Start a Business
Living in a globally competitive arena with the ongoing thrusts toward entrepreneurial development, young people are continuously being encouraged to start their own businesses. Starting a business is no easy task and as such the following simple guidelines would be a good point of departure.
The Jamaica Business Name Act of 1934 makes it illegal to start a business without firstly registering it with the Registrar of Companies. There are several benefits associated with the registering of a company; these include being officially listed on the Registrar of Companies website, access to loans and grants, contract opportunities as well as some amount of publicity.
Before registration is considered one must firstly decide upon the type of business i.e. sole trader, company/co-operative or partnership. What follows would now be a creation of a suitable name, followed by an application for Tax Registration Number (TRN) and National Insurance Scheme (NIS). Once the TRN and the NIS numbers have been acquired the next steps will involve working closely with the Inland Revenue Department and most definitely the Registrar of Companies.
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