Record business registrations in 2021
Entrepreneurs and investors continued the positive trend of formalising their entities with the Companies Office of Jamaica (COJ) in 2021. Data for last year significantly eclipsed the previous year’s business registration and company incorporation numbers by 33 per cent and 24 per cent, respectively.
With 17,039 businesses and 4,878 companies being registered in 2021, Judith Ramlogan, CEO at the COJ, is not surprised, as she indicated that the uptick in formalisation is as a result of the economy and more persons are realising that formalisation offers them legitimacy for whatever entrepreneurial pursuits they will be undertaking now and in the future.
During the pandemic, the COJ saw increased usage of its online registration platform with an increase from 27 per cent in 2020 to 39 per cent in 2021 for business registration.
While data from the COJ indicates that there are more than 69,000 active companies and upwards of 200,000 businesses on the register, the agency’s CEO is reminding entrepreneurs to be vigilant in managing their businesses.
“Entrepreneurs often tend to stop at registration and neglect the post-registration obligations such as renewing the business certificate every three years and ensuring that their companies file annual returns with the COJ. We are encouraging them to maintain proper records and file those obligations on time,” Ramlogan said.