http://www.newnusedlink.com
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
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