Some Good Reasons to Begin Company Registration in Jamaica
Jamaica is ranked among the top countries in the world for starting a new business. This ranking is in terms of criteria like the procedures involved, the time taken to implement all processes, and the costs involved to formally start a business and others. In recent times, company registration in Jamaica has become a speedy process, thus attracting more investors every year.
Trading across borders is also much more straightforward in Jamaica owing to the digital data management processes. The nation is very business-friendly and has got a literate and skilled workforce. Further, its location is strategic, being just four hours away by flight from other countries of the world in the western hemisphere. The nation is endowed with plenty of natural mineral resources like limestone, bauxite, and marble. Its infrastructure is also very well-developed. Kingston is also recognized as a leading outsourcing and tech center in the Caribbean. All this, combined with government-friendly business policies, makes Jamaica strategically one of the best places to start your business.
The Benefits of Company Registration in Jamaica
To start a company in Jamaica, you need to fulfill specific legal requirements. It is necessary to register your firm with the Companies of Jamaica as required by the Business Name Act, 1934. It would help if you decided which is the best legal structure suited for your business, whether sole trader, cooperative, partnership, or company.
Company registration in Jamaica provides several benefits, and they are the following:
- Ease in getting loans and grants
- You can operate bank accounts under your firm’s name.
- You do not have to pay any penalty for non-registration
- It ensures you are the legal owner of your business.
- You can advertise your company.
- Your company name will be protected.
- Your business will be displayed on the website of the Companies of Jamaica.
- Customers will trust your firm since it is a legal entity.
Before registering a company, you need to determine whether your company is going to be private or public and whether the company is limited by shares or by guarantee without share capital.
The Process of Company Registration in Jamaica
These are the following steps involved in getting your company registration in Jamaica:
Step 1: Selecting a name and reserving it:
- First, choose a suitable name
- Search the name at the COJ (Companies Office of Jamaica)
- Reserve the name
Benefits of reserving a name
- It ensures that somebody is not already using the name you select
- It guarantees that others do not use your selected name
- You can use the name for contracts before incorporation
Companies name search and name reservation form (form D)
Things to remember while selecting a name
- The name should not be related to any political party or royalty.
- The name should not refer to any illegal activity, and it should also not have any obscene meaning.
- The COJ has the right to refuse a name if they feel it is similar to any other registered name.
- If names like ‘Engineering’ are used, relevant certificate by a proper authority justifying the name should also be given.
Step 2: Submitting the documents required for registration:
Form 1A or 1B
These are the articles of incorporation, 1A for companies limited by shares and 1B for companies limited by guarantee and without share capital. They need to be stamped by The Stamp Duty and Transfer Tax Department.
The articles consist of the following:
- The name was given to the company which also has the last word as ‘limited’, if limited by shares or guarantee.
- The registered address of the firm (in Jamaica)
- If having a share capital, then the types of shares and the upper limit of shares the firm is authorized to issue.
- Any restrictions on the transfer of shares
- Maximum and minimum number of directors appointed
- Any business restrictions by the company
Form 2 (A declaration of compliance)
This declaration is made by the relevant authority (like Attorney-at-law or a chartered secretary, or a director). It should also state that the articles of incorporation comply with all the requirements of the Companies Act 1994
Form 17 (Notice of the registered office)
This bears the legal or registered address of the company
Form 23 (Company directors’ appointment notice)
This form is used to appoint the directors mentioned in the Articles of Incorporation
Form 20 (Company secretary’s appointment notice)
It is for appointing the secretary who is mentioned in the Articles of Incorporation
A certificate of incorporation will be issued only after verifying that all documents are in proper order.
3E Accounting will guide you through the entire process of company registration in Jamaica, from selecting a name to collecting relevant documents, getting them attested, and submitting them in time.
Get in touch with us via a call or email for further details on company registration in Jamaica, and we will be more than happy to assist you.