World Bank gives Jamaica a big “Thumbs Up”
The World Bank doing business report 2016 has just ranked Jamaica in the top ten most improved economies worldwide. Its ranking has also improved within the region of Latin America and the Caribbean. This is a huge thumbs up for Jamaica and investment there.
Reasons cited for the listing include reforms in the following areas by the government in the past year:
- Tax filing can now be completed online with new RAiS system
- Employment Tax Credit has been introduced
- The Depreciation rate for industrial buildings has been increased
- An insolvency office has been established to assist with insolvency cases
Ease of business start up and obtaining credit were also cited as reasons for the improvement in ranking.
While Jamaica is small measuring only 146 miles long by 51 miles wide, it holds its own in offering significant business opportunities including ease of setting up a business (can be done in as little as 3 days) and ease of tax compliance. Another measure which has been introduced recently is extension of credit to small and medium size businesses by the local Development Bank of Jamaica. This is a critical offering as companies seek to expand and grow in the early stages of startup and growth.
Jamaica is also in the process of establishing a Special Economic Zone (SEZ), the Caymanas Economic Zone which will offer business incentives for international trade. The 1500 acre zone will have its own energy source and integrated port. Phase 1 will see the construction of an Information and Communications Technology (ICT) Park. As per the Caymanas Economic Zones website ‘The Zone will operate as a Freeport/multi-use facility catering to the ICT, Manufacturing and Agro-processing sectors. The Zone will be the first large scale integrated industrial zone in Jamaica, with particular emphasis on manufacturing, logistics management, transshipment, dry-docking, and services (ICT/BPO operations included) under the ambit of an integrated industrial zone.”
Aside from these new programmes and initatives, Jamaica has a lot to offer the investor. Tourism is one of the country’s biggest industries and it continues to offer substantial opportunities in areas ranging from hospitality to construction and waste disposal. Jamaica is situated in ideal location on the Panama Canal making logistics in the region practical and straightforward.
Another area of interest is renewable energy and is worth considering for investment. The Inter-American Development Bank and Bloomberg New Energy Finance has ranked Jamaica as the best renewable energy destination in the Caribbean making it a logical place to consider for renewable energy and solar business startups. Jamaica is famous for its coffee and cocoa. Cocoa production has traditionally been controlled by the government but they are now looking into privatization which offers opportunities for future private investment. Other areas of interest are mining, housing development, finance and creative media industries.
Healy Consultants Group PLC has over a decade of experience with company set up and investment in Jamaica. Please do contact our in-house experts for any queries on Jamaica Company Registration, Jamaica banking and tax services at
Jamaica company registration: https://www.healyconsultants.com/jamaica-company-registration/