Post-Registration Requirements and Ongoing Compliance
REGISTRATIONBUSINESS
Obtaining the Business Registration Certificate is a significant milestone, but it is followed by several mandatory post-registration requirements to ensure ongoing compliance with Timorese law.
Obtaining the Business Registration Certificate is a significant milestone, but it is followed by several mandatory post-registration requirements to ensure ongoing compliance with Timorese law:
Tax Registration and Tax Identification Number (TIN): All businesses must register with the National Directorate of Domestic Revenue and obtain a Tax Identification Number (TIN). This is essential for fulfilling tax obligations, including corporate income tax, sales tax, and other applicable levies.
Additional Business Licenses and Permits: Depending on the nature of the business and the industry sector, additional licenses and permits may be required from relevant ministries or regulatory bodies. For example, businesses in finance, healthcare, or specific manufacturing sectors will need to secure industry-specific approvals.
Employee Registration and Labour Law Compliance: If the business plans to hire employees, it must register them with the social security system. Furthermore, strict adherence to Timor-Leste's labour laws regarding wages, working conditions, contracts, and employee rights is mandatory.
Corporate Bank Account: Opening a corporate bank account with a local bank is essential for conducting business transactions, managing finances, and fulfilling tax obligations. This typically requires submitting the business registration documents, TIN details, and proof of company ownership.
Ongoing Corporate Governance and Filings: Businesses are required to maintain good corporate governance standards. This includes submitting annual financial statements and tax filings to government authorities. Companies in regulated industries may also be subject to periodic audits and sector-specific reporting requirements. Staying informed about legal changes and ensuring timely compliance is crucial to avoid penalties and legal complications.