orcjamaica.com Business Name Registration Jamaica : Office of Registrar of Companies

Name of the Organisation : Office of Registrar of Companies
Type of Facility : Business Name Registration
Country : Jamaica

Website : https://www.orcjamaica.com/Services.aspx

Business Name Registration:

Who Should Register?:
Any company trading in a name other than its true corporate name
Any individual or firm buying or selling goods from an established address.

Related : Office of Registrar of Companies Company Name Reservation Jamaica : www.statusin.org/9519.html

Any individual or firm offering services from an established address in a name other than that individual’s own name or the names of all the partners in the firm, for example:
John Brown offering services in his name need not beregistered.
John Brown operating as John’s Accounting or John Brown & Associates must register.

The following categories need not register:
** Persons who buy and sell livestock.
** Persons occupying public market stalls and paying market fees.
** Firms established for social or welfare purposes, public service,
** religion, charity, education, art, science etc. whose income and
** profits are used solely for that purpose

Benefits of Registration:
Registration offers a businesslike mantle and legal status which makes the following easier:
** Accessing loans and grants
** Obtaining contracts
** Operating bank accounts in the business’ name
** Establishing ownership of the business’ name
** Inspiring customers’ confidence

Businesses operating without registering at the Companies Office of Jamaica are operating illegally. Once registered, your business is uploaded to the COJ’s website. This allows, for example, individuals and firms to check your company documents or business name online and make sure you are a legal business in order to offer you credit or do business with you.

Consequences of Failing to Register:
** Unlawful to advertise
** Subject to Law Suit
** Business may be closed
** Business may be unable to obtain legal remedy

Sole Proprietorship Vs Partnership:
Business Names are usually registered in one of two forms:
** Sole Trader or Sole Proprietorship where there is one owner.
** A Partnership where between 2 and 20 persons (in most cases) jointly forming the business.

Advantages of Partnership:
** Sharing workload and time saving
** Shared risks and responsibilities
** A range of experience, knowledge and competence available
** Cost sharing

Disadvantages of Partnership:
** Limited freedom to make decisions
** All partners are responsible for the mistakes of one
** Decisions tend to take longer

What to look for in a partner:
** Sound finances and stable background
** Aptitude for business or business sense
** Skills in the business you will be undertaking
** Trustworthiness

Advantages of a Sole Proprietorship or Sole Trader:
** Owner reaps all rewards
** Freedom to make all decisions
** Quick decision making

Disadvantages of a Sole Proprietorship or Sole Trader:
Owner takes all risks
Unlimited responsibility/liability – all personal assets at risk for the debts of the business.

Registering a Business Name:
To register:
New Business Names:
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 for new application ONLY.
** A document verifying the proprietor/s’ current place of address (verification can be made by way of a driver’s license, password or utility bill)
** For all transactions a TRN for the proprietor/s must be supplied.
** An original valid government issued identification of the Principal Proprietor.
** For all transactions a TRN for the proprietor/s must be supplied.
** Professional Certification where applicable
** Work permit or Exemption letter, where applicable

Changes:
Changes made to up to 2 of the following items on the same date attracts a fee of $2,500.
a. Name of Business
b. Nature of Business
c. Address of Business

Registration of an individual on behalf of another individual or a corporation as an agent for a foreign firm. The forms required are the BN 4 plus BN1 & BN2.

Please note that changes to all three listed above at the same time require a new Business Name registration.

All other changes made on a given date cost $2,500.

Application for changes must be made on the BN5 form and a certificate confirming the change is issued by the COJ.

Renewal:
** Sole Traders must submit a BN1 form.
** Partnership must submit a BN2 form. Please note that where a company is one of the partners the registration fee is $3000.
** Registration fee is $2,500 (If more than 5 partners BN2=$5000.00)
** A Corporation registering a business names must submit a BN3 the registration fee is $3000.

Business name certificates are valid for 3 years and business names must be renewed every three years. Late renewal carries a late charge of $1,000.

Closure:
A business may be closed and removed from the Register by a notice in writing to the Companies Office of Jamaica. The BN6 form is used for this.