No
Time to comply with VAT refund (hours) 27.0 46.0
Time to obtain VAT refund (weeks) 40.0 28.3
Corporate income tax audits
Does corporate income tax exist? Yes
Percentage of cases exposed to a corporate income tax audit (%) 75% - 100%
Time to comply with a corporate income tax correction (hours) 54.0 3.7
Time to complete a corporate income tax correction (weeks) 32.3 0.0
Notes: Names of taxes have been standardized. For instance income tax, profit tax, tax on company's income are all named corporate income tax in this table.
The hours for VAT include all the VAT and sales taxes applicable.
The hours for Social Security include all the hours for labor taxes and mandatory contributions in general.
The postfiling index is the average of the scores on time to comply with VAT refund, time to obtain a VAT refund, time to comply with a corporate income tax correction
and time to complete a corporate income tax correction.
N/A = Not applicable.
Page 37
Trading across Borders
Doing Business records the time and cost associated with the logistical process of exporting and importing goods. Doing Business measures the time and cost (excluding
tariffs) associated with three sets of procedures—documentary compliance, border compliance and domestic transport—within the overall process of exporting or
importing a shipment of goods. The most recent round of data collection for the project was completed in May 2019. See the methodology for more information.
Documentary compliance To make the data comparable across economies, a few assumptions are made about the traded
goods and the transactions:
• Obtaining, preparing and submitting documents during
transport, clearance, inspections and port or border handling in
Time: Time is measured in hours, and 1 day is 24 hours (for example, 22 days are recorded as
origin economy
22×24=528 hours). If customs clearance takes 7.5 hours, the data are recorded as is. Alternatively,
• Obtaining, preparing and submitting documents required by suppose documents are submitted to a customs agency at 8:00a.m., are processed overnight and
destination economy and any transit economies can be picked up at 8:00a.m. the next day. The time for customs clearance would be recorded as
24 hours because the actual procedure took 24 hours.
• Covers all documents required by law and in practice, including
electronic submissions of information
Cost: Insurance cost and informal payments for which no receipt is issued are excluded from the
Border compliance costs recorded. Costs are reported in U.S. dollars. Contributors are asked to convert local currency
into U.S. dollars based on the exchange rate prevailing on the day they answer the questionnaire.
• Customs clearance and inspections Contributors are private sector experts in international trade logistics and are informed about
• Inspections by other agencies (if applied to more than 20% of exchange rates.
shipments)
Assumptions of the case study:
• Handling and inspections that take place at the economy’s port - For all 190 economies covered by Doing Business, it is assumed a shipment is in a warehouse in
or border the largest business city of the exporting economy and travels to a warehouse in the largest
business city of the importing economy.
Domestic transport
- It is assumed each economy imports 15 metric tons of containerized auto parts (HS 8708) from
• Loading or unloading of the shipment at the warehouse or its natural import partner—the economy from which it imports the largest value (price times
port/border quantity) of auto parts. It is assumed each economy exports the product of its comparative
advantage (defined by the largest export value) to its natural export partner—the economy that is
• Transport between warehouse and port/border the largest purchaser of this product. Shipment value is assumed to be $50,000.
• Traffic delays and road police checks while shipment is en - The mode of transport is the one most widely used for the chosen export or import product and
route the trading partner, as is the seaport or land border crossing.
- All electronic information submissions requested by any government agency in connection with
the shipment are considered to be documents obtained, prepared and submitted during the export
or import process.
- A port or border is a place (seaport or land border crossing) where merchandise can enter or
leave an economy.
- Relevant government agencies include customs, port authorities, road police, border guards,
standardization agencies, ministries or departments of agriculture or industry, national security
agencies and any other government authorities.
Page 38
Trading across Borders - Trinidad and Tobago
Time to export: Border compliance (hours) 60 55.3 12.7 1 (19 Economies)
Cost to export: Border compliance (USD) 499 516.3 136.8 0 (19 Economies)
Time to export: Documentary compliance (hours) 32 35.7 2.3 1 (26 Economies)
Cost to export: Documentary compliance (USD) 250 100.3 33.4 0 (20 Economies)
Time to import: Border compliance (hours) 78 55.6 8.5 1 (25 Economies)
Cost to import: Border compliance (USD) 635 628.4 98.1 0 (28 Economies)
Time to import: Documentary compliance (hours) 44 43.2 3.4 1 (30 Economies)
Cost to import: Documentary compliance (USD) 250 107.3 23.5 0 (30 Economies)
Figure – Trading across Borders in Trinidad and Tobago – Score
62.9 53.0 81.7 37.5 72.4 47.1 82.0 64.3
Time Cost Time Cost Time Cost Time Cost

