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THE VOICE OF BUSINESS

Doing Business In Jamaica

The place you always wanted to Visit…is the place you want to do Business.

  • Geography: Largest English‐speaking island in the Caribbean, third largest in the entire region
  • Legal and justice system: Based on British common law and practice
  • Government: Stable, democratic – elections every 5 years
  • Key industries: Tourism, Bauxite, Manufacturing (agro‐processing, rum, light manufacturing), Telecommunications
  • GDP: JA$1,266bn (approx. US$14.44bn)
  • GDP per capita: JA$467,500 (approx. US$5,194)
  • GDP growth: 1.5%
  • Stable Economy post-JDX:
    • Single digit inflation
    • Lowered interest rates
  • Ideal location and accessibility – Gateway to the Americas
  • Stable government and economy
  • Educated English speaking labor force

Location and Accessibility

  • Main shipping lanes from the Panama Canal
  • 1 hour from Miami
  • Time zone 0‐3 hours from North America & 5‐6 hours from Europe
  • 3 International Airports

Stable Government and Economy

  • Free market democracy
  • Independent judiciary
  • Diversified and well-developed capital market

Educated Workforce

  • Population: 2.7 million
  • Total labor force: 1.2 million
  • Labour force participation rate: 62.3%
  • Skilled and semi‐skilled training output (2011): 48,550
  • Tertiary Enrolment (2011): 68,993
  • Tertiary graduates (2011): 15,030

Investment Climate

  • No foreign exchange controls
  • Increased privatization of public sector companies
  • Improved macroeconomic performance
    • Lower interest rates
    • Increased National Reserves
    • Lower inflation
  • Competitive incentives framework
  • Double taxation treaties
  • GoJ investment facilitation services

Incentives Framework

  • Tourism Sector development
    • Hotel Incentives Act
    • Resort Cottages Incentives Act
  • Manufacturing Sector
    • Modernization of Industry Programme
  • Factory construction
    • Factory Construction Law
  • Export Promotion
    • Export Industry Encouragement Act
    • Jamaica Export Free Zone Act
  • Urban Renewal & Development
    • Urban Renewal Act

Transportation and logistics infrastructure

  • Largest seaport in the Region – the Kingston Port
  • Three major international airports (NMIA, Ian Flemming, and Sangster) with over 130 international flights a week
  • Located along major trade and tourism routes
  • Highway 2000 connects major towns and industrial centers; provides multiple connectivity points between parishes

Investment Infrastructure

  • Liberalized telecommunication sector, with sophisticated infrastructure
  • Multiple sub fiber optic cables
  • Up to 4TB unit capacity

Business Environment

  • Placed in top 50% of countries surveyed
  • Ranked ahead of BRIC countries for ease of doing business (except China)
  • Notable improvements: simplified tax compliance process, the improved customs administration

Global Ranking (out of 185 economies)

90     Ease of Doing Business
21     Starting a Business
50     Dealing with Construction Permits
105   Registering Property
104   Getting Credit
82     Protecting Investors
163   Paying Taxes
106   Trading Across Borders
129   Enforcing Contracts
32     Resolving Insolvency

Traditional Exports:

  • Agriculture (Banana, Coffee)
  • Mining & Quarrying (Aluminum and Bauxite)
  • Manufacturing (Rum and Sugar)

Non-Traditional:

  • Food (Yam, Ackee, Baked products, Sauces)
  • Beverages and Tobacco (Alcoholic beverages excl. rum)

Investment Opportunities

  • ICT/ Business Process Outsourcing & Software development
  • Tourism (including Health & Wellness Tourism)
  • Manufacturing (Agro Processing and Contract Manufacturing ‐medical devices)
  • Logistics

Manufacturing Sector

  • Agro‐Processing (Sauces & Condiments, Beverages, and Snacks)
  • Footwear and apparel
  • Furniture
  • Contract Manufacturing – Medical Devices, Electronics

Information Communication Technology (ICT)

  • ICT/BPO Operations
    • Finance & Accounting
    • Human Resource
    • Debt Collection
    • Telesales
    • Call Center
  • Software Development
  • Medical Transcription, Billing, and Coding

Health & Wellness Tourism

  • Hospital Hotels
  • Wellness Centers
    • Nutrition, Yoga, and Massage
  • Lifestyle Retirement Villages
  • Destination Wellness Resorts
  • Boutique Hotels

Registering a company –Companies Office of Jamaica

  • No restrictions on foreign ownership
  • Online company registration
    • Tax Registration
    • Registering as an Exporter
    • Obtaining an Import License

Obtaining Business Approval

JAMPRO (TRADE & INVESTMENT JAMAICA) can assist you in starting your business:

JAMPRO’s Role as Facilitator

  • Investment Enquiry & Facilitation
    • Provision of investment opportunities/profiles
    • Provision of macroeconomic data
    • Market intelligence/information
    • Identification of land and factory space
    • Introduction to providers of goods and services
    • International business networking services
  • Investment Progression & Implementation
    • Assistance with investment procedures, incentives, and approvals
    • Assistance with specialized permits
    • High-level access to GoJ Ministers and agencies via facilitation meetings
    • Project management and development support.

You can contact JAMPRO at:

Head Office, 18 Trafalgar Road

Kingston 10, Jamaica, W.I.
Tel: (876) 978-7755 / Fax: (876) 946-0090

Email: info@tradeandinvestjamaica.org
www.tradeandinvestjamaica.org