Jamaica presently ranks 88 out of a total of 183 countries according
to the Doing Business Report published by the World Bank in 2012. This
represents a decline over 2011 where the country was ranked at 85.
The Government is now considering the following measures to create
a more facilitating business
environment in Jamaica. According to Finance Minister, Dr
Peter Phillips the measures that are currently being pursued include:
- ü On incorporating a company in Jamaica, at the same time as the Certificate of incorporation is issued, the company will also receive from the Companies Office the company’s Tax Registration Number (TRN) as well as its number for each of the relevant statutory agencies (NIS, NHT,etc). These numbers would either be printed on the Certificate of incorporation, or on a separate certificate issued for this purpose.The same would apply on registering a business name. This will eliminate the time spent and cost incurred trekking around all the agencies and applying to them individually to get these essential numbers. The Companies Office would notify each agency of the incorporation of the company, its numbers, and any related information which may be relevant.
- ü Reduce the time now taken to complete real estate sale transactions, by authorizing the National Land Agency to assess and collect all applicable charges (transfer tax, stamp duty and registration fees) when the transfer instrument is delivered to the Titles Office for registration. This will eliminate 6 time-consuming trips to and from the Stamp Office.
- ü Establish a single development approvals centre to which all subdivision/development applications are submitted, manned by representatives from each of the agencies which have an input in these approvals.
- ü Eliminate stamp duty charged on increases in company share capital,which currently applies to companies formed prior to February 2005 (which could not elect to have unlimited authorized share capital) and to new companies which don't elect to have unlimited authorized share capital (perhaps out of ignorance).
- ü Introduce the Secured Obligations Act and establish a central, web-based system of filing and searching for security interests in assets other than land. This will increase the certainty and simplicity of taking collateral for financing transactions, and improve the flow of credit in the economy,especially to MSMEs.
- ü Introduce modern insolvency legislation to provide clear rules and procedures for handling corporate and personal insolvencies, including a mechanism in appropriate cases for giving a business a “no adverse action” period in which to attempt to restructure and achieve viability, before the winding up process is embarked upon.
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