



Every individual is required to register in TAMIS for a new Tax Identification Number. Please note that you must have access to your account in the previous etax system as the process will ask for a code which must be accessed via the etax system. If you do not have access to your etax account please arrange to contact or visit any of the locations of the Barbados Revenue Authority so they can assist.
Please see below link from the Barbados Revenue Authority’s site for step by step guidance to register for your new ‘TIN’.
A reminder to all incorporated businesses to complete and file your annual return to the Registrar of Corporate Affairs before the end of January. Don’t wait until month-end to submit.
#doingminethisweek
Please be advised, for those who have not filed for prior years, that there is currently an amnesty until April 2019 for the filing of all returns from 2015 to 2018. The cost per year, paid to the Registrar of Corporate Affairs is BDS$100.00.
I was twenty seven years old when I first thought of entrepreneurship. At the time I had been working at a company for two years and had implemented all the necessary changes and improvements in my opinion. I started to become bored with a standard work day. I wanted more. I was always a very ambitious and quietly competitive person. When it came to work, I was not satisfied but being anything but the best. It was this attitude that pushed me to complete my ACCA designation within two years, rather than the normal three to five. It was at that point, that a few persons whom I had met as a result of my current job, approached me about providing bookkeeping and accounting services on a part-time basis.
So it started, or so I thought. I was able to fulfill those commitments; but I wanted more. I was on my way to being an entrepreneur; or so I thought. A discussion with my then life partner did not yield the support I expected. I was weak and gave in. I took the safe road and gave up those part time commitments for the safety of full time employment. My attempt lasted three months. I sulked quietly and went back to my boring job. Needless to say I started looking for a change in employment as I became restless and wanted more. Instead, however, of looking to go on my own, I was seemingly content in the employee mode. I was fortunate to find that change in employment and for the next few years, went through the motions of being an employee. I worked towards giving my all towards the new company.
Slowly the yearn for being my own boss started to return to my thoughts. Weekly I toyed with the idea, and the fear, of starting a business from scratch, with zero clients, and monthly commitments – mortgages, monthly running costs etc. I went ahead and set up a company, but it just sat there, dormant, for three years. Three years I toiled over the decision as to whether to change my mindset and be a risk seeker and take the plunge head first. How much longer would I continue to follow the masses? At that point I remembered the words of the late Mrs. Robertson from music days at school who always said, “The masses are always wrong”. How those words would resonate with me more than a decade later was astounding, especially since they came from someone, who at the time, we all thought was a complete lunatic. Proof that as young people we don’t appreciate the guidance we have received until years after.
It was months of constant frustration that coerced my decision to take the chance to go on my own. However, even at that point, it was fueled by the probability of an opportunity, that on paper, was very difficult to refuse. It would have provided my “cushion” while I built the clientele necessary to start on my own. Very often, life creates situations which force us into the choice that we want to make on our own if we weren’t afraid. Do you jump? Or do you have to be pushed? Well I was pushed. That seemingly lucrative opportunity fell through, and I was left in the same position I tried so hard to avoid. The words of another person, “You are going to fail” resonated with me during the early part of this transition phase. I was not about to let those words tell my story and prove to that person that I belonged to the “masses”. The 1st September, 2014 started a new chapter for me, a new vision, a renewed focus like never before, and the determination to be the “best”. Period. I had already done the market research and recognized that there was a definite need for a professional whose main focus would be the provision of finance & accounting solutions to suit clients’ needs. Especially with the willingness to work with persons where affordability is an issue, and not just see it as a “$300 per hour take it or leave it, 4 days a week so I can play golf on Fridays” role.
That was a year ago. I am now 35, with a company approaching its first year and with three valuable Team members who have embraced the “solutions to suit clients’ needs affordably” that I have built this young company on. I cannot adequately express the transformation that starting a company has done for my personal development. Here I am writing my first post whereas two years ago I could not write anything of substance unless it was in binary. Other key areas are: increased confidence and finally utilizing my leadership capabilities. Capabilities that persons would have identified in me from my UWI & early working days. I have a drive that is second to none; I have no business fear, and I am still hungry for more. I now have a model to fuel that desire. You can do so too. I challenge all those who have thought of being an entrepreneur to do the same. Remember to surround yourself with fellow entrepreneurs. I’ve done it and there’s no looking back. Don’t let the fear of failure keep you from following your professional desires.
Entrepreneurship. Scary? Most definitely; but still extremely rewarding.