Jamaica has again surpassed the 10,000 mark for business and company registrations, closing at 11,988 for the year 2017, according to data provided by the Companies Office of Jamaica (COJ).
Last year's registration for enterprises (companies and businesses combined) comes in at 65 more registrations higher than the country saw in 2016, signalling an improved investment climate across Jamaica. In 2015 Jamaica registered a total of 10,733 companies and businesses, the highest the country had seen in over a decade.
Nonetheless, the country recorded a decline of 110 in business name registrations for the year 2017 compared to 2016. Companies incorporated, however, trended up 175 more than 2016.
While a business is not separated from the owner, a company is treated as a separate legal entity.
“It may be difficult to determine the reasons for the decrease in business name registration, as there are several factors that could influence the decision to register a business name or to choose another entity type to conduct business.
“These could range from the individual to macro outlooks. However, while business names have decreased, company incorporations have steadily increased from 2014 to the present,” COJ told the Jamaica Observer.
Last July, the Jamaica Chamber of Commerce reported that Jamaica's high business confidence pattern had slipped into a downward trend, which reflected that the nation's business operators had grown wary of Government promises to transform the economy.