How much time and money are involved in setting up a Jamaican company? Where do I begin? If you have these questions, the following table published by the International Finance Corporation and the World Bank is what you are looking for.
|No.||Procedure||Time to Complete||Associated Costs|
|1||Ascertain from the Registrar of Companies whether the desired name is available and acceptable||1 day||JMD 500|
|2||Have company documents stamped by the Stamp Commissioner||1 day||JMD 500|
|3||File the company deeds to the Registrar of Companies||1 day with expedited service||JMD 15,000 (registration fee) + JMD 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 JMD 6,000 for expedition service (same day)|
|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|
Detailed profiles of doing business in 183 of the world’s economies are available from www.doingbusiness.org. Jamaica’s profile can be downloaded here.
Obtaining a Stamp Commissioner’s Certificate
The Ministry of Labour and Social Security