Business entities in Jamaica

Business entities in Jamaica

Healy Consultants will assist our Clients with Jamaica business setup. There are several ways of doing business in Jamaica, the most common being the setting up of an Jamaican LLC. Alternatively, foreign companies can also incorporate a PLC or alternatively register a branch office or a representative office.

The Jamaica limited liability company (LLC)

    different business entity types in Jamaica
  • A Jamaica LLC must appoint at least one director and one shareholder, who can be of any nationality. The minimum paid-up share capital required to complete the incorporation process is US$1. A company secretary must also be appointed to complete the incorporation process of a Jamaica LLC;
  • This entity must appoint a registered auditor as the company is legally obliged to carry out an annual audit. After Jamaica company setup, our Client must also have a registered office in Jamaica at all times and maintain statutory and accounting records at such registered office.

The Jamaica public limited company (PLC)

  • A Jamaican corporation must appoint a minimum of three directors and one shareholder of any nationality and the minimum paid-up share capital required to complete the incorporation process is US$4,400. The Jamaica PLC must also appoint a company secretary and Healy Consultants will provide these services if required;
  • The PLC must also submit audited financial statements annually and therefore must appoint a registered auditor. Public companies may be listed and may offer their shares for sale to the public on the Jamaica Stock Exchange.

The Jamaica branch office

Foreign companies may establish branch offices in Jamaica by appointing a resident agent or a representative with general power of attorney for all of the branch’s business. The branch must have a registered office in Jamaica for incorporation process to be complete. The minimum paid up capital required for incorporation is US$1.

The Jamaica representative office

While the Jamaica representative office can be 100% foreign owned, it is not allowed to make direct sales within Jamaica. Consequently, this entity can only engage in i) market research and ii) promoting the business of the parent company.

Table of comparison between Jamaica entities

 LLCPLCBranchRep Office
Also known as:LLCPLCBranchRep office
How long to set the company up?3 weeks4 weeks5 weeks5 weeks
How long to open company bank account?4 weeks4 weeks5 weeks5 weeks
Legal liability?LimitedLimitedLimitedUnlimited
Wholly foreign owned?YesYesYesYes
Minimum paid - up share capital?US$1US$4,400US$1US$1
File annual tax return?YesYesYesNo
Tax registration certificate required?YesYesYesNo
Recommended corporate bank account?ScotiabankNational Commercial Bank Jamaica LtdFirst Caribbean International BankCitibank
Does our Client need to travel?NoNoNoNo
Resident director required?NoNoNoNo
Resident shareholder required?NoNoNoNo
Resident representative required?NoNoYesNo
Corporate agent required?NoNoYesNo
Minimum directors allowed?1311
Minimum shareholders?1111
Tax identification code needed?YesYesYesYes
Company secretary required?YesYesNoNo
Corporate shareholders allowed?YesYesYesYes
Corporate director(s) allowed?YesYesYesYes
Statutory audit required?YesYesNoNo
Jamaica corporate tax rate?33%33%33%0%
Annual financial statements required?YesYesYesNo
Allowed to issue sales invoices?YesYesYesNo
Allowed to sign contracts?YesYesYesNo
Allowed to import and export goods?YesYesYesNo
Can rent an office space in Jamaica?YesYesYesYes
Can buy Jamaica property?YesYesYesNo
Total Jamaica business setup costs in yr. 1?US$9,585US$10,585US$11,810US$10,060
Subsequent annual costs (incl. accounting and tax fee)?US$6,485US$7,485US$7,110US$5,110
Sample engagement invoice?Jamaica LLC setup costJamaica PLC invoiceJamaica branch invoiceJamaica rep office invoice

External videos

Contact us

For additional information on our business setup services in Jamaica, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, , directly:
jamaica-tax jamaica-registrar jamaica financial services commission jamaica-bank