GET UP & GO
Starting a business in Jamaica has become easier than ever, and companies will find an investment-friendly business environment.
Jamaica's growing business sophistication makes it the top destination for investors and businesses seeking lucrative opportunities for trade and investment. The island continues to outperform the rest of the Caribbean and Latin America in terms of the ease of doing business. The World Bank ranked Jamaica 70th out of 190 countries in its 2018 Doing Business report, ahead of Antigua and Barbuda (107), St. Kitts and Nevis (134), and Grenada (142). Jamaica has also consistently fared well on the index for ease of starting a business, jumping from 12th place in 2017 to fifth in 2018, far ahead of the average for the Caribbean and Latin American countries.
The Caribbean island offers a stable and democratic environment with a welcoming business climate. There is an investment-friendly government and, subsequently, no restrictions on the foreign ownership of assets or the repatriation of profits. The government has also made efforts to cut back on red tape and make starting a business easier, particularly in terms of the area of credit and resolving insolvencies. Jamaica comes in third in Latin America and Caribbean in terms of the highest number of reforms implemented since 2015, trailing only Mexico and Colombia. Starting a business in Jamaica requires two procedures and three days, a vast improvement from 10 days prior, and far less than the average in the Caribbean and Latin America, with 8.4 procedures and more than 31 days. Moreover, according to the World Bank, it costs 4.8% of per capita GDP to start a business in Jamaica, compared to 37.5% in Latin America.
Jamaica has sought to improve the ease of doing business by reinstating next-day services for company incorporation, making it faster to start a business, and implementing a web-based customs data management platform, ASYCUDA World, reducing the time for documentary compliance. It has also invested in its electricity distribution network, improving the reliability of electricity supply in Kingston in particular. The World Bank also ranked Jamaica 128th in 2018 in terms of registering property in Jamaica, an improvement from 2017. It takes eight procedures and 18 days in Jamaica, compared to 7.2 procedures and 63.3 days in the Caribbean and Latin America.
Key sectors that demonstrate promising growth include service, tourism, and agriculture, with business process outsourcing (BPO) in particular growing from strength to strength. According to Jamaica Promotions Corporation (JAMPRO), the island's investment and export promotions agency, the number of jobs in the BPO sector grew from 17,000 to 25,000 in the last few years, and the agency expects this to grow by another 5,000 in 2017. Jamaica's proximity to the major markets in the western hemisphere and status as the third-largest English-speaking population in the region has enabled the sector to truly boom. Services being provided from the island include tech support, graphic design, finance and accounting, and claims and payroll processing, among others.
To set up a business, a company must determine the legal structure best suited to its needs. The two basic options to choose from are: a company—a commercial enterprise registered or incorporated under the Companies Act—or a business—a sole trader or partnership registered under the Business Names Act. The company must check with the Registrar of Companies to determine if the desired name is available and acceptable at a cost of JMD500. It is also recommended that one reserves a name reservation for 90 days for a fee of JMD3,000. Subsequently, companies have to file the Article of Incorporation and Business Registration Form with the Registrar of Companies. They are required to submit two forms: the Article of Incorporation and the Business Registration. Companies are no longer required to submit forms separately to the National Insurance Scheme (NIS), Taxpayer Registration Number (TRN), and General Consumption Tax (GCT). These registrations are now subsumed under the Business Registration Form. Costs include JMD24,000 for registration fees, JMD500 for stamp duty, and JMD3,000 for next-day processing.
GET UP & GO
TABLE OF CONTENTS
Interview
Most Honourable Andrew Holness, Prime Minister, Jamaica
TBY talks to the Most Honourable Andrew Holness, Prime Minister of Jamaica, on efforts to foster sustainable and inclusive growth, the main challenges ahead for the nation, and its key successes in improving the business environment.
read articleInterview
Diane Edwards, President, Trade & Investment Jamaica (JAMPRO)
TBY talks to Diane Edwards, President of Trade & Investment Jamaica (JAMPRO), on making investments throughout the whole value chain, becoming a regional distribution hub, and boosting niche agricultural output.
