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Who Should Register?
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Any individual or
firm buying or selling goods from an established address. |
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Any individual or firm offering
services from an established addressin a name other than its/their own,
for example |
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John Brown offering services in his
name need not beregistered. |
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John Brown operating as John’s
Accounting or John Brown & Associates must register. |
The following categories need not
register:
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Persons
who buy and sell livestock. |
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Persons occupying public market
stalls and paying market fees. |
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Firms established for social or
welfare purposes, public service,
religion, charity, education, art, science etc. whose income and
profits are used solely for that purpose |
Benefits of Registration Registration offers a businesslike mantle and legal status which makes
the following easier:
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Accessing
loans and grants |
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Obtaining contracts |
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Operating bank accounts in the
business’ name |
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Establishing
ownership of the business |
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Inspiring customers’ confidence |
Businesses operating without registering at
the Companies Office of Jamaica are operating illegally. Once
registered, your business is uploaded to the COJ’s website. This
allows, for example, individuals and firms to check your company
documents or business name online and make sure you are a legal
business in order to offer you credit or do business with you.
Sole Proprietorship Vs Partnership Business Names are usually registered in one of two forms
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Sole
Trader or Sole Proprietorship where there is one owner. |
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A Partnership where between 2 and 20
persons jointly own the
business. |
Advantages of Partnership
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Sharing
workload and time saving |
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Shared risks and responsibilities |
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A range of experience, knowledge and
competence available |
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Cost sharing |
Disadvantages of Partnership
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Limited
freedom to make decisions |
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All partners are responsible for thee
mistakes of one |
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Decisions tend to take longer |
What to look for in a partner
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Sound
finances and stable background |
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Aptitude for business or business
sense |
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Skills in the business you will be
undertaking |
Advantages of a Sole
Proprietorship or Sole Trader
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Owner
reaps all rewards |
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Freedom to make all decisions |
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Quick decision making |
Disadvantages of a Sole
Proprietorship or Sole Trader
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Owner
takes all risks |
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Unlimited responsibility - all
personal assets at risk for the debts
of the business. |
Registering a
Business Name
Business names may be registered at the COJ.
Approximately 4,000 business names are registered every year, each
requiring two visits to the COJ.
To register:
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Sole
Traders must submit a BN1 form. |
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Partnerships must submit a BN2 form. |
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Registration fee is $2,500 (If more than 5 partners BN2 =$5000.00) |
The Registration of Business Name
Act offers two other registration options which are rarely seen:
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A
corporation registering a business name to act as an agent for a
foreign firm or to act as a trustee for an individual or another
corporation. The form used for this is the BN3. |
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Registration of an individual on
behalf of another individual or a
corporation as an agent for a foreign firm. The forms required are the
BN 4 plus BN1 & BN2. |
Changes
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Changes
made to up to 2 of the following items on the same date
attracts a fee of $2,500.
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a. Name of
Business |
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b. Nature of Business |
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c. Address of Business |
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Registration of an individual on
behalf of another individual or a
corporation as an agent for a foreign firm. The forms required are the
BN 4 plus BN1 & BN2. |
Changes to all three require a new Business
Name registration.
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All
other changes made on a given date cost $2,500. |
Application for changes must be made on the
BN5 form and a certificate confirming the change is issued by the COJ.
Renewal
Business name certificates are valid
for 3 years and must be renewed
every three years for a fee $2,500. Late renewal carries a late charge
of $1,000.
Closure
A business may be closed and removed
from the Register by a notice in writing to the Companies Office of Jamaica.
The BN6 form is used for this.
Know Your Forms
BN 1 Registration of a Sole Trader
BN 2 Registration of a Partnership
BN 3 A corporation registering a business name to act as an agent for a
foreign firm or to act as a trustee for an individual or another
corporation.
BN 4 Registration of an individual on behalf of another individual or a
corporation as an agent for a foreign firm. The BN1 & BN2 forms
must also be submitted.
BN 5 Changes to a business
BN 6 Closing a Business
BN 7 Appealing a decision made by the Registrar under the Act.
BN 8 Statutory declaration form to be used where a partner signs on
behalf of other partners, or a director or secretary signs on behalf
of a corporation.
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