If you have a desire to open a commercial enterprise in Jamaica, then YB Case team are ready to provide you with legal assistance with this issue.
The following legal forms of doing entrepreneurship in Jamaica are presented to your attention:
- a FZ company;
- an OJSC;
- the representation;
- a subsidiary.
Often the choice falls on a such business form as LLC
Establishing LLC in Jamaica
1 (or more) non-resident director/shareholder may establish a Jamaican LLC. The initial authorized capital must be at least $1. In order for the registration of a commercial organization in Jamaica to be fully completed and confirmed, the presence of a secretary is a prerequisite.
Since the Jamaican LLC must conduct an audit annually, required to hire a resident auditor. After setting up a Jamaican firm, the owner must conclude a lease on the office, the location of which coincides with the place of registration of entrepreneurial activity. An accounting statement is required.
Government grants, contracts are available for this type of entrepreneurial activity.
A taxation is an important point, that you should pay attention, choosing a jurisdiction for doing business. The taxes in Jamaica are as follows:
- a corporate tax rate is 25%;
- VAT on sales to local customers is 16,5%.
It is worth considering, that Jamaica has signed a double taxation avoidance agreement with twelve countries including Canada, China, Israel, Sweden and others. The country is also a member of the Caribbean Community Secretariat (CARICOM), which means the tax system in Jamaica aims to reduce taxes. In this regard, there are unlimited number of people, who want to register an enterprise in Jamaica.
Setting up a Jamaican OJSC
Foreign investors have the possibility to open OJSC in Jamaica. To complete this procedure, you will need: 3 directors, 1 shareholder (resident / non-resident). The minimum starting fund is $4,400. The appointment of a secretary is a prerequisite.
If you are convinced, that you want to set up an OJSC in Jamaica, please note, that it is necessary to provide financial statements, which requires the position of an auditor (resident).
This type of company can offer its shares for sale on the Jamaican Stock Exchange.
To start an entrepreneurial activity in Jamaica, you need to:
- Provide a Charter of your firm approved by the Commissariat;
- Submit a Memorandum of Association to the Register;
- Provide a registration certificate;
- Notify the Regulator, that the directors, a secretary have been appointed (within 14 days after);
- Submit documents to the Social Security Service, the Ministry of Labor in order to get the EIS number in Jamaica;
- Submit an application to a state tax service for a TRN;
- Register to pay taxes.
YB Case team draws your attention to the fact, that by contacting us you will receive a complete package of services in registering Jamaican commercial organizations at all stages. Our experts will also provide advice on opening a corporate account in Jamaica.
You can request for advice on registering a commercial firm in Jamaica by calling us by the contacts listed on the site.