Jamaica is an island nation in the Caribbean with a population of about 2.7 million. According to the International Monetary Fund, Jamaica’s GDP grew 1% in 2019. The economic performance was a result of considerable foreign demand for Jamaican goods and services, including mining, tourism, and gastronomy. In 2021, growth of 3.9% is expected, and during 2022, economic growth of 3%, which will certainly contribute to the Jamaican economy.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Sole traders in Jamaica
As a sole trader in Jamaica will not need to undertake an overly complicated registration procedure; decisions can be made quickly and close contact can be kept with customers and employees. Profits from the business flow-through directly to the owner’s tax return.
How to register a sole trader in Jamaica
If you want to register as a sole trader in Jamaica, the article below will help you.
In order to register as a sole trader in Jamaica you will need:
- To fill out a company registration form (BRF 1) "Super form"
- A document confirming your current location. This can be your driver's license, passport, or utility bill.
- Professional certification, if applicable
- Work permit or letter of exemption, if applicable
- Three passport-size photographs signed by a Justice of the Peace
- To pay a registration fee of J$ 2,500
Business name registration
If u want to register your business name in Jamaica you will need to fill and submit a form at the Companies Office of Jamaica. The fee is J$ 500.00 for the name search and J$ 3,000.00 for the name reservation. Total business name registration cost is J$ 3,500.00. When you fill out and submit the form, you will receive information that the name is reserved for ninety days.