Business entities in Jamaica in 2024
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)
- 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
| LLC | PLC | Branch | Rep Office | |
|---|---|---|---|---|
| Also known as: | LLC | PLC | Branch | Rep office |
| How long to set the company up? | 3 weeks | 4 weeks | 5 weeks | 5 weeks |
| How long to open company bank account? | 4 weeks | 4 weeks | 5 weeks | 5 weeks |
| Legal liability? | Limited | Limited | Limited | Unlimited |
| Wholly foreign owned? | Yes | Yes | Yes | Yes |
| Minimum paid - up share capital? | US$1 | US$4,400 | US$1 | US$1 |
| File annual tax return? | Yes | Yes | Yes | No |
| Tax registration certificate required? | Yes | Yes | Yes | No |
| Recommended corporate bank account? | Scotiabank | National Commercial Bank Jamaica Ltd | First Caribbean International Bank | Citibank |
| Does our Client need to travel? | No | No | No | No |
| Resident director required? | No | No | No | No |
| Resident shareholder required? | No | No | No | No |
| Resident representative required? | No | No | Yes | No |
| Corporate agent required? | No | No | Yes | No |
| Minimum directors allowed? | 1 | 3 | 1 | 1 |
| Minimum shareholders? | 1 | 1 | 1 | 1 |
| Tax identification code needed? | Yes | Yes | Yes | Yes |
| Company secretary required? | Yes | Yes | No | No |
| Corporate shareholders allowed? | Yes | Yes | Yes | Yes |
| Corporate director(s) allowed? | Yes | Yes | Yes | Yes |
| Statutory audit required? | Yes | Yes | No | No |
| Jamaica corporate tax rate? | 33% | 33% | 33% | 0% |
| Annual financial statements required? | Yes | Yes | Yes | No |
| Allowed to issue sales invoices? | Yes | Yes | Yes | No |
| Allowed to sign contracts? | Yes | Yes | Yes | No |
| Allowed to import and export goods? | Yes | Yes | Yes | No |
| Can rent an office space in Jamaica? | Yes | Yes | Yes | Yes |
| Can buy Jamaica property? | Yes | Yes | Yes | No |
| Total Jamaica business setup costs in yr. 1? | US$11,585 | US$12,585 | US$12,810 | US$12,060 |
| Subsequent annual costs (incl. accounting and tax fee)? | US$6,485 | US$7,485 | US$7,110 | US$5,110 |
| Sample engagement invoice? | View invoice PDF | View invoice PDF | View invoice PDF | View invoice PDF |
