My trade license has been approved, what’s next?
Trade license fees are paid on an annual basis and depend on the category of business and whether you are a BVIslander or not. Categories of business include:
- Agents – travelling agent, ticket agents, etc.
- Commercial – the majority of businesses fall in this category
- Entertainment – discotheque, nightclubs, amusement parks, etc.
- Hotels, Restaurants, Bars, Guest Houses and Apartments;
- Manufacturing – tiles, blocks, distillers of alcohol, etc.
- Professionals - accountants, lawyers, doctors, etc.
- Trade – contractors, plumbers, electricians, etc.
For a BVIslander, current trade license fees range from $25 to $200 and, for a non-BVIslander, current trade license fees range from $200 to $600.
Your responsibilities as an employer
If you are going to employ persons to help you run your business, you must learn the legal steps you need to take to hire employees. Purchase a copy of the Labour Code at the local Passport Office located in government’s Central Administration Complex to learn all you need to know about the working conditions you must provide, the rights of your workers, etc.. The Labour Code as well as other Acts can be purchased for a fee of $30. If you don’t employ anyone but yourself, you are still classified as an employer – you are self-employed. Responsibilities that come with employing persons include filing social security and paying payroll tax.
Registering and filing social security
Once the trade license for your new business has been approved and you intend to employ persons, you must register with the Social Security Board. You will need to fill out a form and provide personal identification information as well as a copy of your trade license.