When examining a jurisdiction in which to incorporate, the first thing to look at is the legal code. The underlying law in Jamaica is common law law. Common law is typically easier to form and maintain companies than civil law, and allows you to have a bit more flexibility such as a minimal capitalization when you setup a company. One is permitted to electronically sign documents.
The country code JM is for Jamaica and the most common legal entity type in Jamaica is a LLC.
The average time to incorporate is 3 weeks to put together the paperwork and file a LLC in JM. The min share capitalization is 0, This means you don't have any minimum share capital. The types of consideration you can use to capitalize your business is most commonly any legal tender.
There must be at least 1 shareholder. This makes it possible for you to own a LLC in JM by yourself. Corporate Shareholders are encouraged, which means you can have a corporate shareholder. Foreign ownership is tolerated, up to 100% of the total equity of the company.
A legal entity is only required to have one director. Furthermore, corporate directors are permitted. Directors should not have an expectation of privacy, as they are not kept private in Jamaica. There is a requirement to have annual meetings of shareholders.
A registered office is a requirement, whom the company will pay yearly, for an office which can receive any official legal correspondance on behalf of the registered legal entity. Moreover, a company secretary is another cost you will need to incur.
There is a requirement to file accounts to relevant authorities. Consequently, there is oftentimes a requirement to have these accounts audited.
Thin capitalization rules are not in effect.
A corporate director is permitted, meaning this country is a good option if you are setting up a structure where you want to protect director liability.
The directors are disclosed in the public registry of Jamaica, Ministry of Justice. Shareholders are not disclosed in the Ministry of Justice.
Typically companies take 3 weeks to setup and there are 1 director(s) required and 1 shareholder(s) required at the time of incorporation.
Overall we think Jamaica is a ok option and have given it a score of 38 as an IO score, using the Incorporations.IO proprietary formula.
3 weeksto form