Among the most repeated statements we have heard since the start of the recession in 2007, is that entrepreneurship is critical to keeping the country’s economy going. The establishment of new businesses means job creation, which then leads to more people having disposable income and buying power. If you have been thinking about starting your own business and didn’t know where to start, this Tip Thursday blog is for you, as we focus on the steps needed to properly establish a business in Jamaica.
|No.||Procedure||Time to complete||Associated costs|
|1||Ascertain from theRegistrar of Companieswhether the desired name is available and acceptable||1 day||$500|
|2||Have company documents stamped by the Stamp Commissioner||1 day||$500|
|3||File the company deeds to the Registrar of Companies||1 day with expedited service||$15,000 (registration fee) + $3,000 for each additional document of which there are three:(a) Notice of Registered Office, Notice of Appointment of Directors and Notice of Appointment of Company Secretary; an additional $6,000 for same day service.|
|4||Obtain national insurance scheme (NIS) reference number from the Ministry of Labour and Social Security||2 days||No charge|
|5||Obtain taxpayer registration number (TRN) from Collector of Taxes||1 day||No charge|
|6||Obtain general consumption tax (GCT) registration||1 day||No charge|