Jamaica company registration

DOING BUSINESS IN JAMAICA IN 2022

pay fee by instalmentsbusiness setup without travelGuaranteed solutions

Since 2003, Healy Consultants Group PLC has assisted our Clients with starting their company in Jamaica. Our services include i) Jamaica business registration ii) assistance to license the company iii) Jamaica corporate bank account opening services iv) employee recruitment v) visa strategies and vi) office rental solutions.

Compare different Jamaica entities Tax resident LLC Free zone LLC R&D company Representative office Branch office
Also known as LLC Free zone company R&D firm Rep office Branch
Best use of company? All products and services Manufacturing and export trading Research Marketing & research Specific projects
How soon can you invoice Clients/sign sales contracts? 3 weeks 3 weeks 3 weeks 2 months 2 months
How soon can you hire staff? 3 weeks 3 weeks 3 weeks 2 months 2 months
How soon can you sign a lease agreement? 1 week 1 week 1 week 1 week 1 week
How long to supply corporate bank account numbers? 6 weeks 6 weeks 6 weeks 6 weeks 6 weeks
How long to supply company registration/tax numbers? 3 weeks 3 weeks 3 weeks 2 months 2 months
Corporate tax rate on annual net profits? 25% 25% 25% Cannot trade 25%
Limited liability entity? Yes Yes Yes No No
Government grants available? Yes Yes Yes No Yes
Government approval required for foreign owners? No No No No No
Resident director/partner/manager/ legal representative required? No No No No No
Minimum paid up share capital? US$1 US$1 US$1 None None
Can bid for Government contracts? Yes Yes Yes No Yes
Corporate bank account location? National Commercial Bank Scotiabank First Global Bank CIBC First Caribbean Citibank
Can secure trade finance? Yes Yes Yes No Yes
VAT payable on sales to local customers? 16.5% 16.5% 16.5% Cannot trade 16.5%
Average total business set up engagement costs? US$11,585 Request a proposal Request a proposal US$12,060 US$12,810
Average total engagement period? 3 months 3 months 3 months 4 months 4 months

Jamaica company registration summary

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  • Advantages and disadvantages

    Advantages of Jamaica company registration

    Business registration in jamaica

    1. It is possible to register a limited liability company in Jamaica with i) one director and ii) one shareholder, who can be of any nationality and be individuals or corporate bodies. The minimum paid-up capital required is only US$1 and our Clients will not need to travel to complete the engagement;
    2. Foreign investors can i) establish 100% foreign-owned businesses in Jamaica ii) own property and shares of other Jamaican business entities and iii) import/export goods and services without restrictions (other than those also applicable to locals);
    3. Once the Panama Canal expansion project is complete, Jamaica stands to benefit from a significant increase in cargo shipments to transnational locations as lots of opportunities will emerge in the maritime, air, manufacturing and logistics industries;
    4. Jamaica has signed double taxation avoidance treaties with twelve countries including i) Canada, ii) China iii) Israel and iv) Sweden among others. The country is also a member of Caribbean Community Secretariat (CARICOM) and this serves as an incentive to investors as it aims at reducing taxes and encouraging investments and easy flow of goods and services between the member countries;
    5. For all the reasons listed above, Jamaica is ranked 71st out of 189 countries by the World Bank for its ease of doing business;
    6. Jamaica provides a range of fiscal and non-fiscal benefits to companies belonging to the priority sectors that are incorporated in the Jamaica Special Economic Zones (JSEZs). The incentives given include: i) exemption from duty payable on imported goods; ii) a lower corporate tax rate of 12.5%; iii) exemption from withholding taxes; and iv) exemption from asset taxes among others.

    Disadvantages of Jamaica company registration

    1. We suggest our Clients to register a new subsidiary in Jamaica rather than a branch of their overseas company. Companies pay corporate tax rate of 33.3% while branches of foreign companies are subject to the same amount, plus an additional 33.3% tax on remittances;
    2. Corruption in Jamaica is still an endemic problem. The country has an inefficient legal system and property rights are not adequately enforced;
    3. Getting electricity for a new company in Jamaica is expensive and time consuming. Investors have to wait for 95 days for electricity to be installed;
    4. Jamaica ranks 136th out of 189 jurisdictions in ease of trading across borders. Exporting a single container costs US$1,580 while importing US$2,180, and entrepreneurs should expect to wait approximately 20 days for successful export/import. In comparison to other Latin American and Caribbean countries, this is a high rate and a long wait for investors;
    5. Jamaica has not yet achieved the status of being a globally competitive economy majorly due to its i) poor macroeconomic environment; ii) relatively small market size; iii) inadequate supply of infrastructural facilities; along with an iv) insufficient capacity to innovate;
    6. Jamaica is a member of the Caribbean Common Market (CARICOM). Therefore, some of the goods that are imported from countries not belonging to the CARICOM are subject to a tariff of 16.5%. As a result, entrepreneurs willing to forge trading relationships with non-CARICOM nations are likely to face challenges.
  • Best uses for a Jamaican company

    • Jamaica is a great place to start a tourism business because:
      • Jamaica is strategically located at the gateway of major air and sea routes into the Caribbean and is within easy reach of major global markets with over half a billion of the world’s population living within a four hour flight radius;
      • Jamaica has the largest English-speaking workforce in the Caribbean, easing communication with customers and making more attractive the country to foreign tourists;
      • Jamaica is politically stable, with little risk for foreigners compared to other Central American and Caribbean tourist destinations.

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Contact us

For additional information on our company registration services in Jamaica, please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi
jamaica-tax jamaica-registrar jamaica financial services commission jamaica-bank