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JIS News

Story Highlights

  • It is the final week for business entities to cash in on tremendous savings in the Companies Office of Jamaica (COJ) Amnesty, which ends Friday, July 31.
  • The COJ is urging persons who have not yet utilised the amnesty period to do so now, as it will not be extended after July.
  • The amnesty, which has been in effect since May 4, facilitates the filing of outstanding annual returns, removal of companies and closure of business names.

It is the final week for business entities to cash in on tremendous savings in the Companies Office of Jamaica (COJ) Amnesty, which ends Friday, July 31.

The COJ is urging persons who have not yet utilised the amnesty period to do so now, as it will not be extended after July.

Documents due for pick-up on July 30 and 31 must be collected on August 3.

The amnesty, which has been in effect since May 4, facilitates the filing of outstanding annual returns, removal of companies and closure of business names.

Speaking with JIS News, Chief Executive Officer of the COJ, Judith Ramlogan, informed that thousands of entities have benefited from the service, with 14,002 annual returns filed; 1,712 applications to remove companies; and 1,097 applications to close business names. The numbers have exceeded the targets in all cases.

Highlighting the significant savings that the amnesty affords, Mrs. Ramlogan informed that companies limited by shares (company formed to make a profit) are able to file outstanding annual returns at a cost of $3,000, down from $5,000, or 60 per cent of the regular cost.

“There is a penalty of $100 charged for each day that the annual return is outstanding up to a maximum of $10,000…the amnesty will allow for this penalty charge to be waived, so companies will not have to pay the penalty,” she pointed out.

Companies limited by guarantee, or non-profit entities, will file annual returns at a cost of $1,000 each or 50 per cent of the regular cost.

For the amnesty period, companies may be removed from the register for a flat fee of $10,000 without having to file all outstanding documents or provide an audit certificate. There will be no late fees, penalties, removal or advertising fee charged as would have been the case prior to the amnesty.

“The amnesty offers persons, who own business names that have been registered but never renewed, to close those business names for a flat fee of $2,000,” the CEO said.

She explained that “usually, if you have a business name that has never been renewed and you want to close that business name, you would have to pay all outstanding renewal fees, but this amnesty allows you to request removal or closure and pay a fee of $2,000 with no late or renewal fees charged.”

The amnesty hours are Monday to Thursday, 7:30 a.m. to 3:30 p.m. and Fridays, 7:30 a.m. to 3:00 p.m. The drop-off box is available 7:00 a.m. to 7:00 p.m., Monday to Friday.

Paid parking is available at UDC parking lots in New Kingston.