to to to to to to to to
export: export: export: export: import: import: import: import:
Border Border Documentary Documentary Border Border Documentary Documentary
compliance compliance compliance compliance compliance compliance compliance compliance
Figure – Trading across Borders in Trinidad and Tobago and comparator economies – Ranking and Score
DB 2020 Trading Across Borders Score
0 100
Note: The ranking of economies on the ease of trading across borders is determined by sorting their scores for trading across borders. These scores are the simple
average of the scores for the time and cost for documentary compliance and border compliance to export and import.
Page 39
Figure – Trading across Borders in Trinidad and Tobago – Time and Cost
Time (hours) Cost (USD)

90 635 700
78
80 600
70 499
Time (hours)
60 500
Cost (USD)
60
50 44 400
40 32 250 250 300
30
200
20
10 100
0 0
Export Export Import Import

- - - -
Border Documentary Border Documentary
Compliance Compliance Compliance Compliance
Page 40
Details – Trading across Borders in Trinidad and Tobago
Characteristics Export Import
Product HS 28 : Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth HS 8708: Parts and accessories of
metals, of radioactive elements or of isotopes motor vehicles
Trade partner United States Japan
Border Point Lisas port Port of Spain port
Distance (km) 40 3
Domestic transport 4 2
time (hours)
Domestic transport 483 330

cost (USD)
Details – Trading across Borders in Trinidad and Tobago – Components of Border Compliance
Time to Complete (hours) Associated Costs (USD)
Export: Clearance and inspections required by customs authorities 29.5 300.0
Export: Clearance and inspections required by agencies other than customs 2.5 0.0
Export: Port or border handling 36.0 198.5
Import: Clearance and inspections required by customs authorities 40.0 295.0
Import: Clearance and inspections required by agencies other than customs 4.0 45.0
Import: Port or border handling 54.0 295.0
Page 41
Details – Trading across Borders in Trinidad and Tobago – Trade Documents
Export Import
Certificate of Origin Caricom Invoice
Bill of lading Certificate of Origin
Commercial invoice Bill of lading
Customs export declaration (Form C82) Commercial invoice
Packing list Customs import declaration (Form C82):
Customs release order Packing list
Caricom Invoice Bill of sight
SOLAS certificate Confirmation receipt of payment for customs related fees
Declaration form (Form C 75)
Delivery note to exit the port
Delivery order
Terminal handling charges
SOLAS certificate
Page 42
Enforcing Contracts
The enforcing contracts indicator measures the time and cost for resolving a commercial dispute through a local first-instance court, and the quality of judicial processes
index, evaluating whether each economy has adopted a series of good practices that promote quality and efficiency in the court system. The most recent round of data
collection was completed in May 2019. See the methodology for more information.
Time required to enforce a contract through the courts The dispute in the case study involves the breach of a sales contract between two domestic
(calendar days) businesses. The case study assumes that the court hears an expert on the quality of the goods in
dispute. This distinguishes the case from simple debt enforcement.
• Time to file and serve the case
• Time for trial and to obtain the judgment To make the data on the time and comparable across economies, several assumptions about the
case are used:
• Time to enforce the judgment - The dispute concerns a lawful transaction between two businesses (Seller and Buyer), both
Cost required to enforce a contract through the courts (% of located in the economy’s largest business city. For 11 economies the data are also collected for the
claim value) second largest business city.
- The Buyer orders custom-made furniture, then fails to pay alleging that the goods are not of
• Average attorney fees adequate quality.
• Court costs - The value of the dispute is 200% of the income per capita or the equivalent in local currency of
USD 5,000, whichever is greater.
• Enforcement costs - The Seller sues the Buyer before the court with jurisdiction over commercial cases worth 200% of
income per capita or $5,000 whichever is greater.
Quality of judicial processes index (0-18)
- The Seller requests the pretrial attachment of the defendant’s movable assets to secure the
• Court structure and proceedings (-1-5) claim.
- The claim is disputed on the merits because of Buyer’s allegation that the quality of the goods
• Case management (0-6) was not adequate.
• Court automation (0-4) - The judge decides in favor of the seller; there is no appeal.
- The Seller enforces the judgment through a public sale of the Buyer’s movable assets.
• Alternative dispute resolution (0-3)
Page 43
Enforcing Contracts - Trinidad and Tobago
Standardized Case
Claim value TTD 211,277
Court name High Court of Trinidad and Tobago
Time (days) 1340 774.2 589.6 120 (Singapore)
Cost (% of claim value) 33.5 32.0 21.5 0.1 (Bhutan)
Quality of judicial processes index (0-18) 8.0 8.8 11.7 None in 2018/19
Figure – Enforcing Contracts in Trinidad and Tobago – Score
0.0 62.4 44.4
Time Cost Quality of judicial processes index
Figure – Enforcing Contracts in Trinidad and Tobago and comparator economies – Ranking and Score
DB 2020 Enforcing Contracts Score
0 100
Note: The ranking of economies on the ease of enforcing contracts is determined by sorting their scores for enforcing contracts. These scores are the simple average of
Page 44
Figure – Enforcing Contracts in Trinidad and Tobago – Time and Cost
Time (days) Cost (% of claim value)

