Sat | Feb 17, 2018

Companies Office of Jamaica to introduce user-friendly forms

Published:Friday | December 15, 2017 | 11:42 AM
A section of the Status Quo Annual Return Declaration Form.

With amendments to the Companies Act having taken effect in June, the Companies Office of Jamaica (COJ) says it will be rolling out amended company incorporation and annual return forms on Monday.

Customers will now be required to provide the names of persons who are considered beneficial owners of the company in accordance with the requirements of the Act.

Under the Act, a beneficial owner is anyone that exercises ultimate ownership of a company or the individual on whose behalf the shares are held or on whose behalf a share transaction is conducted.

A beneficial owner under the amended act must be an individual, even in circumstances where an entity is owned by a company.

According to CEO and Registrar of Companies, Judith Ramlogan, the implementation of the forms on December 18 follows several sensitisation sessions in the Corporate Area, St James, and Mandeville.

Ramlogan says the sessions were aimed at informing customers of the impending changes and obtain feedback from them as to how the forms could be made more user-friendly.

Features of the new form include less pages with more space for writing as well as explanatory notes to aid applicants in understanding how the forms should be completed.

With December being a busy period for Annual Return filings, the COJ says it will also be implementing a Status Quo Annual Return form for companies which have had a previous filing using a standard Annual Return Form.