Gov’t Completing Legislative Framework To Establish Jamaica As Int’l Financial Hub

As the Government pivots to growth, Prime Minister, Dr. the Most Hon. Andrew Holness, has renewed his commitment to establish Jamaica as an international financial services centre.

“It is our intention to ensure that we complete the legislative framework… as we stand on the brink of transforming Jamaica into an international financial services powerhouse,” he said, calling on all stakeholders in Jamaica’s financial sector to collaborate in realising this vision.

The Prime Minister was speaking at the Jamaica Stock Exchange Investments & Capital Markets Conference held at The Jamaica Pegasus hotel in New Kingston on Tuesday (January 21).

He noted that while Jamaica already has a robust financial sector, further modernisation is essential to meet international standards.

He said the Government has made substantial progress by passing several key laws, including the Partnership General Act and the Trust and Corporate Services Providers Act.

The final legislation required is the Limited Liabilities Company Act, which has been refined to ensure it meets global expectations.

“This Act aims to provide a more business-friendly framework than the Companies Act,” the Prime Minister explained.

He stressed that these legislative measures are designed to create a modern business environment that supports both local and foreign enterprises.

“This legislative suite will offer new business structures, attract investments, and solidify Jamaica’s place as an international business hub,” he said.

The Prime Minister cited recent legislation raising the participating share capital limit for Junior Market companies from $500 million to $750 million, as a strong demonstration of commitment to establish Jamaica as a financial and business centre.

“The legislation has been passed in the lower house and it goes to the Senate on Friday (January 24). I’m certain it will pass the Senate there, and then it goes to the Governor-General for his assent and then it becomes law. So, within a matter of days, that will be the new share capital limit,” he noted.

Currently, the Junior Market boasts 48 listed companies with market capitalisation of $148.5 billion.