Now that we have covered most of the basics involved in setting up a business, we hope you understand more of what is involved.
In order for your business to be legally recognised there are certain governmental procedures that you need to follow. No business can be efficiently run without the proper utilities. You will therefore need to submit applications to the National Water Commission, the Jamaica Public Service Company Ltd and Digicel, Cable and Wireless Jamaica Ltd or Oceana Digital for telecommunications services.
All new entrepreneurs must also obtain a Taxpayer Registration Number (TRN) from the Inland Revenue Department. This number is to be affixed to all written communications from the business to all government revenue departments. Apart from the TRN number, you must also obtain a National Insurance (NIS) reference number from the Ministry of Labour and Sports.
You must also obtain National Housing Trust (NHT) and General Consumption Tax (GCT) registration.
If you need information on how to go about conducting these transactions, you may visit the official website of the Jamaica Promotions Corporation (JAMPRO) or you may call or visit their offices.
Next week we will look at the procedures involved in exporting your products overseas.
Source : http://www.investjamaica.com/
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