Doing Business In Jamaica
The place you always wanted to Visit…is the place you want to do Business.
- Jamaica at a Glance
- Economic Indicators (as at 2011):
- Why Do Business in Jamaica?
- Investment Infrastructure
- Climate for Doing Business
- Main Exports
- Getting Started with Business in Jamaica
- 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