Cabinet has approved a comprehensive business registration form for new businesses.
Cabinet has also given approval for legislation to be promulgated to give effect to the business registration form, and to repeal sections in various other pieces of legislation that require similar forms.
Making the announcement at Wednesday’s (Feb. 6) Jamaica House press briefing, held at the Office of the Prime Minister, Minister with responsibility for Information, Senator the Hon. Sandrea Falconer, said the form will eliminate the current tedious process of completing multiple forms and visits to multiple government institutions.
“Currently for the registration of businesses, it is also necessary to apply for the Taxpayer Registration Number (TRN), the National Insurance Scheme, National Housing Trust and HEART Trust registration, as well as to obtain a tax compliance certificate,” she explained.
The new form will capture all the information required by the various departments, thereby improving the country’s ability to attract investment, and improve its ranking in the World Bank’s Doing Business Report, Minister Falconer outlined.
Out of 38 countries in Latin America and the Caribbean, Jamaica ranked 21st for 2012, under ‘Starting a Business’ indicator of the Doing Business report.