NO NEW COMPANIES REGISTERED FOLLOWING SYSTEM CRASH LAST YEAR

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No new companies have been able to register to legally conduct business in this country since
last year. That is because the Companies Registry System ‘aged servers’ since December 9th and
have not been up and running since then. Even though the Attorney Office admitted that it has
caused great inconvenience to members. The registry is responsible for the Incorporation of
companies meaning no companies register to legally conduct business in T&T. Since December
9th businesses that were not registered before having been left in limbo concerning business
transactions. The registry has a responsibility to stakeholders to provide data and other services.
Companies maintained by the Registrar, must file an Annual Return. A notice indicated
companies hoping to register won’t be able to do so until at least February. This was the second
time there had been a crash of the property database. A new system is expected to be
implemented, reportedly will replace the previous service. In 2020, T&T was ranked 79/180
economics on the ease of doing business index. It took exactly a month exactly one week to start
a business with little to no complaints. Clients await the green light to register their businesses on
February 1st. Concern are on that day; the service would become oversubscribed and collapse.

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The reason I choose this article out of all the other articles was the title “No new companies
registered following system crash last year” spoke out to me, the title of this article made me
curious in knowing the reasoning why for doing so. There wasn’t really a point I liked in this
article, reason being was because this article mainly spoke on the fall of new companies to
legally register to conduct their business however, I liked that in 2020 it was reported that the
registration of a business name would take one day and three days respectively. Overall, the
report listed that it took exactly one week to start a business in T&T, it left me hope that the
same could happen once again this year. I agree with the point the author made in the article
because it’s better to have your business legally registered instead of keeping it under the table
cause say if something was to happen to your business you can gain back money from insurance
to get back in the position you were left off at, although might take some time to register it’s
better than losing everything. An experience I was told about that contributed to this article in
having your business legally registered was that it’s wasn’t a hard procedure and was a small fee
with registering, once you had all the things to require registering such as; a form of
identification, name of the business shouldn’t be duplicated and what the business is about and
with some of those pointers registering your business is worth the wait.
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A new information I’ve learnt from this article, was the step back in legally registering your
business and the reason for it also that some people may have a chance, but others may not
because the service may be oversubscribed and collapse. I think citizens in general and of the age
to start their own business can benefit from this article, reason being is they can be aware of the
dates to register and the time frame it could be completed. An aspect if practiced that will help
shape the country may be an increase in financial stability if business is registered and running
smoothly but also can be a strain for the push back in dates to become registered. I don’t really
think business managers could really find this information important especially if their business
is already registered but they can inquire others who wants to be registered and explain the
process it took them to get legally registered.