Business Registration in Jamaica.
There are several options available if you are looking to register a business in Jamaica. Qualifications are based on whether you are writing an overseas company, registering a local business, and registering the type of business you are registering.
What is your legal business structure?
The two primary business structures available in Jamaica distinguish whether you operate a business or a company.
When you register a company, this is done on the Company Act and is most suited for commercial enterprises. A company enterprise can either be a non-profit and a for-profit organization.
A business, however, is less technical and includes partnerships, sole proprietors, and a trade name registration. This legal structure is registered under the Registration of Business name act.
You should know that registering as a Company requires more risk-taking than if you were to register a smaller business structure.
Overseas Business registration
Overseas Companies that seek to operate in Jamaica must register with the Companies Act of Jamaica. The process itself is not as complicated as one might think. You pay the associated fee, and you are then required to file a Profit and Loss statement and balance sheet following the land laws.
As an overseas company registered in Jamaica. You have the right to:
- Make changes to your board of directors and provide the notification.
- Update name and addresses for persons authorized to act on the company’s behalf.
- Change the business structure and type even after the company or business has been registered.
Local Business registration
Local Business registration is an act that is encouraged by the government for more reasons than one. The country’s government aimed to make the process as straightforward as possible, to encourage more persons to complete the registration process.
Here are some pointers to keep in mind when registering as a local business in Jamaica.
- You can reserve a business name up to 90 days before the actual registration of the business. This helps you to fill out contracts and other essential documents with more security. Often the necessary fees have been paid, and you will receive document notification that your name has been reserved for 90 days.
- You should note that when choosing a name for your business, the name must match and be justified by the nature of the business. This is to avoid miscommunication and cons. Some of the words that need a justification include example, medical, pharmacy, engineering.
Documents needed to register a business in Jamaica.
Having the proper documentation is very important. Documents you may need includes:
- The Articles of Incorporation
Documents needed to include this form are The Company’s Name, which must consist of “Limited,” a registered address for the company. Companies with a share capital must provide the classes of shares and the maximum number of shares the company is authorized to distribute. Restriction on share transfers must also be provided and disclosed. You will also need information on the minimum and maximum number of directors and any restrictions placed on the company.
An article of Incorporation is form 1A for profit-making companies and form 1B for non-profit organizations.
- The business registration form is also referred to as a Super Form.
Information needed on this form is the directors, secretary, National Insurance Scheme (NIS), National Housing Trust, Heart trust, and Tax Office (TRN, TCC, and GCT).
The form used for this is referred to as the Form BRF1.
- National identification for the prominent director and persons stating that the documents presented are accurate.
Cost Association for registering overseas businesses in Jamaica.
- Registering an overseas business $25,000
- Business name search $500
- Business name reservation $3000
Cost Association for registering local businesses in Jamaica.
- Cost to register local business $24,000
- Relevant stamps $500