If you want to register a company in Jamaica, you can do so in a number of ways. Qualifications depend on whether you are writing an overseas company, registering a local company, or registering a certain type of business.
How is your business set up legally
In Jamaica, there are two main types of company structures that determine whether you run a company. The Company Act is used to register a company, and it is best for commercial businesses. A business can either be a non-profit organization or one that makes money. A business, on the other hand, is less complicated. It can be:
- Partnership.
- A sole proprietorship.
- A trade name registration.
The registration of the company name Act is used to record this legal structure. You should know that signing up as a company is riskier than signing up as a smaller business structure.
Place of business
Companies from outside Jamaica that want to do operations there must register with the Companies Act of Jamaica. The procedure, on its own, is not nearly as challenging as it would initially appear. You pay the fee, and then, according to the laws of the land, you have to file a Profit and Loss statement and a balance sheet.
As an international business based in Jamaica. You are allowed to:
- Change your board of directors and let people know about it.
- Change the addresses of people who are authorized to act on behalf of the company.
- Even after a company has been registered, the type of the business can be changed.
Registering a local business
Local company registration is something that the government wants people to do for more than one reason. The country’s government tried to make the registration process as easy as possible so that more people would go through with it.
When registering a local business in Jamaica, the following are some important considerations to keep in mind:
- You can save a name for your company up to 90 days before you actually register it.
- Keep in mind that the name should fit the company and make sense.
How to get your business registered in Jamaica
Having all of the necessary documentation is of the utmost importance. The following are some of the documents that you could require:
The company’s founding documents
The company’s name, which must include the word “Limited”, and the company’s registered address must be sent with this form. Companies with a share capital must give information about the types of shares and the most shares they are allowed to give out. Share transfer limits must also be given and made public. You will also need to know how many directors the company can have, how many it can’t have, and if there are any other rules. Articles of Incorporation are formed 1A for companies that make money and form 1B for groups that don’t make money.
A super form is another name for the form used to register a business
This form needs information about the directors, secretary, National Housing Trust, Heart Trust, National Insurance Scheme (NIS), and Tax Office (TRN, TCC, and GCT). Form BRF1 is the name of the form that is used for this. National identification for the well-known director and the people who say the documents are true.
Cost to register businesses from other countries in Jamaica
The following are the costs for company registration:
- Getting an overseas business registered costs $25,000.
- $500 to look up a business name.
- The cost of reserving a business name is $3000 for the Association in Jamaica.
- Local business registration costs $24,000.
- Relevant stamps are $500.