1600 60
Cost (% of claim value)

1400 50.2 1340
50
1200
Time (days)
36.0 40
1000 32.6 32.0 33.5
27.1 741 774.2
800 688 30
550 589.6 21.5
600 476 20
400
10
200
0 0
Antigua Dominica Grenada Jamaica Latin OECD Trinidad

and America high and
Barbuda & income Tobago
Caribbean
Page 45
Figure – Enforcing Contracts in Trinidad and Tobago and comparator economies – Measure of Quality
Trinidad and Tobago 2.5 2 0.5 3
Antigua and Barbuda 2.5 3 1.5 4.5
Dominica 2.5 3 1.5 4.5
Grenada 2 3 1.5 4.5
Jamaica 2.5 2 0.5 4.5
OECD high income 2.5 3.2 2.4 3.6
Latin America & Caribbean 2.4 2.2 1 3.6
0 2 4 6 8 10 12 14
Sub-Indicator Score
Alternative dispute resolution (0-3) Case management (0-6) Court automation (0-4) Court structure and proceedings (-1-5)
Details – Enforcing Contracts in Trinidad and Tobago
Indicator
Time (days) 1340
Filing and service 85
Trial and judgment 1195
Enforcement of judgment 60
Cost (% of claim value) 33.5
Attorney fees 30.4
Court fees 0.1
Enforcement fees 3
Quality of judicial processes index (0-18) 8.0
Court structure and proceedings (-1-5) 3.0
Case management (0-6) 2.0
Court automation (0-4) 0.5
Alternative dispute resolution (0-3) 2.5
Page 46
Details – Enforcing Contracts in Trinidad and Tobago – Measure of Quality
Answer Score
Quality of judicial processes index (0-18) 8.0
Court structure and proceedings (-1-5) 3.0
1. Is there a court or division of a court dedicated solely to hearing commercial cases? No 0.0
2. Small claims court 1.5
2.a. Is there a small claims court or a fast-track procedure for small claims? Yes
2.b. If yes, is self-representation allowed? Yes
3. Is pretrial attachment available? Yes 1.0
4. Are new cases assigned randomly to judges? Yes, but manual 0.5
5. Does a woman's testimony carry the same evidentiary weight in court as a man's? Yes 0.0
Case management (0-6) 2.0
1. Time standards 1.0
1.a. Are there laws setting overall time standards for key court events in a civil case? Yes
1.b. If yes, are the time standards set for at least three court events? Yes
1.c. Are these time standards respected in more than 50% of cases? Yes
2. Adjournments 0.0
2.a. Does the law regulate the maximum number of adjournments that can be granted? No
2.b. Are adjournments limited to unforeseen and exceptional circumstances? No
2.c. If rules on adjournments exist, are they respected in more than 50% of cases? n.a.
3. Can two of the following four reports be generated about the competent court: (i) time to disposition report; (ii) No 0.0
clearance rate report; (iii) age of pending cases report; and (iv) single case progress report?
4. Is a pretrial conference among the case management techniques used before the competent court? Yes 1.0
5. Are there any electronic case management tools in place within the competent court for use by judges? No 0.0
6. Are there any electronic case management tools in place within the competent court for use by lawyers? No 0.0
Court automation (0-4) 0.5
1. Can the initial complaint be filed electronically through a dedicated platform within the competent court? No 0.0
2. Is it possible to carry out service of process electronically for claims filed before the competent court? No 0.0
3. Can court fees be paid electronically within the competent court? No 0.0
4. Publication of judgments 0.5
4.a Are judgments rendered in commercial cases at all levels made available to the general public No
through publication in official gazettes, in newspapers or on the internet or court website?
4.b. Are judgments rendered in commercial cases at the appellate and supreme court level made Yes
available to the general public through publication in official gazettes, in newspapers or on the internet
or court website?
Alternative dispute resolution (0-3) 2.5
1. Arbitration 1.5
1.a. Is domestic commercial arbitration governed by a consolidated law or consolidated chapter or Yes
section of the applicable code of civil procedure encompassing substantially all its aspects?
1.b. Are there any commercial disputes—aside from those that deal with public order or public policy— No
that cannot be submitted to arbitration?
1.c. Are valid arbitration clauses or agreements usually enforced by the courts? Yes
2. Mediation/Conciliation 1.0 Page 47

