Introduction to Jamaica Company Formation
Before you set up a business in Jamaica, you must consider what your business goal is. Each person who wants to open a business must choose a legal structure that is appropriate for their business. The commercial enterprise’s legal structure defines its legal relationships in the enterprise and its environment. When you choose the structure of your Jamaica company formation, consider what speaks to you, the goal of your enterprise, its size, management capability, and the statutory requirements.
Jamaica Company Formation
Limited Liability Company (LLC)
- An LLC in Jamaica must have at least one appointed director and shareholder regardless of nationality. The minimum paid-up share capital that is required to complete the process of the incorporation process is at least $1. There must also be an appointed company secretary to complete Jamaica’s incorporation process.
- This business entity must have an appointed auditor because the company has a legal obligation to carry out a yearly audit. After setting up a company in Jamaica, you must also have a registered office here all the time. The purpose of this is to also keep statutory and accounting records at the registered office.
What You Need to Register for a Private Company
At least one person must register the company. You can be the shareholder and director of your company, but you cannot be the company secretary. Based on the Articles of Incorporation for 1A, you are required to state the following:
- Company name
- Main purpose or company objective
- Share capital
- How many directors if not only one
- Full information about the director and shareholder, and their nationality
- Number of shares that will be issued
- Company secretary particulars
- If you will or will not adopt the regulations on Table A in the First Schedule to the Act.
- The requirements needed to register a public company
Guide to Choosing a Company Name
- The Companies Office may refuse a company name that could cause confusion with another name that is on the Register of Companies already
- The names that contain obscene language or exemplifies illegal activity are also unacceptable
- Names that imply a connection with the Political Party or Royal Party must have a justification
- Specific names like “Pharmacy”, “Engineering”, etc. must be justified and might make it necessary to acquire the provision of professional certification
Registration of a Business Name
Who must register?
- Any company trading under a name aside from its actual corporate name
- An individual or firm that buys and sells goods from a specific established address in Jamaica
- A firm or individual that offers services coming from an address under a name aside from the owners’ names or partners. For instance:
- John Brown consultancy services do not need to be registered under his name
- John Brown that operates as John’s Law Firm or John Brown and Associates must register
No registration needed for these categories:
- Buy and sell of livestock
- Persons who own or occupy market stalls and are paying market fees
- Firms that are established for purposes of social welfare, religion, public service, education, charity, art, science, etc. with income and profits that are only used for that purpose
The minimum authorized capital has no minimum, but the minimum paid-up share capital must be at least $1.
3E Accounting will help you with Jamaica company formation so that you do not have to do everything alone and clueless.