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JIS News

On Wednesday, March 15, the Companies Office of Jamaica (COJ), formerly the Office of Registrar of Companies (ORC), will be effecting changes in the fees charged for the registration of business names.
Speaking with JIS News, Compliance Manager at the COJ, Christine Morris Gillespie noted that “the fees for registration of a new business, whether it is a sole trader or partnership, will be increased from $1,500 to $2,000.” She added that where a corporation is involved, the fee would be increased to $2,500.The Compliance Manager outlined that changes in the particulars of a business, whether it is the address or nature of the business, would now attract a fee of $2,000.
Mrs. Morris Gillespie pointed out that business certificates were valid for three years and would attract a late fee of $1,000 if not renewed on time. This late fee would be in addition to the relevant renewal charge.
“The business name certificate would take three days to be produced but it is possible on the payment of an expedition fee of $1,500 to have that certificate ready for the next working day,” she noted.
Commenting on the fee for inspection of the business names register, Mrs. Morris Gillespie explained that similar to the register of companies, the business register was a public document, which allowed members of the public to carry out business name searches for a fee of $500.
“Information from the business names register may be supplied by fax,” the Compliance Manager informed, adding that the charges for such service would be $100 within the island, $500 for the USA, Canada and the Caribbean, and $600 for other countries.
She pointed out that other changes in business fees would include the statement of particulars required by schedule (BN4), which would move to $1,000; the additional certificate – change of particulars (certified copy of Section 8) – will also move to $1,000; and the certificate of registration under Section 18 (e.g. Statement of Facts), also moving to $1,000. The certified copy of extract of statement will be increased to $200, the Appeal to Minister (BN 7) to $3,000 and other documents required by the Act to be registered and delivered to the Registrar, will now attract a cost of $600.
The Compliance Manager emphasized the importance of registering businesses, noting that the Registration of Business Names Act stipulates that all persons doing business in Jamaica should be registered. This stipulation however, does not include persons who are operating under their own given name or persons who are engaged in buying and selling livestock.
“The nature of businesses under the Act is usually best suited to the smaller businesses that do not need to incorporate.mostly those with a small capital investment, those trading over a small geographical area or if they have a fixed location from which they operate,” she pointed out.
Speaking to the benefits of registering businesses, Mrs. Morris Gillespie noted that both government and private organizations require the business name certificate to be produced, in order to do business with persons who need loans or grants.
“The production of the certificate inspires consumer confidence and proves ownership of a business,” she said.