Jamaica Makes Strides in Becoming Major Financial Services Hub
By: , January 20, 2016The Key Point:
The Facts
- Minister Hylton noted that Caribbean countries, with far less human and other relevant resources than Jamaica, are now among the richest in the world, from having developed their IFS sector.
- The General Partnership Bill will formalise the process for foreign partnerships looking to transact business in Jamaica, and facilitate mergers and conversions of partnerships.
The Full Story
The House of Representatives, on Tuesday (January 19), passed two Bills, which are critical in positioning the country to become a major player in the US$7 trillion International Financial Services (IFS) sector.
They are the Limited Partnership Act and the General Partnership Act. Minister of Industry, Investment and Commerce, Hon. Anthony Hylton, who piloted the Bills, said they form part of the framework for the establishment of an IFS hub in Jamaica.
“Jamaica is positioning itself to become a well-established, strongly regulated and transparent international business and financial services hub, which offers world-class business support and financial services to the global marketplace,” Mr. Hylton said.
The move, he said, “is in step with this Administration’s focus on building a logistics-centred economy,” he stated.
Minister Hylton noted that Caribbean countries, with far less human and other relevant resources than Jamaica, are now among the richest in the world, from having developed their IFS sector.
In addition, he said, many countries rely heavily on the taxes generated by this sector for significant portions of their tax revenues and employment.
The Bills seek to modernise the country’s partnership law and to create a more desirable business environment in line with international standards and practices.
The General Partnership Bill will formalise the process for foreign partnerships looking to transact business in Jamaica, and facilitate mergers and conversions of partnerships.
The objective of the Limited Partnership Bill is to facilitate commercial activities not well suited for other available business forms in Jamaica.
The legislation makes provision for the registration of limited partnerships with or without separate legal personality; provides for the operation of limited partnerships; formalises the process for foreign limited partnerships seeking to transact business in Jamaica; and facilitates mergers and conversions, which include limited partnerships.