Medium, small and micro enterprises (MSMEs) are essential to the Jamaican economy, making up over 97% of the island’s taxpaying businesses. MSMEs are those that have between one and 50 employees and earn between $15 million and $425 million annually. The sector is responsible for the majority of employment in Jamaica and drives economic growth and development. As such, the Government of Jamaica (GOJ) continuously seeks to strengthen it through programmes that support MSMEs.
Two of these are the Boosting Innovation, Growth, and Entrepreneurship Ecosystems (BIGEE) Programme, administered by the Ministry of Economic Growth and Job Creation (MEGJC) and the Social and Economic Recovery and Vaccine (SERVE) Jamaica Programme, administered by the Ministry of Finance and the Public Service (MOFPS).
Under BIGEE, an ongoing initiative, owners of MSMEs can access grants valuing up to $14 million to grow their businesses. Throughout 2021, SERVE – an economic recovery programme, will provide $5 billion to MSMEs affected by the pandemic. Funds are disbursed through the Development Bank of Jamaica (DBJ). Applications for assistance through SERVE and BIGEE are done through DBJ’s website.
All MSMEs must be registered with the Companies Office of Jamaica (COJ) to be compliant with local regulations. Registration of MSMEs can be done online through the Electronic Business Registration Form (eBRF)* or in office at the COJ.
To register in office, the business owner should complete a business registration form (BRF1). This is available online at orcjamaica.com/Forms.aspx and at the COJ office. Once completed, the form should be submitted along with personal details, namely:
- valid identification
- proof of home address
- tax registration number (TRN)
To register a business online, you will first need to reserve a business name. Once this is done, visit www.services.orcjamaica.com/fp/home, create an account and log in to register your business.
*Visit https://jis.gov.jm/information/get-the-facts/get-the-facts-the-electronic-business-registration-form-ebrf/ to learn more about the Electronic Business Registration Form
For additional information, contact:
Development Bank of Jamaica Limited
11A – 15 Oxford Road
Tel: 876-929-4000; 876-619-4000
Companies Office of Jamaica
1 Grenada Crescent
Tel: 876-908-4419-26, 876-276-9558