Resolving Insolvency
Doing Business studies the time, cost and outcome of insolvency proceedings involving domestic legal entities. These variables are used to calculate the recovery rate,
which is recorded as cents on the dollar recovered by secured creditors through reorganization, liquidation or debt enforcement (foreclosure or receivership) proceedings.
To determine the present value of the amount recovered by creditors, Doing Business uses the lending rates from the International Monetary Fund, supplemented with
data from central banks and the Economist Intelligence Unit. The most recent round of data collection was completed in May 2019. See the methodology for more
information.
Time required to recover debt (years) To make the data on the time, cost and outcome comparable across economies, several
assumptions about the business and the case are used:
• Measured in calendar years
• Appeals and requests for extension are included - A hotel located in the largest city (or cities) has 201 employees and 50 suppliers. The hotel
experiences financial difficulties.
Cost required to recover debt (% of debtor’s estate) - The value of the hotel is 100% of the income per capita or the equivalent in local currency of USD
200,000, whichever is greater.
• Measured as percentage of estate value
- The hotel has a loan from a domestic bank, secured by a mortgage over the hotel’s real estate.
• Court fees The hotel cannot pay back the loan, but makes enough money to operate otherwise.
• Fees of insolvency administrators
In addition, Doing Business evaluates the quality of legal framework applicable to judicial
• Lawyers’ fees liquidation and reorganization proceedings and the extent to which best insolvency practices have
• Assessors’ and auctioneers’ fees been implemented in each economy covered.
• Other related fees

Outcome
• Whether business continues operating as a going concern or

business assets are sold piecemeal
Recovery rate for creditors
• Measures the cents on the dollar recovered by secured

creditors
• Outcome for the business (survival or not) determines the

maximum value that can be recovered
• Official costs of the insolvency proceedings are deducted

• Depreciation of furniture is taken into account
• Present value of debt recovered
Strength of insolvency framework index (0- 16)
• Sum of the scores of four component indices:

