How to Do Business in Jamaica

Every year, entrepreneurs start new business ventures in Jamaica. Like any other country, there are certain processes you are supposed to follow before you do business in Jamaica.

Things You'll Need

• Articles of Incorporation for business
• Legal notices
• Insurance scheme reference number
• Taxpayer registration number
• Building permits and inspection
• Property
• Title search
• Certificate of good standing
• Tax assessment

Instructions

Start a Business in Jamaica

1. Choose a name not used by any other businesses in Jamaica through the Registrar of Companies. Fill out the appropriate forms and pay the fee of approximately $500 JMD.

2. Write out the Articles of Incorporation for the business.

3. Take the company Articles of Incorporation to the Stamp Commissioner to have them stamped for a fee of around $500 JMD.

4. Register the deeds for the company with the Registrar of Companies, and pay the registration fee of $10,000 JMD. Pay $6,000 JMD to file the Notice of Registered Office, the Notice of Appointment of Directors and the Notice of Appointment of Company Secretary.

5. Obtain a new national insurance scheme reference number for your business from the Ministry of Labor, Social Security and Sports.

6. Get a company taxpayer registration number from the Collector of Taxes office.

7. Fill out the forms for the general consumption tax registration so you are appropriately prepared to pay all taxes.

Do Business In Jamaica

1. Pay all of the appropriate taxes and fees to import goods into Jamaica when you do business there. Duties are assigned on an ad valorem basis, with a range of 5 to 25 percent for most items. A select few items are duty exempt and a few items have a higher percentage rate. You will also pay a 16.5 percent General Consumption Tax. Motor cars pay an even higher tax.

2. Obtain utility connections for your building. Plan to spend up to $60,000 JMD to have sewerage, electricity, telephone and water connected to your building.

3. Pay for inspections and permits on new buildings and renovations. You will need approval of the building plans, National Environmental Protection Agency approval, excavation inspections, foundation inspections and a roof and beam inspection.

4. Purchase property by paying for the property and registering the purchase with the Jamaican government. You will need a title search at the National Land Registry, a certificate of good standing from the Registrar of Companies, tax assessment by the National Tax Authority and payment for taxes and the transfer of deeds. Finally, register the property under the new owner with the National Land Agency. The total cost in government fees is $2,000 JMD, plus 7.5 percent of the property price for the transfer tax, 5.5 percent of the price for the stamp duty and 1/2 percent of the value for the registration fee.

Tips & Warnings

• Visit Jamaica in the months of May to October for the most business-friendly time of the year. The other months are peak seasons when tourists fill the hotels and rates are higher.

• Wear the right clothes to do business in Jamaica. Men wear light-weight suits or a jacket and tie for professional business calls. Women are expected to wear suits or dresses.

• You can't import slot machines to Jamaica or dog racing equipment.