starting a company in jamaica
Posted by The New N Used Link Team on Thursday, January 17, 2013 Under: Business
In this post i have a detailed summary of what entrepreneurs wishing
to incorporate and register a new business in Jamaica have to do. It
examines the procedures & time involved in launching a commercial or
industrial firm.
1) Ascertain from the Registrar of Companies whether the desired name is available and acceptable
2) Have company documents stamped by the Stamp Commissioner
The documents must be duly stamped by the Stamp Commissioner before being filed with the Registrar of Companies.
3) File the company deeds to the Registrar of Companies
Only a single document, the articles of incorporation, is now required to constitute a company. Previously, both the memorandum of association and the articles of association had to be filed with the Registrar of Companies. The rationale for this new requirement is that because the Companies Act, 2004 abolished the doctrine of ultra vires and because companies now have the same legal capacity as individuals, there is no need to set out the company’s objectives in its memorandum of association. Articles may be prepared according to the model set out in Table A in the First Schedule of the Companies Act.
Within 3-4 days, the Registrar of Companies, if satisfied that all is in order, will issue the certificate of incorporation and assign the company a designated company number. A notice of appointment of company secretary, including particulars of directors, must be filed within 14 days.
4) Obtain national insurance scheme (NIS) reference number from the Ministry of Labour and Social Security As of January 2012, Employers are required to file all annual returns affecting NIS, NHT, Education Tax and/or PAYE Income Tax for 2011 and onwards using the SO2 Form which replaces the following:
5) Obtain taxpayer registration number (TRN) from Collector of Taxes
The taxpayer registration number (TRN) is a unique taxpayer identfication number and is used for the payment of governement taxes and duties including income tax. Income tax returns are to be filed annually by March 15. The TRN must be affixed to all written communications to all revenue departments.
Documents to be submitted are the following:
1. Completed application for TRN Number Organisations
2. NIS number or clearance letter confirming that the company is not yet liable to National Insurance.
3. Certified copy of Articles of Incorporation
4. Certified copy of Certificate of Incorporation
5. TRN of Directors (or at least one Director)
6. Authorisation letter if the TRN application is being made by a third party
1) Ascertain from the Registrar of Companies whether the desired name is available and acceptable
2) Have company documents stamped by the Stamp Commissioner
The documents must be duly stamped by the Stamp Commissioner before being filed with the Registrar of Companies.
3) File the company deeds to the Registrar of Companies
Only a single document, the articles of incorporation, is now required to constitute a company. Previously, both the memorandum of association and the articles of association had to be filed with the Registrar of Companies. The rationale for this new requirement is that because the Companies Act, 2004 abolished the doctrine of ultra vires and because companies now have the same legal capacity as individuals, there is no need to set out the company’s objectives in its memorandum of association. Articles may be prepared according to the model set out in Table A in the First Schedule of the Companies Act.
Within 3-4 days, the Registrar of Companies, if satisfied that all is in order, will issue the certificate of incorporation and assign the company a designated company number. A notice of appointment of company secretary, including particulars of directors, must be filed within 14 days.
4) Obtain national insurance scheme (NIS) reference number from the Ministry of Labour and Social Security As of January 2012, Employers are required to file all annual returns affecting NIS, NHT, Education Tax and/or PAYE Income Tax for 2011 and onwards using the SO2 Form which replaces the following:
5) Obtain taxpayer registration number (TRN) from Collector of Taxes
The taxpayer registration number (TRN) is a unique taxpayer identfication number and is used for the payment of governement taxes and duties including income tax. Income tax returns are to be filed annually by March 15. The TRN must be affixed to all written communications to all revenue departments.
Documents to be submitted are the following:
1. Completed application for TRN Number Organisations
2. NIS number or clearance letter confirming that the company is not yet liable to National Insurance.
3. Certified copy of Articles of Incorporation
4. Certified copy of Certificate of Incorporation
5. TRN of Directors (or at least one Director)
6. Authorisation letter if the TRN application is being made by a third party
In : Business