• Commencement of proceedings index (0-3)
• Management of debtor’s assets index (0-6)
• Reorganization proceedings index (0-3)
• Creditor participation index (0-4)
Page 48
Resolving Insolvency - Trinidad and Tobago
Recovery rate (cents on the dollar) 26.1 31.2 70.2 92.9 (Norway)
Time (years) 2.5 2.9 1.7 0.4 (Ireland)
Cost (% of estate) 25.0 16.8 9.3 1.0 (Norway)
Outcome (0 as piecemeal sale and 1 as going concern) 0 .. .. ..
Strength of insolvency framework index (0-16) 11.0 7.2 11.9 None in 2018/19
Figure – Resolving Insolvency in Trinidad and Tobago – Score
28.1 68.8
Recovery rate Strength of insolvency framework index
Figure – Resolving Insolvency in Trinidad and Tobago and comparator economies – Ranking and Score
DB 2020 Resolving Insolvency Score
0 100
Note: The ranking of economies on the ease of resolving insolvency is determined by sorting their scores for resolving insolvency. These scores are the simple average
of the scores for the recovery rate and the strength of insolvency framework index.
Page 49
Figure – Resolving Insolvency in Trinidad and Tobago – Time and Cost
Time (years) Cost (% of estate)

4.5 30
4.0
4 25.0
Cost (% of estate)
25
3.5
Time (years)
3.0 2.9
3 18.0 20
16.8 2.5
2.5
15
2 1.7
10.0 9.3
1.5 7.0 1.1 10
1
5
0.5
0 0
Antigua Dominica No Jamaica Latin OECD Trinidad

and Practice America high and
Barbuda Grenada & income Tobago
Caribbean
Page 50
Figure – Resolving Insolvency in Trinidad and Tobago and comparator economies – Measure of Quality
Trinidad and Tobago 4.5 2.5 3 1
Antigua and Barbuda 2 2 1 0
Dominica 2 2 2 0
Grenada 4.5 2.5 3 1
Jamaica 4.5 2.5 3 1
OECD high income 5.3 2.8 2.1 1.9
Latin America & Caribbean 3.7 2.4 1.9 0.8
0 2 4 6 8 10 12 14
Sub-Indicator Score
Management of debtor's assets index (0-6) Commencement of proceedings index (0-3) Creditor participation index (0-4) Reorganization proceedings index (0-3)
Note: Even if the economy’s legal framework includes provisions related to insolvency proceedings (liquidation or reorganization), the economy receives 0 points for the
strength of insolvency framework index, if time, cost and outcome indicators are recorded as “no practice.”
Figure – Resolving Insolvency in Trinidad and Tobago and comparator economies – Recovery Rate
Recovery rate(cents on the dollar)
70 66.4
60
50
40 37.1
29.6 31.2
30 26.1
20
10
0
No Practice
Trinidad and Tobago Antigua and Barbuda Dominica Grenada Jamaica Latin America & Caribbean
Page 51
Details – Resolving Insolvency in Trinidad and Tobago
Indicator Answer Score
Proceeding receivership Upon Mirage's default on the secured loan, there will be a stay period of 10 days for Mirage to attempt to negotiate and
reorganize its financial affairs. In the meanwhile, BizBank is likely to immediately appoint an interim receiver and in the
terms of the debenture to take control of all charged assets of Mirage. Since BizBank is a major creditor, it is also likely
that it will not support reorganization and instead will appoint a usual receiver who will conduct piecemeal sale of the
assets under protection and guidance of the High Court.
Outcome piecemeal sale The appointed receiver will try to sell the business as a going concern. However, it is unlikely to happen considering
the market condition in Trinidad and Tobago. The sale of the assets will take place informally as there are usually no
auctions.
Time (in years) 2.5 It will take around 2.5 years from the time when the debtor becomes insolvent until the bank gets some or all the
money owed to it. The receivership proceeding itself will take around 2 years. Additional 6 months will be spent to find
buyers for the property.
Cost (% of estate) 25.0 The cost associated with the case would amount to approximately 25% of the value of the debtor's estate. The main
components of the cost incurred include attorney fees (around 10%) and receiver fees (around 15%).
Recovery rate 26.1

