Jamaica is looking to carve out a space in the global financial services industry, but local authorities say success will depend on taking a long-term, structured approach, one that builds from the island’s strengths, rather than trying to replicate more established offshore jurisdictions.

After more than a decade of building out a framework to advance Jamaica as an international financial centre (IFC), the Jamaica International Financial Services Authority (JIFSA) is actively pushing to bring increased economic opportunities to the island, once its current legislative efforts are finalised.

Jamaica is preparing to rewrite the rules of doing business, and at the centre of this effort is a legislative push to introduce limited liability companies (LLCs) into the legal framework. It’s a move that could unlock new opportunities for small businesses, lower the barrier to formalisation, and reshape the corporate landscape for entrepreneurs across the island, according to executives at the Jamaica International Financial Services Authority (JIFSA).

Are you thinking of incorporating a company? Registering a branch of an overseas company? Creating a trust? Do you need to engage someone to act as your director, secretary, executor or trustee? If so, you may soon need to look a bit harder for someone able to provide these services to you.

The legislation seeks to amend the International Corporate and Trust Services Providers Act (the Principal Act), which was passed and assented to on August 18, 2017, and awaits an appointed day notice. It was passed with two amendments.

Prime Minister Andrew Holness has reaffirmed his administration’s commitment to transforming Jamaica into an international financial services centre (IFSC), a vision first articulated in 2009.