A Step-by-step Procedure to Register Company in Jamaica
Beyond its vibrant culture and natural beauty, Jamaica’s value lays in its business-friendly environment. The country’s well-educated and trained workforce, unwavering democracy, robust infrastructure and strategic location makes it attractive for investors. Jamaica’s islander vibe presents a phenomenal feeling that makes it right to do business.
Why Incorporate in Jamaica?
Any entrepreneur planning to register company in Jamaica can do so either individually or by outsourcing professional services. Its prime location offers excellent trade opportunities alongside its generous incentives for international companies.
Now for any investor willing to do business in Jamaica, the government has several thriving key sectors to invest.
Which Lucrative Industries to Look at
Jamaica is one of the leading tourist destinations and provides the right setting for investment. The exceptional beautiful scenery, rich culture, first-class accommodations and attractions give any investor an irresistible appeal.
Jamaica location at the hub of air and sea route in the Caribbean makes it an ideal place to invest in manufacturing. Manufacture of textiles forms one of the largest sectors, accounting for about 13% of its total exports. The formation of the “Jamaica Logistical Hub Initiative” by the government continues to attract foreign investors.
As an investor who plans to register company in Jamaica, agriculture forms one of the iconic sectors to invest in as it accounts for 6.6% of the country’s GDP.
Currently, the government is embarking on preserving the forested zones from illegal logging and deforestation. This is because forests act as a source of Jamaica’s timber products and fuel.
The Incorporation Process
Any resident or foreigner with plans to have a business in Jamaica can now get it done individually or through the right service provider.
3E Accounting offers the following services globally:
- Taxation services
- Accounting & auditing services
- Enterprise/business setup
- Stamp/seal makers services
If you are looking for the best business solution advice, 3E Accounting is the way to go. You can contact us and enjoy the professional treatment.
Applicants Looking to Register Company in Jamaica Will Follow the Steps Below.
1. Company Name Verification
The first step that you must begin with is the verification of the availability of the company name. The applicant files the name search Form 6 with the Companies Office of Jamaica. The filing of the form will cost you JMD 500.
The applicant can register online, and the Companies Registry would typically complete the process within 24 hours and send an email notifying after the search. After confirming that the company name is available, the applicant can reserve the name if they wish.
The good news is that the name reservation has no cost for the first two days. If the period runs beyond 90 days, the applicant can pay an additional JMD 3,000.
2. Submission of Application Forms
To register company in Jamaica, you must prepare and fill up two forms: a) Article of Incorporation form and (b) Business Registration Form (BRF). Completing the BRF form will offer adequate information to register for the General Consumption Tax (GCT). The entire cost is as follows: JMD 24, 000 (registration fee), JMD 500 for stamp duty, JMD 3,000 (next day processing).
The company can begin operating after the issue of the Notice of Registration. The issuance of the certificate of incorporation is only possible once the company’s gross sales surpass the threshold of JMD 1,000,000. The moment that is done, the company’s status changes to ‘Registered Taxpayer.’
3. Registration for Tax/Insurance
Any newly registered company is not eligible to conduct business if it does not acquire tax status. Foreigns and local applicants must register for the Taxpayer Registration Number (TRN) and General Consumption Tax (GCT). Again, they should register for the National Insurance Scheme (NIS).
Get any assistance from 3E Accounting to register company in Jamaica and enjoy professional services from the well-trained workforce.