(cents on the dollar)
Page 52
Details – Resolving Insolvency in Trinidad and Tobago – Measure of Quality
Answer Score
Strength of insolvency framework index (0-16) 11.0
Commencement of proceedings index (0-3) 2.5
What procedures are available to a DEBTOR when commencing insolvency proceedings? (a) Debtor may file for 1.0
both liquidation and
reorganization
Does the insolvency framework allow a CREDITOR to file for insolvency of the debtor? (b) Yes, but a creditor 0.5
may file for liquidation
only
What basis for commencement of the insolvency proceedings is allowed under the insolvency framework? (a) (c) Both (a) and (b) 1.0
Debtor is generally unable to pay its debts as they mature (b) The value of debtor's liabilities exceeds the value options are available,
of its assets but only one of them
needs to be complied
with
Management of debtor's assets index (0-6) 4.5
Does the insolvency framework allow the continuation of contracts supplying essential goods and services to the No 0.0
debtor?
Does the insolvency framework allow the rejection by the debtor of overly burdensome contracts? Yes 1.0
Does the insolvency framework allow avoidance of preferential transactions? Yes 1.0
Does the insolvency framework allow avoidance of undervalued transactions? Yes 1.0
Does the insolvency framework provide for the possibility of the debtor obtaining credit after commencement of Yes 1.0
insolvency proceedings?
Does the insolvency framework assign priority to post-commencement credit? (a) Yes over all pre- 0.5
commencement
creditors, secured or
unsecured
Reorganization proceedings index (0-3) 1.0
Which creditors vote on the proposed reorganization plan? (b) Only creditors 1.0
whose rights are
affected by the
proposed plan
Does the insolvency framework require that dissenting creditors in reorganization receive at least as much as No 0.0
what they would obtain in a liquidation?
Are the creditors divided into classes for the purposes of voting on the reorganization plan, does each class vote No 0.0
separately and are creditors in the same class treated equally?
Creditor participation index (0-4) 3.0
Does the insolvency framework require approval by the creditors for selection or appointment of the insolvency Yes 1.0
representative?
Does the insolvency framework require approval by the creditors for sale of substantial assets of the debtor? Yes 1.0
Does the insolvency framework provide that a creditor has the right to request information from the insolvency Yes 1.0
representative?
Does the insolvency framework provide that a creditor has the right to object to decisions accepting or rejecting No 0.0
creditors' claims?
Note: Even if the economy’s legal framework includes provisions related to insolvency proceedings (liquidation or reorganization), the economy receives 0 points for the
strength of insolvency framework index, if time, cost and outcome indicators are recorded as “no practice.”
Page 53
Employing Workers
Doing Business presents detailed data for the employing workers indicators on the Doing Business website (http://www.doingbusiness.org). The study does not present
rankings of economies on these indicators or include the topic in the aggregate ease of doing business score or ranking on the ease of doing business.
The most recent round of data collection was completed in May 2019. See the methodology for more information.
Hiring To make the data comparable across economies, several assumptions about the worker and the
(i) whether fixed-term contracts are prohibited for permanent business are used.
tasks; (ii) maximum cumulative duration of fixed-term contracts;
(iii) length of the maximum probationary period; (iv) minimum The worker:
wage;(v) ratio of minimum wage to the average value added per - Is a cashier in a supermarket or grocery store, age 19, with one year of work experience.
worker. - Is a full-time employee.
- Is not a member of the labor union, unless membership is mandatory.
Working hours
(i) maximum number of working days allowed per week; (ii) The business:
premiums for work: at night, on a weekly rest day and overtime; - Is a limited liability company (or the equivalent in the economy).
(iii) whether there are restrictions on work at night, work on a - Operates a supermarket or grocery store in the economy’s largest business city. For 11
weekly rest day and for overtime work; (iv) length of paid annual economies the data are also collected for the second largest business city.
leave. - Has 60 employees.
- Is subject to collective bargaining agreements if such agreements cover more than 50% of the
Redundancy rules food retail sector and they apply even to firms that are not party to them.
(i) whether redundancy can be basis for terminating workers; (ii) - Abides by every law and regulation but does not grant workers more benefits than those
whether employer needs to notify and/or get approval from third mandated by law, regulation or (if applicable) collective bargaining agreements.
party to terminate 1 redundant worker and a group of 9 redundant
workers; (iii) whether the law requires employer to reassign or
retrain a worker before making worker redundant; (iv) whether
priority rules apply for redundancies and reemployment.
Redundancy cost
(i) notice period for redundancy dismissal; (ii) severance
