Registering Your Business in Jamaica

Registering Your Business in Jamaica

Registering your business in Jamaica has been getting easier over the years. Jamaica now ranks 20th in the world for starting a business (up from 34th in 2014) and this is really great news. The government of the country is recognising that entrepreneurship is the way to boost the country’s economy and we now have the tools and opportunity to take advantage of this.

Registering as a Sole Proprietorship

businessman

If you choose to register your business as a sole trader then you will be glad to know this is the simplest and fastest of all the other options. Because it consists of one owner it will be easy to fill out the necessary documents and submit them for approval.

  1. Contact Companies Office of Jamaica to find out if your intended business name can be used. (optional step but it can save you the frustration later :))
  2. You will need to fill out The Business Registration Form (BRF 1) “Super Form”
  3. You will need a document verifying your current place of address. This can be your driver’s license, passport, or utility bill.
  4. Your TRN will be needed for all transactions
  5. The registration fee is $2500

 

Registering as a Partnership

startup-partnership

To register as a partnership it will be a bit more complex compare to a sole proprietor and depending on the amount of partners in the business. The cost are still relatively small and the process can be completed in a couple of days.

  1. Contact Companies Office of Jamaica to find out if your intended business name can be used.
  2. You will need to fill out The Business Registration Form (BRF 1) “Super Form”
  3. A document verifying the current address of all the partners in the business. This can be your driver’s license, passport, or utility bill.
  4. The TRN of all partners will be needed for all transactions
  5. Professional Certification will be needed where applicable
  6. The registration fee is $2,500 for 2 to 5 partners and $5,000 for 6 to 20 partners

Registering as a Company

startup-company

Now this is where it gets interested. Registering your business as a company is the most complex option and you should really assess your business to see if a corporate status is suitable. Personally speaking it was not easy registering a company and a lot of mistakes were made which I am now thankful for because now I’m in a better position to assist persons who are interested in going this route.

  1. Consider reserving the name of your company by filling out and submitting the Companies Name Search and Name Reservation Form (Form 6)
  2. You will need to fill out The Business Registration Form (BRF 1) “Super Form”
  3. The “Super Form” must be signed by all the Directors and the person declaring the accuracy of the information submitted on the form.
  4. The Articles of Incorporation (Form 1A for Companies making a profit and Form 1B for Non-Profit Companies) must be submitted for companies that are limited by shares
  5. A government issued identification of the principal director and the person declaring the accuracy of the form must be presented to the Companies Office.
  6. The fee to register a Company is $24,000 and an additional charge of at least $500 if the documents are stamped at the Companies Office

The process for registering a business is very straight forward even for a company and it is reflected in the country’s ranking for starting a business compared to 188 other countries in the world. If you are unsure of something when filling out your form contact the Companies Office and they will be happy to help you out.

For more information visit here

Categories: Business

About Author

Darren Beckford

A young entrepreneur who is dedicated to the development of advanced and useful technological systems. Growing up in the city of Montego Bay I was a lover of mathematics, problem solving, aviation, finance, technology and business.

Comments

  1. Alex
    Alex 4 October, 2017, 23:00

    Good day Darren is it the same process to copyright/register the name of the business and not the actual establishment? For example “Sunshine Group of Companies” we would have other subsidiaries with different names.

  2. Marlon
    Marlon 23 August, 2017, 15:10

    HI, I am thinking about opening a action sports park. I am a foreigner but as a child i had a British and Jamaican passport. I am unsure whether it still counts as i have not renewed it. how would i go about getting information on licences, permits and the rules on foreigners establishing business in Jamaica. Any guidance would be very much appreciated.

    • Darren Beckford
      Darren Beckford Author 5 October, 2017, 18:00

      Hi Marlon, I believe the best way to go about doing this is to actually renew your Jamaican passport and apply as a citizen. It will be less complicated. If you want to register as a foreigner then you can contact the Companies Office by using the contact info here https://www.orcjamaica.com/ContactUs.aspx

  3. dill
    dill 10 March, 2017, 15:36

    what is the next step after registering your business?

    • Darren Beckford
      Darren Beckford Author 23 June, 2017, 13:56

      Well, it all depends on your business or intentions. The important thing is to ensure that you pay attention to the post registration obligations that your business should adhere to. If you need more info feel free to send me a message.

  4. Coda
    Coda 23 January, 2017, 20:02

    Thank you very much… I know what I needed but wasn’t sure about the order. Also for adding the cost. Even though they might have changed, at least i have a ball park figure.

    Could you do an article explaining possible liabilities/expectation that comes with each?

    • Darren Beckford
      Darren Beckford Author 23 June, 2017, 13:58

      I will try to keep the costs and other information up-to-date. I could surely do an article on that. Ensure that you are subscribed so you can receive updates.

  5. Zapshenko
    Zapshenko 19 September, 2016, 14:57

    thanks a lot for this, twas very clear, consice and rather insightful. Exactly what i needed to further my endeavors, much aoppreciated

  6. rea
    rea 2 September, 2016, 20:40

    what about a manufacturing entities how would u register?

    • Darren Beckford
      Darren Beckford Author 25 September, 2016, 18:34

      Hi, you would register your company just as describe but you may need to apply for certain licenses based on what you will be manufacturing.

  7. jea
    jea 2 September, 2016, 20:38

    what about a manufacturing company?

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