Business entities in Jamaica in 2024

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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

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

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Contact us

For additional information on our business setup 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