Wed | Sep 23, 2020

Companies office offering relief for businesses impacted by COVID-19

Published:Wednesday | August 12, 2020 | 10:59 AM
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With many businesses closing due to the impact of the COVID-19 pandemic, the Companies Office of Jamaica is urging customers to take advantage of its relief initiative to assist entities in being officially removed from the companies and business names registers.

The initiative will accommodate entities that have ceased or will cease operations up to August 31, 2020.

Documents must be submitted by that deadline.

“It is a tough time for businesses in Jamaica and, in fact, worldwide. Therefore, this initiative will allow for entities that are no longer operating to officially close to avoid incurring fees which may accumulate and put them at a disadvantage because they are unable to meet their obligations,” noted Shellie Leon, deputy chief executive officer and director of operations, in a statement.

For companies and businesses wishing to close, the companies office will facilitate that by forgoing the usual document submissions and late fees.

Companies that wish to be removed from the register will be required to submit a letter requesting removal along with a statutory declaration that the company has no assets or liabilities in lieu of the usual letter from an auditor or chartered accountant.

This reduces the overall cost of removal to $7,500.

The company will not be required to bring the entity up to date for them to be removed.

The cost for removal is $7,500.

For business names closures, the fee will be $600.

In cases where a business has multiple outstanding renewals, the companies office will only require payment for one renewal period.

If there are no outstanding periods, only the closure fee will be applicable.

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