How to Set Up a Company in Jamaica

Last updated 5 July 2020
How to Set Up a Company in Jamaica

Features of Investment in Jamaica

Your company will be displayed on the ‘companies in Jamaica’ website a week after registering the company.

As a result, you will be able to attract more customers when they know that you are dealing with government agencies.

Also read: A Simplified Definition of Commercial Law

Necessary Procedures to Start a Company in Jamaica

Reserve a company name.

Obtain a company address document.

Determine the type of company.

Determine the number of company directors.

Fill out the registration form.

Obtain the taxpayer registration number and obtain the reference number of the national insurance plan, which requires:

  • Two personal photos.
  • Birth certificate.

Register with the Internal Revenue Department to obtain a permit to benefit from various legal tax benefits.

You may obtain equity privileges from the Jamaican Intellectual Property Office.

Apply for a tax compliance certificate.

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Also read: The Importance of Having a Commercial Lawyer Before Starting Your Investment

Types of Companies in Jamaica

One-person Company

It is the simplest type of company. The founder receives all the profits and is able to make all company decisions. He also bears all the risks and consequences of his decisions, and all his personal property is threatened in the company has debts. The cost to register this type of company is 2500 dollars.

Partnership

Consists of two people at least and twenty people at most. One of its advantages is that partners share costs, risks and responsibilities. One of its negative points is that the ability to make decisions is limited there is more than one partner, and all partners are responsible for the consequences of the individual decisions of any of them. The company registration cost is 2000 dollars.

Also read: The Most Important Branches of Commercial Law

Cooperative Work

A group of people cooperate and trade together for mutual benefit. The company does not fall under the control of only one person. Each member is usually entitled to one vote regardless of their financial investment in cooperative work.

General Company

There is no upper limit on the number of members. The company has a separate identity and it can continue its work even if some members change or any of them leave the company.

Also read: The Importance of Commercial Law

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