Business
Companies Act 2004 with a single-director private company
The Companies Act 2004 governs incorporation, replacing the 1965 Act and modernising directors' duties and filing obligations. A private company can be formed with a single member and a single director, which makes it the standard vehicle for owner-managed business. Registration is with the Companies Office of Jamaica, and a Taxpayer Registration Number from Tax Administration Jamaica is needed before trading.
Key rules
- Jurisdiction — Unitary; Companies Office of Jamaica is the single registry
- Deadline — Annual return: filed with the Companies Office each year
- Deadline — Charges over company assets: registered within 14 days of creation
- Deadline — Insolvency: a bankruptcy notice may be answered within 14 days of service
Governing law
- Companies Act 2004
- Insolvency Act 2014
- Business Names Act
- Fair Competition Act 1993
In practice
The Insolvency Act 2014 was the bigger practical change, because it introduced a restructuring regime and a supervisor-led process in place of the old winding-up-first approach, giving a viable but illiquid company a route to survive. Security over company assets must be registered promptly or it is void against a liquidator, so the 14-day window is the one that most often catches lenders out.