Living Here - Do Business Jamaica (2024)

FAQs

Is Jamaica a good place to do business? ›

Jamaica is the best Caribbean country for Doing Business (Forbes, 2019 and World Bank Doing Business Report 2019). The Jamaica Stock Exchange is the highest performing stock market globally, (Bloomberg 2015 and 2018). Jamaica's credit rating is stable (Fitch, 2021; Standard & Poor's, 2019).

Non- residents of Jamaica are required to obtain the permission of the Ministry of Labour prior to engaging in any gainful venture or form of employment. An Attorney-at-Law can help you start doing business in Jamaica by: Incorporating your company.

The financial services sector is known to be one of the most lucrative business sectors overall not just in this country, but worldwide. This sector includes banking, insurance, capital markets, and investment management, and so on.

- The Jamaican dollar-denominated Scotia Premium Short-Term Income Fund from Scotia Investments Jamaica Limited (SIJL) posted a 5.49 per cent return for 2022, making it the top such financial investment product for the year when compared to similar products in the market.

With its stunning natural beauty and sunny climate, Jamaica is an ideal location for expats looking for a change of scenery or a fresh new lifestyle. So if you're considering a move to Jamaica, make sure to take the time to research the island and discover the amazing benefits of living in this Caribbean paradise.

Jamaica's economy relies heavily on tourism, which has become one of the country's largest sources of foreign exchange.

The Cost to Register the Company is $24,000.00 (There is an additional charge of at least $500.00 if the documents are stamped at the Companies Office.) All documents filed with the Companies Office of Jamaica in fulfilment of an obligation under the Companies Act provide public information.

First and foremost, you need to be a legal resident of the island. Second, you'll need to file a business license with the Jamaica Realtors Association (JRA). Third, you'll need to register your business with the Jamaican Tax Office. Finally, you'll need to set up your business with an accountant and have it audited.

Officials at the Companies Office of Jamaica (COJ) told the Jamaica Observer, "When a company is incorporated, it becomes a legal entity. Among the benefits enjoyed are that of limited liability, which means the liability of a member is normally limited to the extent of the unpaid amount on his shares in the company."

Michael Lee-Chin, OJ, OOnt (born 3 January 1951) is a Jamaican-Canadian billionaire businessman, philanthropist and the chairman and CEO of Portland Holdings Inc, a privately held investment company in Ontario, Canada.

What services are in demand in Jamaica? ›

Tourism, agriculture, mining, and manufacturing have long been the bedrock of the Jamaican economy. Simultaneously, the rise of information and communications technology (ICT), finance and business services, and health and education services signal a progressive shift towards a diverse and inclusive economic structure.

Sagicor Group Jamaica Limited | Sagicor Group Jamaica named Largest Company by Market Capitalisation on JSE in 2023 🙌👏 Read more on our website | Instagram.

Holding real estate in Jamaica can yield almost 60% in revenue in any period over five years. This figure is evident based on the recent appreciation of Jamaican real estate. Purchasing property in Jamaica is, therefore, one of the most profitable long-term investment options.

It is recommended that you bring between $150 and $500 per person for spending depending on what you plan to do. Please have at least $200 in small bills ($1.00, $5.00 and $10.00) with the balance in twenties.

Updated October 2023

Its rating is unchanged from last year, and Jamaica is ranked 5th out of 32 countries in the Americas region. The country's economic freedom score is higher than the world and regional averages. Jamaica's economy is considered “moderately free” according to the 2024 Index.

Armed robberies occur quite frequently in Jamaica, but staying in common areas is a safer bet with the specific tourist police nearby. No matter where you are and the time of day, make sure you are wandering alone and keep a watchful eye on your surroundings as a safety precaution.

You need only a few licenses and permits to get started, and most of these requirements are easily met without any prior experience. However, if you're starting a business in Jamaica with the intent to export your product or services to another country, you'll need to obtain appropriate licenses and permits.