Jamaican Corporation or Limited Company Formation
Formation of a corporation in Jamaica (also known as “limited company”) can be completed as as a local corporation or as an overseas corporation. The following information below will give some information on the requirements for both. Please feel free to ask for any clarity.
We form corporations in all countries of the world, including Jamaica. So to inquire further, please use the telephone number or contact form on this page.
INFORMATION ABOUT JAMAICA COMPANY FORMATION:
The following documents must be submitted for registration.
- The Articles of Incorporation: Company Limited with Share Capital
The Articles of incorporation are drafted for filing. The Articles are then filed with the appropriate government agency. There is a schedule and other forms that are filed by a very specific process. Then they are examined by the government examiners to make sure that the company requirements are met and that the corporate laws have been adhered to.
INFORMATION ON OVERSEAS COMPANY REGISTRATION:
Companies incorporated outside the island wishing to establish a place of business in the island are referred to as overseas companies.
A certified copy of the Charter, Statutes or Articles or other instrument of incorporation of the company. This must be obtained from the same entity that the registration of the company was done.
Please note that if this is not in English, a certified translation must be attached.
Also these documents must be certified by an official of the Government body responsible for custody of the original.
Before going into business in Jamaica, it is important to determine the legal structure best suited to your needs. The two basic options to choose from are:
- A Company – a commercial enterprise registered or incorporated under the Companies Act
- A Business – a sole trader or partnership registered under the Business Names Act.
Companies operating in Jamaica are required to register the entity. We will then produce the company’s official documents, such as the Certificate of Incorporation and Tax Compliance Certificate.
Employees and Deductions
|National Insurance Scheme (N.I.S.)||2.45%||2.45%|
|National Housing Trust (N.H.T.)||2%||3%|
|Education Tax||2%, reduced by the amount of N.I.S.*||3%|
|Income Tax (P.A.Y.E.)||25%, reduced by the N.I.S. amount and the Tax Relief amount **|
Jamaica is a member of the International Labour Organization (ILO), which governs international issues related to labor and worker rights. There are several local laws that address employer-employee relations and ensure harmony in the labor market.
Minimum wage is currently set at J$5,600.00 (or about $46 USD as of this writing) per 40 hour week. This figure is subject to annual review by the Government of Jamaica.
Generally, female staff members are entitled to two months paid maternity leave.
Expatriates are required to secure a work permit from the Ministry of Labour and Social Security (MLSS) in order to engage in any gainful business venture or employment. JAMPRO works closely with MLSS to facilitate the expeditious processing of work permit applications for foreign investors.
Holiday with Pay Act (1973)
Staff members are entitled to sick leave and vacation leave after working continuously for a period of 110 days, but less than 220 days, to earn leave at a rate of one (1) day for every 22 days worked. After working 220 days in a year of employment, the worker is entitled to two (2) normal weeks of vacation (10 working days). Sundays, Good Friday and other public holidays cannot be counted towards vacation leave.
Last Updated on December 14, 2017