Business Registration System to be streamlined


Minister of Industry, Investment and Commerce, Hon. Karl Samuda, has said the government is seeking to streamline the business registration system, in a bid to minimise the issue of excessive bureaucracy, which is now crippling the sector.
Opening the 2010/11 Sectoral Debate in the House of Representatives, today (May 11), Mr. Samuda said the Ministry was working to simplify the business registration process, particularly as it relates to the registering of companies with other agencies of government.
He argued that for the business sector to run more efficiently, there are still a number of problems which must be solved expeditiously. These, he said, included excessive bureaucracy, which frustrates businesses, causing them to lose money and time.
“Exhaustive and unnecessary registration and certification procedures have a debilitating effect on businesses, and can be particularly crippling to the export industry,” the Minister said.
He said under the present system, after registering a company, the businessperson then has to register with HEART Trust/NTA, the National Insurance Scheme (NIS), National Housing Trust (NHT) and apply for a taxpayer compliance certificate (TCC). “This is too onerous for business in 21st Century Jamaica,” the Minister said.
Mr. Samuda said the Ministry is looking at a super form to be administered by the Companies Office of Jamaica (COJ). Under this new system, when a company is registered, it is then automatically recorded with the HEART Trust/NTA, NIS and NHT, and a TCC is issued at the same time.
“Therefore, you won’t have to relate with these entities. The COJ will do those things behind the scene for you,” the Minister informed.

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