The Companies Office of Jamaica (COJ) is projecting another record-breaking year for the registration of business names and companies.
Registrar of Companies and Acting CEO, Shellie Leon, shared that 9,943 new business names and 3,277 companies have been added to the register since the start of the year.
She said that although the month of August is expected to be a slow period for registration, the figures are on track to surpass the 17,039 business names and 4,878 new companies recorded last year.
“In regard to businesses, we do have peaks in terms of our registration period, and we find, in general, that more people seem to possess an entrepreneurial spirit, and as you have more opportunity to do e-commerce, the business models have expanded, so you have wider types of interests in different businesses,” Leon said.
The Acting CEO is encouraging persons looking to register business names and companies to “fully inform themselves as to what type of entity they want to register, whether a company or business”.
“They must also ask themselves what some of the factors are that will influence which one they choose. Factors can be taxation, legal liability, level of privacy, and expense to start up,” she added.
Leon said it is also good for persons to speak to professionals and get advice in these areas; for example, “you may want to speak to an accountant about certain tax planning issues or an attorney on choosing the best business type”.
She informed that prior to registration, persons must educate themselves on what their responsibilities will be and to ensure that they comply on a timely basis.
“This will save you money and it will mean that instead of you putting back your money into late fees and penalty, your money will go into growing your business,” Leon said.
Once a decision has been made on the type of entity, persons are encouraged to register their business names and companies through the COJ online portal at www.orcjamaica.com.