read articleInterview
Courtney O. Campbell, President & CEO, Victoria Mutual
TBY talks to Courtney O. Campbell, President & CEO of Victoria Mutual, on the origins of financial inclusion in Jamaica, helping people get a start on their property journey, and assisting young businesses to exploit a positive business environment.
read articleInterview
Raymond Walker, Founder, Chairman & CEO , Caribbean Assurance Brokers Ltd. (CAB)
TBY talks to Raymond Walker, Founder, Chairman & CEO of Caribbean Assurance Brokers Ltd. (CAB), on fighting for its clients, using environmentally sound methods to drive down costs, and continuously driving innovation.
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Emanuel DaRosa,, President & CEO, Jamaica Public Services (JPS)
TBY talks to Emanuel DaRosa, President & CEO of Jamaica Public Services (JPS), on pursuing common goals in the best possible way, utilizing Jamaica's most abundant natural resources, and satisfying half of Jamaica's energy needs through renewables.
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Winston Watson, Group General Manager, Petroleum Corporation of Jamaica (PCJ)
TBY talks to Winston Watson, Group General Manager of Petroleum Corporation of Jamaica (PCJ), on keeping a hand in both green and black energy, helping the government reach its 2030 Energy Vision targets, and educating people on the importance of conservation.
read articleFocus: LNG Investments
Light My Fire Jamaica
The Jamaican government is pushing private investment in liquefied natural gas (LNG) to provide cheaper and cleaner energy to households and businesses. Through partnerships with local and international companies, New Fortress Energy is leading the way to ignite this sector.
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Gordon Shirley, President & CEO, Port Authority of Jamaica (PAJ)
TBY talks to Gordon Shirley, President & CEO of the Port Authority of Jamaica (PAJ), on the country's developing role as a logistics hub, attracting more cruise ships, and his outlook for the economy at large.
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Fritz Pinnock, President, Caribbean Maritime University
TBY talks to Fritz Pinnock, President of Caribbean Maritime University, on capitalizing on the rising power of the global south, customizing goods before they reach the final consumer, and leveraging Jamaica's geostrategic location to create added value.
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Winston Adams, JP, Executive Chairman, University of the Commonwealth Caribbean (UCC)
TBY talks to Winston Adams, JP, Executive Chairman of the University of the Commonwealth Caribbean (UCC), on the university's illustrious history, its upcoming strategies, and Caribbean Knowledge City.
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Michael Williams, Acting Executive Director , Mona School of Business and Management
TBY talks to Michael Williams, Acting Executive Director of Mona School of Business and Management, on maintaining quality across its programs, its achievements in the Caribbean, and the school's research-based approach.
read articleFocus: Downtown Kingston Revitalization
Drinking from the Fountain of Youth
Although the subject of much talk, downtown Kingston has been relatively neglected for many years while surrounding areas of the city attracted more real estate developments. A series of public and private investments indicate that the trend is finally reversing.
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Timothée F. Delebarre, Country Manager, VINCI Construction Grands Projets (VCGP)
TBY talks to Timothée F. Delebarre, Country Manager of VINCI Construction Grands Projets (VCGP), on diversifying their business lines, expanding Kingston's Port, and developing innovative financing mechanisms.
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Dittie Guise, General Manager, Montego Bay Convention Centre (MBCC)
TBY talks to the late Dittie Guise, General Manager of Montego Bay Convention Centre (MBCC), on marketing the convention center, creating an integrated tourist experience, and preparing for more events and visitors.
read articleFocus: Linking Tourism
Lifting All Boats in the Rising Tide
Although significantly contributing to the economy, tourism in Jamaica suffers from an inadequate level of linkage with other sectors. The government, in partnership with private actors, is launching a number of initiatives to ensure that international tourists meet local businesses.
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Natalie St. Louis, Founder, CEO & Managing Director, Strategic Konnections & Management Services Limited
TBY talks to Natalie St. Louis, Founder, CEO & Managing Director of Strategic Konnections & Management Services Limited, on working with businesses to further their goals, the importance of engaging with consultants, and goals for the coming year.
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