If there’s anything Jamaicans know how to do it’s to “tek dem han and mek fashan”. However, styles are not created without someone taking credit for it. So, too, are business ideas. These ideas, for those who are serious, usually manifest itself in the offering of services or goods. Oftentimes solving the problems of consumers and giving birth to a business or company which in turn provides financial compensation.
It is against this background that we at the Companies Office of Jamaica encourage persons to formalise their businesses through registration in order to maximize the goodwill and branding potential.
After all, a legally operated business allows for growth as it facilitates exposure and good business practices. In business, efficiency is key and a registered business or company with all the ‘I’s’ dotted and the ‘T’s’ crossed is more likely to outperform that of a ‘hustler’.
Business registration is a rather simple process, taking days and not the months and years like you may have heard! With the Companies Office of Jamaica becoming a ‘one-stop shop’ thanks to the Business Registration Form (Super Form), running around to the various agencies to start up are distant memories. Business Names are registered in a matter of two days and companies, four; costing $2,500 and $24,500, respectively.
For any business and company operators, registration is an investment into solidifying their business plan and building a brand. Think about it, there are benefits to be had and if you are unable to prove that you operate a compliant business or company then it’s hard to ask persons to take your business seriously.
Simplicity is the new way of doing business, and with cost aside, the only documents you will need are: the completed Super Form, your Taxpayer Registration Number, a government-issued photo identification, verification of owner’s address, and for those in specialized fields, proof of certification. For a company, the same applies; however, you will also need to submit the Articles of Incorporation (Form 1A for Private companies with Shares). For Non-Profit companies, Articles of Incorporation on the Form 1B will be required instead of the Form 1A which is used for companies with shares.
Businesses and companies are like babies, and as their parent you have obligations. After you have registered the business, you will have to be keen on renewing the registration every three years, and informing the Companies Office of Jamaica of changes to the nature, location and/or name of your business.
Companies’ operators, on the other hand, will have to ensure that an annual return is filed each year. It is important to note that this annual return is not the same as that of the Tax Administration Jamaica and needs to be filed on the anniversary of incorporation.
So now that you have all the information and obligations of register your business and company, it is time to capitalize and own your successes instead of dodging the authorities.
Good luck on your new business ventures!