[pullquote]List of Reforms Made:
Simplified business preregistration and registration formalities
Reduced time for processing construction permit applications
Introduced or enhanced electronic tax payment systems
Reduced profit tax rate
Allowed more deductible expenses or depreciation
Improved provisions on treatment of contracts during insolvency
Regulated the profession of insolvency administrators
Introduced a new restructuring procedure re:insolvency
Strengthened creditors’ rights in insolvency proceedings
– 2016 Doing Business Report, p. 50-53[/pullquote]
This Global Entrepreneurship Week (November 16-21), we highlight Jamaica’s performance in the World Bank’s recently published 2016 Doing Business Report. The report brought good news for the island, as Jamaica improved its ranking considerably. Below is a brief summary of Jamaica’s rankings in the report:
- Overall, Jamaica is 64th in the world on the list, and is second in the Caribbean only to Puerto Rico. Jamaica’s Distance to Frontier score is 67.27.
- Jamaica is among the ten best improvers in performance this year. Other than Costa Rica, Jamaica is the only country in the Latin America and Caribbean region to rank among the top improvers.
- Jamaica is one of 12 economies to have implemented 4 or more reforms to facilitate a more business-friendly environment.
- The improvement in Jamaica’s ranking comes from reforms implemented in the areas of starting a business, dealing with construction permits, paying taxes and resolving insolvency.
- Data collected shows that it requires 2.00 procedures, takes 3.00 days, costs 5.00% of income per capita and requires paid-in minimum capital of 0.00% of income per capita to start a business in Jamaica.