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Why should you register your business?
At Expedite Travel Service, we can help you get your business registered with the Companies Office of Jamaica. When your business is registered, it gives your customers a sense of confidence, knowing that they are doing business with a legal and registered entity. Additionally, with a registered business, you are eligible to obtain business loans, business credit cards, line of credit, government contracts, and investment from investors. You will not be able to get these benefits if your business is not registered. Every successful and reputable company that exists in today’s society is registered. Most persons don’t know the importance of getting their business registered; as such, they don’t bother to get their business registered. As small as your business is, it can be registered. Even the peanut man that sells peanuts daily can get his business registered with the government. The sooner you get your business register, the better it is for you. We have registered businesses for persons who said they have their business for over 15 years, and they are sorry they didn’t get their business registered sooner.
Some persons even go as far as to say I’m just doing a little thing, and I never think about getting it registered. I didn’t even know that I could get it registered. The truth of the matter is; Jamaica is one of the easiest places to get your business registered. No matter how simple your business idea is, it can be registered.
At Expedite Travel Services, we have dealt with clients who recently got their business registered. Within one-year time they got a business loan, which they reinvested in their business. After they reinvest the money in their business, they pay back the loan within two years due to the amount of money that their business was generating. They started their business with only $100,000, and within two years, their business was worth over 4 million. We are not saying it will be easy for everyone; however if you want to grow your business exponentially in today’s society. You need to get your business registered with the Companies Office of Jamaica to be able to obtain business loans at a low-interest rate, among other added benefits that can help you generate more sales.
How can you get your business registered?
Gather the required documents
Documents that you need to register your business are stated below as follows:
Proof of Identification
Proof of Identification can be any of the following documents below:
- Passport
- Driver License
- National Voter's I.D
Proof of address
Proof of address can be any of the following documents below:
- Driver License
- National Voter's I.D
- Utility bill
If the address of your business is not the same as the one reflected on your Driver’s license, National I.D, or Utility bill, you will be required to submit a voluntary declaration form signed and stamped by a Justice of Peace (JP) to verify your address.
You may download the voluntary declaration form by clicking the download button below
Apply online or in-office
STEP A
If you plan to register your business with Expedite Travel Services, you can apply online or visit our office to get your business registered. If you plan to visit our office to register your business, you have to make an appointment. To schedule an appointment, please click the link
Online process
Start the process of registering your business by completing the Expedite Business Registration form. Once you complete the form and submit it, we will receive a copy of the same form that you filled out in our email. As soon as we receive it, you will receive a call from one of our business consultants to ensure that all the information you filled out on the form is accurate.
Click the button below to apply online
Apply in-office
If you plan to visit our office to register your business, you have to make an appointment. To schedule an appointment, please click the link below
Click the button below to book an appointment
STEP B
We usually take 1 to 3 business days to complete your business registration form. When we finish completing your business registration form, we will send a copy to your email to check for errors and ensure that all the information on the form was properly filled out. If you find any error, we will make the changes and let you recheck the business registration form before submitting the form to the company’s office of Jamaica.
STEP C
Once you confirm that all the details on your business registration form are correct, we will pay the fee and submit it to the company’s office of Jamaica. The business registration process takes two to three weeks. After the process is completed, the Companies Office of Jamaica will send your Business Registration Certificate to you via Tara courier service. Tara will contact you before they deliver the Business Registration Certificate to you. Tara will deliver the business registration certificate to you regardless of where you live in Jamaica.
Open a business account with a bank
Open a business bank account once you receive the business registration certificate. A business account is essential if you want to access benefits such as business loans, business credit cards, or line of credit. A business account separates your personal banking transactions from your business banking transactions. Many registered business owners do not know the importance of having a business account; as such, they use their personal accounts for business transactions. It is not recommended to use your personal bank account for business transactions. If you apply for a business loan, the bank will access your business account and not your personal account to do financial checks to see the flow of money going through your business account over six months to 1-year period. They will not take into consideration the transactions of your personal account. A business loan interest rate is lower than a personal loan, which can be used to expand your business. I remember having a conversation with a peanut man, and he said to me that he makes $10,000 every day from selling peanuts daily. Imagine if his business was registered with a cash flow of $200,000 passing through his business account over 2 years. With that much money passing through his business account, he would be more than qualified for a business loan at a low-interest rate regardless of the financial institution that he has his business account. What if the bank should lend him $2,000,000 at a 13% interest rate over a 5-year period? This money can be used to invest in his business to make it more profitable. He can also invest in other business ventures. Starting from a peanut man selling peanut to a multimillion businessman.
Cash flow is essential if you want acquire business loans to grow your business. They will not take into full consideration how much money you have in your savings. They are more interested in the amount of money that you’re passing through your business account, than the amount of money that you have in your savings. It’s best to pass as much money through your business account, as possible.
To open a business account with a bank, you will need the following documents:
Business registration certificate
You would have already received this certificate from the Companies Office of Jamaica through using our service or otherwise
Three(3) year cashflow projection
A cash flow projection is an estimated forecast of a company’s future finances. A cash flow projection will give you a clear idea of how much cash you will have remaining over a specific period after deducting the total sales from the total expenses.
Tax Compliance Certificate (TCC)
A Tax Compliance Certificate shows that all your taxes are paid up to date after you have reached the age of 18.
To get the Tax Compliance Certification (TCC), you will need to get the documents listed below:
- Taxpayer Registration Number
- Clearance letters from Compliance Unit at National Housing Trust (NHT) and National Insurance Scheme (NIS).
- Letter from your previous employers showing the length of employment. After gathering all the documents listed above, you will take them to the Tax Administration Office in the parish you live.
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