The first step in starting a new business is to have an outline showing what your business plan will entail. While the success of a business is not guaranteed, a well thought out plan will increase the odds in your favour. This plan should include visiting the Inland Revenue Department to determine the taxes and licences for which you will be liable. After you have worked out the details of your plan, it is time to get the business registered. A business plan is not required for this.
There are two ways to register your business depending on whether your business will be incorporated or whether you choose to be a sole trader. For information on incorporating your business you can contact the Financial Services Regulatory Commission (FSRC) at 869-467-1019, located on Liverpool Row in Basseterre, St. Kitts or Charlestown, Nevis. If you chose to carry on business as a sole trader, then you will not have to go through this step. An individual should do the necessary research to determine which avenue is best, depending on their unique circumstances, and the type of business venture they wish to undertake.
One of the most important aspects of conducting a business, is ensuring that proper and complete records are kept for all transactions relating to the business. In addition, business records should always be kept separate from personal records. These two will be invaluable in helping you to determine the success of your enterprise, and it is required for tax purposes.