Haiti Info
Joined: 16 Nov 2006
Posts: 14
Home Country: haiti
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 Posted: Fri Nov 17, 2006 1:27 am Post subject: DOING BUSINESS IN HAITI / HAITI BUSINESS GUIDE |
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DOING BUSINESS IN HAITI
STARTING A BUSINESS
STANDARDIZED COMPANY
Legal Form: Sociedad Anónima (SA) – Stock Corporation
Minimum Capital Requirement: 25,000
City: Port au Prince
Registration Requirements:
Procedure 1. Deposit the legally required initial capital in a bank and obtain deposit evidence
Time to complete: 1 day
Cost to complete: no charge or up to HTG 385
Procedure 2. Pick up a company registration form
Time to complete: 1 day
Cost to complete: no charge
Procedure 3. Notarize the company deeds and Articles of Association
Time to complete: 25 days
Cost to complete: HTG 4000
Procedure 4. Pay the registration fee
Time to complete: 1 day
Cost to complete: no charge
Comment: Pay the fees at the Tax Office and obtain proof of payment
Procedure 5. Registration with the Commercial Registry at the Ministry of Commerce and Industry
Time to complete: 25 days
Cost to complete: HTG 275
Procedure 6. Publish Act of Constitution in a Legal Journal
Time to complete: 150 days
Cost to complete: HTG 10000
Comment: Cost per page is HTG 600.00. Firms can begin operation as soon as they receive the authorization from the Ministry of Commerce, prior to the publication. It takes from 2 months to 8 months.
Procedure 7*. Register for taxes with the Tax Bureau (Direction Générale des Impôts); obtain the Commercial Identification Card
Time to complete: 32 days
Cost to complete: HTG 600 (for company ID card) + 2% of initial capital + 0.3% per share + HTG 113
Comment: The company must file a form at the Tax Bureau and provide an opening balance sheet based on which they will pay the corporation taxes.
There is a 2% tax issued on corporation's initial capital, to be paid on a yearly basis. A company needs to pay for the "Tax on Share" (taxe sur action) of 0.3% per share, which will be assessed each year. There is also a "right of operating" tax (Droit de Fonctionnement) in the amount of HTG113 that will be paid each year. In addition to the above, each shareholder will have to provide each year his/her "declaration of revenue". Except for TCA, all taxes need to be paid at the time of formation.
Time 4-5 weeks.
Procedure 8*. Register for TCA (Taxe sur le Chiffre d'Affaire)
Time to complete: 1 day
Cost to complete: no charge
Comment: This is the equivalent of VAT and must be collected on all transaction at the end of the first year and every year after.
Procedure 9*. Obtain special commercial books from an accountant.
Time to complete: 15 days
Cost to complete: HTG 5000
Comment: The books are prepared by an accountant.
Procedure 10*. Legalize the commercial book.
Time to complete: 7 days
Cost to complete: HTG 1000
Comment: Books are legalized by the president of the first instance court. Each page must be initialed by the dean of the civil court.
Procedure 11*. Notification of the Labour Ministry
Time to complete: 1 day
Cost to complete: no charge
Comment: Declaration of hiring of personnel to be made to the Labour Direction Within 8 days of opening.
Procedure 12*. Signing for Social Security
Time to complete: 1 day
Cost to complete: no charge
Comment:The Corporation must sign for social security which includes Labour, Sickness Insurance Office (OFATMA) (Up to 6% of monthly salary), Retirement Insurance Office (ONA) (up to 6% to be paid by the employer). Employer must subscribe its corporation with this insurance office within 15 days of opening and provide the name of all its employees.
Note: Procedures sometimes take place simultaneously. Instances of this are marked with an asterisk (*).
TAXATION
Corporate and personal incomes are both taxed according to a progressive scale ranging from 10% to 35%. Since 1951, new corporations, if placed on the government's list of recommended new industries have benefited from special tax concessions, including customs duties exemption and a five-year corporate income tax exemption. The progressive income tax is the most important direct tax. The first band, 10%, implicitly exempts the first 20,000 Gourde of income (about $509) from taxation, and runs to 100,000 Gourde ($2,542). The 15% band covers the next increment of income to 250,000 Gourde ($6,360); the 25% band covers the next increment to 750,000 Gourde ($19,076), and the highest band, 30%, applies to all income above $19,076. The highest property tax rate is reportedly 15%. Indirect taxes include a value-added tax (VAT) with a 10% standard rate, raised from 7% in 1985. There are also numerous excise taxes at various rates. |
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