Jamaica Company Incorporation Services that You Need to Know
Incorporating a company in Jamaica may sound challenging, but following this simple guide can help make it less difficult for any business person.
Jamaica is a country in the Caribbean sea and also consists of the largest island in that region. It is famous for its agricultural exports and has a lucrative tourism sector due to its famous beaches.
Jamaica Company Incorporation
1. Verify the Availability of the Company Name
Applicants can file a Form 6 for a name search at the Companies Office of Jamaica, it will cost JMD 500. This procedure can be done online and the Companies Registry typically completed the process within a day and sends an email to notify the completion of the search.
After confirmation that the company name is available, the applicant can also choose to reserve the company name if they wish. Name reservation is free for the first two days, a longer period of 90 days may be requested for an additional JMD 3,000.
2. Incorporate the Company and Obtain a Certificate of Incorporation
Jamaican company incorporation is done at the Companies Office of Jamaica. Applicants are required to fill two forms: 1) Article of Incorporation form and 2) Business Registration Form (BRF). The completed BRF form will provide sufficient information for the applicant to register for General Consumption Tax (GCT). The total cost will be: JMD 24,000 (registration fee) + JMD 500 for stamp duty + 3,000 (next day processing).
Once the company is registered and a Notice of Registration has been issued, the company can begin to operate. A certificate of incorporation will be issued once the company’s gross sales exceed the threshold of JMD 1,000,000. Once this happens, the company’s status will also be changed to ‘Registered Taxpayer’.
3. Register for Insurance/ Tax
Registration for the National Insurance Scheme (NIS), Taxpayer Registration Number (TRN) and General Consumption Tax (GCT) is done at the same time as the company incorporation procedure. Additional information may be required for the purposes of insurance and tax.
Interested in setting up a business in Jamaica?
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