Why Should Your Company Incorporate in Jamaica by 3E Accounting
Looking for reasons why should your company incorporate in Jamaica? Well, here are a few to sway your opinion our way.
Jamaica is the largest island in the English-speaking Caribbean, with a population of 2.93 million people. Famous for its lush topography of mountains, rainforests and reef-lined beaches, it naturally attracts tourists to visit.
Added with various of its all-inclusive resorts clustered in Montego Bay, with its British-colonial architecture, and Negril, which is known for its diving and snorkeling sites.
Why Choose Jamaica?
Jamaica has a mixed economy, but it is slowly but increasingly based on services in the tourism and finance sector. Since the Independence of Jamaica in 1962, it has developed significantly and steadily.
Making up for approximately half of the GDP and employment, tourism are huge components of the island’s economy. Famous for their lush nature, breathtaking sceneries, and marine life, this gave a boost to the Jamaican tourism sector.
Jamaica’s economy is heavily reliant on tourism, which has turned into one of the country’s largest sources of foreign exchange. Significant Spanish investment in the early 21st century combined U.S. and local capital in the tourist sector. Most tourists stay for a few days or weeks, though there is an increasing number that disembarks only briefly from cruise ships Ocho Rios, Montego Bay, and Falmouth.
These as well as a few other towns on the northern coast are the tourist sector’s hubs. Famous for its pleasant climate, beautiful beaches and breath-taking scenery, don’t forget to check out the waters of Montego Bay and the majestic Blue Mountains.
How to Incorporate a Company in Jamaica
There are different types of corporations you can register in Jamaica.
Limited Liability Company (LLC)
This requires at least one director and two shareholders. The minimum level of paid-up share capital is US$1. It is also a requirement for the LLC to have a registered office in Jamaica.
Public Limited Company (PLC)
A minimum of three directors and one shareholder, of any nationality, can set up a public limited company (PLC). Further, a PLC must appoint a minimum of 3 directors. A minimum paid-up share capital of US$4,400 is required.
The shareholder(s) and director(s) for LLC and PLC can be of any nationality. It is mandatory for an LLC and PLC to appoint a company secretary and registered auditor. This is because it is legally required of an LLC to carry out an annual audit and a PLC must submit financial statements annually.
Foreign companies looking to establish permanent entities in Jamaica can establish branches through the appointment of a resident agent or representative with a general power of attorney for all the branch’s businesses. The minimum level of paid-up share capital is US$1. It is also a requirement for the branch office to have a registered office in Jamaica
Representative Offices (RO)
Not allowed to conduct any commercial activities. A foreigner can own an RO. A RO may only conduct market research and promotional activities of the parent company’s products and services.
Both a branch and a RO needs at least one director and shareholder. The time frame for incorporation is 3 to 5 weeks. A period of 4 to 5 weeks is necessary to open a company bank account.
Easier Company Registration Process with 3E Accounting
With so many benefits and advantages available, business opportunities are abundant in Jamaica making it a good environment for company incorporations. The steady growth of the Jamaican economy is attractive to entrepreneurs and businessmen alike.
The process to register a company in Jamaica is simple when broken down but it can also be quite tedious and complicated. We provide these services to simplify your integration into the economy in Jamaica, should you require any assistance or services. You may contact us now!