Article
3 min read
Author
Anja Simic
Published
August 12, 2021
Last Update
July 12, 2024
Table of Contents
Sole proprietorship in Kiribati
Business Registration in Kiribati
Taxpayer Registration in Kiribati
Ensure compliance with our localized contracts
Kiribati is an island nation in the central Pacific Ocean that consists of 33 small islands. The official language in Kiribati is English and Gilbertese, and the official currency is the Australian dollar. Kiribati is one of the least developed countries globally and is highly dependent on international aid for its economy. However, this means that the competition is low, and you would have a lot of room for your business development in this tropical country.
An individual operating a commercial business in their own name and at their own responsibility is considered a sole trader. The owner is liable with all of their personal assets, and the liability is not limited. There is no legal personality separated from a natural person. This business form is often chosen for small businesses because of its simple form and easy registration procedure. The business is also flexible and adaptable to its changing environment, and the decisions and changes can be done fast.
The registration process is not complicated, and it doesn’t consume a lot of time. You should follow the next steps in order to register your business:
If your annual turnover exceeds AUD 5,000, you are obliged to register as a taxpayer. This is optional if your revenue is less than AUD 5,000. To register as a taxpayer, you should visit the Ministry of Finance and Economic Development office. The individual tax rate varies from 0%-30%, depending on your taxable income.
The tax payment can be made online via the government’s eTax platform.
Generate contracts in seconds. We’ll ensure that you're compliant with local labor laws, no matter where you live. Learn more.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Solutions
© Copyright 2024. All Rights Reserved.