With the Jamaica ranking among the top countries within the world to start or do business, it is easy to understand the vast influx of people from different descendants that seem to all want a slice of the cake that is pleasantly being shared economically within our country. From small towns such as Kellits and Old Harbour that are now booming economically, to the ever relishing fruit trees that the Kingston and Mobay city seem to bear continuously. Thus, it has now become increasingly important for our education system to understand the high magnitude that’s now being placed on our generations to be knowledgeable of the opened market that is now available both locally and internationally. Hence, we must admit that it’s now evident that entrepreneurship should be on the forefront of all our kids as a leeway to achieve the value that we need in our economy. It’s time for us to look intensively on the traits of our Chinese friends to see what are the things that we can adapt to push our economy further as a country. With this being said, let us look at some of the aspects that we must know before starting a business in Jamaica.
1. Understand the Market(s):If we should look at this from the eyes of the Chinese and Indians compadres, we will get a clear view and picture of the opportunities that can be gained from grasping this concept vividly. Let’s ask ourselves more often for the reasons why our beloved friends are so determined to get a slice of the cake in our country firstly, then we can turn our vision to the market trends that tend to change over so often, from selfie sticks, to make up, to skinny jeans, to polo shirts and we can go on and on. Thus, getting a clear understanding of your target market and audience will only lead you to relieving and reaffirming your niche even before you commence operation. Understanding our culture, climate and seasons are extremely pivotal towards succeeding, as changes are experienced consistently. Also, there has been a rapid change in relation to how the labour market is corresponding to the way how we do business, this is largely due to the fact that the social media age are now adults. Hence, it is important for business persons to make the change fittingly to accommodate these workers of the new age. Changes must be complemented marginally with that of creating an attractive eCommerce and social media platform, and also be willing to change work hours to facilitate a more flexible work environment. And also, the location of our targeted niche or market must be known; this will enable us to have a greater understanding of our pricing due to the pockets and lifestyles of the niche targeted. More vividly; what is it they buy? How much can they afford? How often do they buy? And so forth…..Thus, as soon as we are able to fully exploit the lavishes that are hidden within our market/s as a people, we will be able to land firm and be first winners of all economical gains that there are to be achieved.
2. Legislation processes must be known:
This can be done by visiting the Companies Office of Jamaica via website or physical office, and also visiting the Bureau of Standards to understand the procedures for production and manufacturing entities. Also, for establishments; what are the procedures for construction of Real Estate or signs as implemented by the parish council and also sanitary standards of the public health inspection. Knowing these aspects and procedures will simply keep you from having to seize operations after commencing.
3. Know all Taxes that you will be liable to PAY:Yep, as we know the harsh reality behind this one with most business persons having a fear from even hearing the word ‘taxes’ seems to bring shivers on the skin and ring the bell of most nerve cells within their bodies. But the reality still stands that knowing about these regulations will alleviate all ignorance that we may have within the field. From knowing the statutory taxes behind having employee/s, knowing the GCT threshold, writing down tax deadlines or even understanding all benefits owed to the business owner when he or she commences operation will prove pivotal within this aspect. Please don’t be like most people who first register before they seek information on these regulations but seek to contact an educational or compliance officer, or even an accountant to get a total overview of entire scope of taxes when it comes on to business.
4. Understand the Banking System:
With the Development Bank now disbursing funds heavily to business entities island wide, understanding the banking system is extremely vital towards attaining a loan within the long run. Thus, even the simple factor of ensuring that most of the entities monies are ran through a business account is most times overlooked. Hence, properly servicing your account by lodging funds daily or even weekly must be done. Loan Officers often complain of how difficult it is to prove the revenues of most businesses as they will only lodge a minimal amount to their account. Also, the other factor of knowing how far a bank will go to assist you in needs of trouble or simply put ‘situations when or where you’ll need cash’ may also be vital, as experience will teach you that there are some banks who are just willing to go further to assist than some. Furthermore, ensure that you have some knowledge of their fees as well.
5. Obtaining a TCC is essential:
Since 2016, there has been a great shift within the legal industry within the factor of obtaining a TCC or what we call a Tax Compliance Certificate. It is intrinsically correlated with the most propelled sectors in which businesses must go. These sectors include; the banking system, customs, FLA, transport etc. Now, it is highly important for business owners to understand that obtaining a TCC will be required before you can do business in most of these avenues. Thus, sitting with an accountant or educational officer at the tax office is something that you must do.
Predominantly occupying a profitable market share within the Jamaican economy will be highly dependent on these aspects. Thus, researching intensively will therefore be a critical stance that must be maintained by all present and potential business owners. As we can see that the business environment is currently changing because of its fruitful possibilities and rapid growth.
If you need help or further information, please feel free to contact us at 1 (876) 902-7259 or email us at BIZcareConsultationAcct@Gmail.com to arrange your consultation session. Do remember at BIZcare “Your Business is our Priority”. We offer the services of:
- Business Registration
- Tax Filing
- GCT Filing
- Payroll Services
- Consultation Services
- TCC Services
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