Finance Minister Dr Nigel Clarke has revealed that 2019 recorded the most new companies being registered in Jamaica.
Presenting data from the Companies Office of Jamaica, Clarke indicated that 3,822 companies were registered last year, up from 3,160 in 2018.
As at November 11 this year, 3,586 new companies have been registered.
“In the middle of the pandemic and record economic contraction, Jamaicans are forming new companies at a rate not seen before. This seems counterintuitive, however, among other things, when distortionary taxes such as the minimum business tax and assert tax are abolished and in their place new medium and small business tax credits introduced, Jamaicans become more inclined to formalise and register companies,” Clarke said.
Meanwhile, a new public investment map has been launched.
The map is an online interactive portal that tracks Jamaica’s public investment projects and makes information available to citizens in a map-based format.
The map was launched in partnership with the Inter-American Development Bank.
Jamaica is currently ranked 71 in the world for ease of doing business and sixth for starting a business, according to World Bank rankings.
The World Bank says a high ease of doing business ranking means that the regulatory environment is more conducive to the starting and operation of a local firm.
– Romario Scott
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