Fourth Quarter Issue| FEB- APR 2014
MAKING BUSINESS WORK MSMEs Urged to Prepare for 10 Jamaica Logistics Hub
THINGS JAMAICAN 8 Promoting Brand Jamaica
Entrepreneur Spotlight: 14
Rachel Anderson
MAKING BUSINESS WORK 6 7 8-9
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Mrytle Fish Farm: Rachel Anderson
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THINGS JAMAICAN – Promoting Brand Jamaica
STAFF ADVISORS: Ms. Valerie Veira, J.P. Chief Executive Officer Mr. Harold Davis Executive Director Mr. Antonio Vouranis Chief Technical Advisor Editor-In-Chief & Content Coordinator Keneshia Nooks – JBDC Corporate Communications Unit Assistant Content Coordinator Sancia Campbell – JBDC Corporate Communications Unit Design & Layout Melissa Green – JBDC Visual Communications Unit
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BUSINESS & INNOVATION
Companies Office New Super Form – Making Business Easy PURPOSE:
The Business Registration Form (BRF 1) otherwise known as “The
Super Form” allows for “One Stop Registration” at one government agency instead of registration being done at multiple government
USE:
As of January 2, 2014, the Super form will be applicable to business names and locally incorporated companies. It does not apply to companies incorporated outside of, but registered in Jamaica.
BENEFITS:
The “Super form” is more convenient in saving you time and cost, as in order to start up your business you will be visiting only the • Have less Paper work The Super form reduces over 60 pages of forms among 5 government
• Eliminate the need to do multiple Government Departments/Agencies Registrations You will get your company incorporated or business name registered as well as obtain the following: NIS, TRN, NHT & HEART Registrations. Companies can also obtain GCT and TCC.
EXCEPTIONS
- Only Companies can elect to obtain TCC when using the form. - Business proprietors must go directly to Tax Administration Jamaica to apply for TCC as well as register for GCT. - GCT Registration - A TAJ generated GCT Receipt will be issued along
ACCESSING THE SUPER FORM
The form is free and available at the COJ or it may be downloaded from our website (www.orcjamaica.com).
WHAT YOU NOW NEED WHEN INCORPORATING A LOCAL COMPANY Company Incorporation Package:
• The Business Registration Form (BRF 1) “Super form” • The Articles of Incorporation (Form 1A or 1B or 1C or 1D): Stamp Duty applies to this document and stamping is done at the Principal Director and the person declaring to the accuracy of the form • Arrival documents for TCC applicants (e.g. Bill of Lading) NB: Where a local company has overseas directors at least one Taxpayer Registration Number.
WHAT YOU NOW NEED WHEN REGISTERING A BUSINESS NAME • The Business Registration Form (BRF 1) “Super form”. The “Super form” replaces the BN1 / BN2 / BN3. • A document verifying the proprietor/s’ current place of address utility bill) • A TRN must be supplied for all transactions. Principal Proprietor is required WHAT YOU GET WHEN INCORPORATED/REGISTERED WITH THE SUPER FORM NHT; and HEART Registration.
TOTAL PAGES
The Business Registration Form (BRF1) “Super from” is divided into 9 Sections, with 13 pages in total. Customer Page Requirements?
THE OTHER PAGES
The remaining 5 pages are divided into instructions and guidelines for customers as follows: • 1 page of instructions placed at the front of the form. • 4 pages of Guidelines placed to the back of the form (Pages 10 to 13) providing details on: 13) (Pages 11)
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to new companies only
IMPORTANT!!!
Customers with new Business Names registrations which were rejected and are being resubmitted after December 31, 2013 will be required to complete the BRF. Customers with company applications (Articles of Incorporation on Form 1A, or 1B, 1C, or 1D, with Forms 2, 17, 20, 23) which were rejected and are being resubmitted after December 31, 2013 will be required to complete the BRF and resubmit together with the ARTICLES OF INCORPORATION. Also, where Notices of Directors on Form 23 and Notices of the Company Secretary on Form 20 were not fees of $6000.00, must be submitted along with the resubmitted application.
Brand Jamica
by Janine Taylor
• The retail chain – direct market access, including the two (2) major international airports and interacts with a wide demographic scope for potential consumers of your products. • Trade shows and events • Ecommerce • Buyer negotiations and distribution •The interaction between Things Jamaican and our producers is a partnership with both parties providing key inputs in ensuring the products gets into the wide landscape of the market.
Buy Jamaican… Build Jamaica
The phrase ‘Buy Jamaican’ has been bandied about for years but has the local market really embraced the drive to buy Jamaican products? Gone are the days when Jamaican products were considered inferior and below standard. Consumers are encouraged to consider the origins of a product when making a purchase as this directly impacts on the economy’s bottom line. Jamaican agro products, aromatherapy, home and gift items able to compete with any international product. Visit the Things Jamaican locations and see for yourself what contribution by providing feedback. It is said that if you can satisfy a Jamaican consumer you are on the right track to successful market experience. Help us to make Jamaican products a force to contend with in the global market space and promote tangible authentic Jamaican cultural expressions…
Things Jamaica stores are located at: o o o
Shop 26 Devon House, Hope Road, Kingston Norman Manley International Airport Donald Sangster International Airport
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by Carlette Deleon
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FINANCE
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Investing for Income I
you to amass a large net worth with just your regular savings. to decide where to invest your money. think about what you expect to gain from your investments. Do it more important for you to realize immediate gains? wealth for the future, there are several reasons why you may also need to invest towards short-term goals or to satisfy your investing for income:
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Supply retirement income
One reason to own investments which supply income is to ensure that there is a steady stream of cash to cover your retirement needs. Sometimes your pension payments may not take care of all your expenses when you’re retired, so these
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Supplement working income
investment income. Placing a lump sum on a short-term income-generating investment instrument can provide you periodic amount to take care of expenses such as school fees.
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Reinvest to build wealth
Another reason to invest for income is that you can reinvest the earnings from your investments. Instead of just using your working income or other personal sources of funds to purchase investments, you can utilize your returns to buy additional units or to invest in other options.
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Choose appropriate investments
To ensure that your objective of receiving an income is met, you have to consider investments which are designed to provide such as government treasury bills, debt instruments such as bonds, and stocks which pay dividends.
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Understand your options
Money market instruments are ideal for meeting your short-term income needs, while bonds can supply you with a established dividend payment policies will consistently pay out
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Get expert advice
When making investment decisions, it’s always best to consult with a professional who can help you to select the types of investments that will suit your needs. Speak with a Scotia Investments advisor who will guide you in creating an investment portfolio that’s perfect for you.