The Government of Jamaica is moving to position the island as an international financial services centre and has passed several legislations to support this vision.
Prime Minister Andrew Holness made the declaration on Tuesday while speaking at the opening ceremony of the Jamaica Stock Exchange 20th Regional Investments and Capital Markets Conference at the Jamaica Pegasus Hotel in Kingston on Tuesday.
The intention is to modernize Jamaica’s regulatory and legislative framework to meet international standards and position the country as an international business and financial services hub, Holness said.
Progress has already been made with the passage of several key laws, including the Partnership General Act, Partnership Limited Act, Trust Act, Trust and Corporate Services Providers Act and the Segregated Account Companies Act in this regard.
The final legislation required is the Limited Liabilities Company Act, which has been refined to ensure it meets global standards.
“This Act aims to provide a more business-friendly framework than the Companies Act,” the Prime Minister explained.
Holness said: “This legislative suit reflects the government’s commitment to creating a modern business environment that supports both local and foreign enterprises while ensuring compliance with global standards. It will offer a new business structure, attract investments and solidify Jamaica’s place as an international business hub.”
The Prime Minister also cited recent legislation raising the participating share capital limit for Junior Market companies from $500 million to $750 million, as an example of the thrust to better position Jamaica as a financial and business centre.
“The legislation has been passed in the lower house and it goes to the Senate on Friday (January 24). I’m certain it will pass the Senate there, and then it goes to the Governor-General for his assent and then it becomes law. So, within a matter of days, that will be the new share capital limit,” he noted.
The Junior Market boasts 48 listed companies with a market capitalisation of $148.5 billion as at December 2024, he noted.
