Before going into business in Jamaica, it is important to determine the type of legal structure best suited to your needs. The two basic options to choose from are:
- A Company - a commercial enterprise registered or incorporated under the Companies Act
- A Business - a sole trader or partnership registered under the Business Names Act.
The Companies Office of Jamaica provide a name search feature that allows you to search the availability of the business name. Under the Companies Act 2004, it became possible for a company to reserve a name for up 90 days before it is actually registered. Consider reserving the name of your company by filling out and submitting the Companies Name Search and Name Reservation Form (Form 6).
The fee is $ 500.00 for the Name Search and $3000.00 for the Name Reservation. Total Reservation Cost is $3500.00. Upon completion of the process, you will be issued with a letter advising that the name is reserved for a period of Ninety days. Name reservation may also be done online through this Website.
Registering as a Sole Proprietorship
If you choose to register your business as a sole trader; this is the simplest and fastest of all the other options. It consists of one owner which will make it easy to fill out the necessary documents and submit them for approval.
Requirements:
You will need to fill out The Business Registration Form (BRF 1) “Super Form”
You will need a document verifying your current place of address. This can be your driver’s license, passport, or utility bill.
Your TRN will be needed for all transactions
Professional Certification where applicable
Work permit or Exemption letter, where applicable
The Registration Fee is $2500
Registering as a 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.
Requirements:
You will need to fill out The Business Registration Form (BRF 1) “Super Form”
A document verifying the current address of all the partners in the business. This can be your driver’s license, passport, or utility bill.
The TRN of all partners will be needed for all transactions
Professional Certification will be needed where applicable
Work permit or Exemption letter, where applicable
The registration fee is $2,500 for 2 to 5 partners and $5,000 for 6 to 20 partners
Registering as a Company
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.
Requirements:
You will need to fill out The Business Registration Form (BRF 1) “Super Form”
The “Super Form” must be signed by all the Directors and the person declaring the accuracy of the information submitted on the form.
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
A government issued identification of the principal director and the person declaring the accuracy of the form must be presented to the Companies Office.
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
If you are unsure of something when filling out your form contact the Companies Office and they will be happy to help you out.
Address:
1 Grenada Way (at the corner of Grenada Way and Grenada Crescent)
Kingston 5 St Andrew Jamaica W.I.
Office Hours:
Monday - Wednesdays 8:30am - 3:30pm
Thursday - Fridays 8:30am - 3:00pm
Customer Service Contact:
Telephone: (876) 908-4419-26 (876) 940-4572 or (876) 940-5742
Fax : (876) 960-7152
This article is for information purposes only and not legal advice.
Javanna Haughton is a trained paralegal and can draft legal documents.
+1 876 456 4677
