Businesses operating without opening a business account are not adhering to sound financial practices and may encounter various challenges. Once you open a business account, it signifies your commitment to organized financial management, legal compliance, and professionalism. This information is often crucial for external parties, such as creditors, suppliers, and clients, to verify your legitimacy and credibility as a legal business entity.
In the last few years we have opened over 1000 business accounts in Jamaica and provided many other business related services to clients. Services ranging from accounting, to providing trademarks, stamp and seals, providing advice and assisting with business planning and a host of other business consultancy services.
Any company trading in a name other than its true corporate name.
Any individual or firm buying or selling goods from an established address.
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.
All you need to open your business account is
a. Certificate of Registration
b. Professional Certification where applicable
d. Projected cashflow/financials
Taxation is based on your income that the business generates. Once you surpass 1.5 million for the year in revenue, you are to pay income tax of 25%. If you don’t, your not liable to but you will need to at least pay your education tax, nis and nht.
Please note, even if you are registered and not operating, you are to file taxes to show this information.
TCC are tax compliant certificates which require your taxes to be up to date. First time applicants are required to do an interview as well.