Agency Helps 207 Businesses Register 2022 – 2023
Kingston, Jamaica – Between April 2022 and March 2023 alone, the Jamaica Business Development Corporation (JBDC) steered 207 of 255 informal business to registration and formalisation. This sees the agency achieving one of its major Quality Objectives for the fiscal year, to transition at least fifty percent of unregistered clients within six months of them entering Business Incubator Programme.
Melissa Barrett, Manager of the Business Advisory Services Unit at JBDC says, “We emphasise business registration with the Companies Office of Jamaica (COJ) because that allows businesses to access opening bank accounts and other opportunities, but formalisation doesn’t stop at business registration.”
All businesses operating in Jamaica must be registered with COJ under the Business Name Act of 1934 and the Companies (Amendment Act) of 2013. Though this registration allows businesses to be in good standing with the law, without keen understanding of business formalisation process, businesses are guaranteed to be in trouble.
The business development expert is concerned that too many entrepreneurs perceive formalisation to be a one step process. “For JBDC, formalisation means assisting entrepreneurs with meeting regulatory requirements both internationally and locally which allows them to access opportunities that supports their businesses from start-up right through to growth & expansion,” she said.
Barrett stresses that, “While formalisation starts at entry, it continues throughout the entire business process where, as the business scales, anything that they need to be doing that follows international or local best practices we make them aware of it and assist them directly or through referrals to get them the necessary support.”
The JBDC works collaboratively with government agencies, private sector to foster development of an enabling environment for Micro Small and Medium-sized enterprises (MSMEs).
Barrett is encouraging entrepreneurs to register for JBDC’s first training for 2024, the Fundamentals of Business Workshop. The 4-module online course will cover Business Formalisation & Entrepreneurial Mindset, Value Proposition & Design Thinking, Marketing Fundamentals and start-up financing & costing. The 4-day course is $4000.
Registration deadline is January 22, 2023. More details can be seen on the agency’s website at www.jbdc.net or by sending an email to . The JBDC is an agency of the Ministry of Industry, Investment and Commerce (MIIC).
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