How-To Start a Partnership in Jamaica

[healthfitness]

Often regarded as an island paradise, Jamaica is a Caribbean island located south of Cuba. Recognized globally for its beautiful beaches and exotic culture, Jamaica would no doubt make a marvelous backdrop for any business venture. Investors are drawn to the tax incentives that Jamaica offers to many businesses as well. A business may be established as a partnership in Jamaica with as few as two and as many as 20 partners. The form associated with this business structure is called the BN2 and is submitted when registering the company articles of association.

Steps:

1. Obtain approval for your chosen company name. The Registrar of Companies will notify you of the availability of the name and determine whether the name is acceptable. This process takes a day and costs JMD $500 (JMD $1equals USD $0.01).
   
2. Have incorporating documents stamped by the Stamp Commissioner. Before filing the articles of incorporation for your company---which will outline how your company will be governed and directed--you must have the articles stamped as a deed by the commissioner. This will cost JMD $500 and is done the same day.
   
3. Register your company articles with the Jamaican Registrar of Companies---also called Companies of Jamaica. Along with the articles of incorporation, you must submit the following forms with this filing: Notice of Appointment of Directors, form BN2---partnership application; Notice of Registered Office; and Notice of Appointment of Company Secretary. All partners must sign the articles of incorporation. Within three or four days, the registrar will issue a certificate of incorporation, if everything is in order. This process---including registration and document fees---costs about JMD $16,000.
   
4. Secure a National Insurance Scheme (NIS) reference number. The Ministry of Labor and Social Security will issue this number free of charge to your company within two days of your request.
   
5. Contact the Collector of Taxes for a tax registration number (TRN). The TRN is used for the collection of income tax. Income tax returns must be submitted by March 15.The TRN must be affixed to all communications to revenue departments.
   
6. Register for general consumption tax (GCT). The GCT is a form of value-added tax (VAT) in Jamaica. A company must gross more than JMD $144,000 before it becomes liable for this tax. Apply for GCT within 21 days of incorporation.
   

 

[protain]

Seems okay for people looking to partner with someone from Jamaica. I just wondering what exactly this information helps someone?

 

[healthfitness]

There are many reasons why someone would want to start a company or partnership in a paradise like Jamaica. Just because it may not be right for you does not mean it is useless info. Take it or leave it. I originally wrote this article in response to a request, so someone is interested in this info, and here it is... Thanks for the input.

 

[averagejoe]

There are many reasons why someone would want to start a company or partnership in a paradise like Jamaica. Just because it may not be right for you does not mean it is useless info. Take it or leave it. I originally wrote this article in response to a request' date=' so someone is interested in this info, and here it is... Thanks for the input.[/quote']
You know how to form offshore company in Jamaica or is this something random you found?

 

[DeMajor]

You know how to form offshore company in Jamaica or is this something random you found?

This looks liek some random s**t he found to spam forums. Though it has some informative uch: