Working in Jamaica will give your company an edge over the competition, help you enter new markets, and allow you to build a team of talented new employees. However, you’ll need to set up a Jamaica subsidiary to work in the country, which can take weeks or months of your time. You’ll also have to worry about following Jamaica’s subsidiary laws to stay compliant and avoid fines or delays.
The solution is working with a global PEO. Globalization Partners has subsidiaries around the world that you can use to work fast. Instead of establishing your own subsidiary, we’ll use our infrastructure to hire your employees, add them to our payroll, and provide compensation and benefits through our plans. You won’t have to worry about compliance either, as our team will be solely responsible for following Jamaica’s subsidiary laws.
How to Set up a Jamaica Subsidiary
You need to look at several important factors when you’re learning how to set up a Jamaica subsidiary. First, we recommend examining the locations where you would like to incorporate in Jamaica. Your region or city can change the Jamaica subsidiary laws you have to follow. If you don’t know what location has the best laws for foreign incorporation, you should talk to a consultant familiar with the different areas in Jamaica.
Every company intending to do business in Jamaica needs to decide on a subsidiary structure best suited to their needs. Your structure defines your legal relationships with other businesses as well as your relationship to your environment. Therefore, you need to consider personality, purpose, size, management, and statutory requirements. The two basic structures in Jamaica are a company and a business. Most people choose to incorporate as a limited liability company (LLC) because it grants plenty of freedom to operate and protects the parent company.
The Jamaica subsidiary setup process includes the following steps:
- Complete all required registration documents
- Reserve and register your business name
- Notify the Registrar of Companies of the appointment or modification of directors
- Notify the Registrar of Companies of your registered office address when you incorporate
Jamaica’s Subsidiary Laws
Jamaica’s subsidiary laws differ based on entity. A private company typically needs no less than $500,000 in shares. If you incorporate as an LLC, your shareholders will be limited in liability based on how much capital they contribute. Your company will also need at least three directors, two of which should not be employees of your company or any affiliated company. Finally, you must hire a company secretary.
Since LLCs can operate with the most freedom in Jamaica, you’ll need to appoint a registered auditor to help you carry out an annual audit. Once you have a registered office in Jamaica, you must keep your accounting records at the office.
Benefits of Going Through the Jamaica Subsidiary Setup Process
Completing the Jamaica subsidiary setup process will give your company an edge over the competition because you can legally operate in the country. Companies around the globe choose to incorporate their subsidiary as an LLC because it protects the parent company from the subsidiary’s actions, litigation, and fines.
Jamaica subsidiary outsourcing with Globalization Partners is the better option if you want to work in Jamaica right away. You don’t have to spend months or even a year learning Jamaica’s subsidiary laws and establishing your own entity. With our team, you can use our existing infrastructure to run your company without dealing with matters of compliance.
Everything You Need to Incorporate
You will need several resources for a successful incorporation. First, your company needs the money to incorporate, travel back and forth to Jamaica, and pay for all employees. Then, you need a team of executives and HR professionals who can help with the Jamaica subsidiary setup process. If none of those employees are experts in global compliance, you’ll need to hire a professional who can make sure you follow Jamaica’s subsidiary laws.
Contact Globalization Partners to Learn More
Globalization Partners has the experience and knowledge you need to succeed in Jamaica and around the world. Reach out to us today to learn about Jamaica subsidiary outsourcing and our full suite of global expansion services, and we’ll show you how quickly we can help.