payments, and (iii) penalties due when terminating a redundant
worker. Data on the availability of unemployment protection for a
worker with one year of employment is also collected.
Page 54
Employing Workers - Trinidad and Tobago
Details – Employing Workers in Trinidad and Tobago
Answer
Hiring
Fixed-term contracts prohibited for permanent tasks? No
Maximum length of a single fixed-term contract (months) No limit
Maximum length of fixed-term contracts, including renewals (months) No limit
Minimum wage applicable to the worker assumed in the case study (US$/month) 372.3
Ratio of minimum wage to value added per worker 0.2
Maximum length of probationary period (months) n.a.
Working hours
Standard workday 8.0
Maximum number of working days per week 6.0
Premium for night work (% of hourly pay) 0.0
Premium for work on weekly rest day (% of hourly pay) 100.0
Premium for overtime work (% of hourly pay) 50.0
Restrictions on night work? No
Restrictions on weekly holiday? No
Restrictions on overtime work? No
Paid annual leave for a worker with 1 year of tenure (working days) 10.0
Paid annual leave for a worker with 5 years of tenure (working days) 10.0
Paid annual leave for a worker with 10 years of tenure (working days) 10.0
Paid annual leave (average for workers with 1, 5 and 10 years of tenure, in working days) 10.0
Redundancy rules
Dismissal due to redundancy allowed by law? Yes
Third-party notification if one worker is dismissed? No
Third-party approval if one worker is dismissed? No
Third-party notification if nine workers are dismissed? Yes
Third-party approval if nine workers are dismissed? No
Retraining or reassignment obligation before redundancy? No
Priority rules for redundancies? No
Priority rules for reemployment? No
Redundancy cost
Notice period for redundancy dismissal for a worker with 1 year of tenure (weeks of salary) 6.4
Notice period for redundancy dismissal for a worker with 5 years of tenure (weeks of salary) 6.4
Notice period for redundancy dismissal for a worker with 10 years of tenure (weeks of salary) 6.4
Notice period for redundancy dismissal (average for workers with 1, 5 and 10 years of tenure, in weeks of salary) 6.4
Severance pay for redundancy dismissal for a worker with 1 year of tenure (weeks of salary) 2.2
Severance pay for redundancy dismissal for a worker with 5 years of tenure (weeks of salary) 11.9
Page 55
Severance pay for redundancy dismissal for a worker with 10 years of tenure (weeks of salary) 28.2
Business Reforms in Trinidad and Tobago
From May 2, 2018 to May 1, 2019, 115 economies implemented 294 business regulatory reforms across the 10 areas measured by Doing Business. Reforms inspired by
Doing Business have been implemented by economies in all regions. The following are reforms implemented since Doing Business 2008.
=Doing Business reform making it easier to do business. = Change making it more difficult to do business.
DB2020
Paying Taxes: Trinidad and Tobago made paying taxes easier by conducting limited scope audits instead of full audits for value added tax refunds.
DB2019
Paying Taxes: Trinidad and Tobago made paying taxes more costly by increasing the corporate income tax rate.
DB2018
Paying Taxes: Trinidad and Tobago made paying taxes costlier by increasing the rates for the environmental tax and social security contributions paid by employers.
DB2016
Getting Electricity: Trinidad and Tobago made getting electricity more costly by introducing a capital contribution toward connection costs.
DB2015
Starting a Business: Trinidad and Tobago made starting a business easier by introducing online systems for employer registration and tax registration.
Getting Credit: Trinidad and Tobago improved access to credit by adopting the Bankruptcy and Insolvency Act, which establishes clear grounds for relief from a stay of
enforcement actions by secured creditors during reorganization procedures as well as a time limit for the stay.
Resolving Insolvency: Trinidad and Tobago made resolving insolvency easier by introducing a formal mechanism for rehabilitation, establishing a public office
responsible for the general administration of insolvency proceedings and clarifying the rules on appointment of trustees.
DB2014
Starting a Business: Trinidad and Tobago made starting a business easier by merging the statutory declaration of compliance into the standard articles of
incorporation form.
DB2013
Registering Property: In Trinidad and Tobago property transfers became faster thanks to speedier issuance of clearance certificates by the Water and Sewerage
Authority.
Trading across Borders: Trinidad and Tobago reduced the time to export and import by launching the ASYCUDA World electronic data interchange system and
simplifying the process for obtaining a certificate of origin.
DB2012
Dealing with Construction Permits: Trinidad and Tobago made dealing with construction permits costlier by increasing the fees for building permit approvals.
DB2008
Getting Credit: Trinidad and Tobago’s private credit bureau added utility companies as providers of information, improving access to credit information.
Paying Taxes: Trinidad and Tobago made paying taxes less costly for companies by reducing the corporate income tax rate.
Page 56
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Trinidad and Tobago Doing Business 2020

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Doing Business 2020 Trinidad and Tobago

Economy Profile of Trinidad and Tobago

Getting credit Movable collateral laws and credit information systems

Employing workers Flexibility in employment regulation and redundancy cost

About Doing Business

To learn more about Doing Business please visit doingbusiness.org

Ease of Doing Business in DB RANK DB SCORE

Trinidad and Tobago

Population 1,389,858 105 61.3

City Covered Port of Spain

Rankings on Doing Business topics - Trinidad and Tobago

What the indicators measure Case study assumptions

Starting a Business - Trinidad and Tobago

Legal form Private Limited Liability Company

Paid-in minimum capital requirement No minimum

City Covered Port of Spain

Procedure – Men (number) 7 8.1 4.9 1 (2 Economies)

Time – Men (days) 10.5 28.8 9.2 0.5 (New Zealand)

Procedure – Women (number) 7 8.1 4.9 1 (2 Economies)

Time – Women (days) 10.5 28.8 9.2 0.5 (New Zealand)

Figure – Starting a Business in Trinidad and Tobago – Score

64.7 89.9 99.7 100.0

Procedures Time Cost Paid-in min. capital

DB 2020 Starting a Business Score

97.4: Jamaica (Rank: 6)

89.3: Dominica (Rank: 71)

88.6: Trinidad and Tobago (Rank: 79)

88.0: Grenada (Rank: 89)

82.6: Antigua and Barbuda (Rank: 130)

79.6: Regional Average (Latin America & Caribbean)

Time (days) Cost (% of income per capita)

Cost (% of income per capita)

No. Procedures Time to Complete Associated Costs

1 Request the company name Less than one day TTD 25

As of April 2013, online registration is available at www.ttbizlink.gov.tt.

3 Make a company seal 1 day (simultaneous with TTD 195 + VAT

4 Apply for tax payer identification number 1 day no charge

5 Apply for Registration as an Employer 1 day (simultaneous with no charge

6 Apply for Registration of Employees 4 days (simultaneous no charge

7 Register for VAT 7 days (simultaneous no charge

Takes place simultaneously with previous procedure.

Dealing with Construction Permits

What the indicators measure Case study assumptions

• Quality of building regulations (0-2) The water and sewerage connections:

Dealing with Construction Permits - Trinidad and Tobago

Estimated value of warehouse TTD 5,671,017.50

City Covered Port of Spain

Procedures (number) 16 15.5 12.7 None in 2018/19

Time (days) 254 191.2 152.3 None in 2018/19

Cost (% of warehouse value) 0.1 3.6 1.5 None in 2018/19

Figure – Dealing with Construction Permits in Trinidad and Tobago – Score

56.0 34.3 99.6 66.7

Procedures Time Cost Building quality control index

DB 2020 Dealing with Construction Permits Score

71.9: Jamaica (Rank: 70)

70.1: Dominica (Rank: 83)

65.7: Antigua and Barbuda (Rank: 117)

64.1: Trinidad and Tobago (Rank: 126)

63.2: Regional Average (Latin America & Caribbean)