Sat | Nov 27, 2021

Bill approved to reduce business establishment time

Published:Thursday | December 19, 2013 | 2:17 PM

Jovan Johnson, Gleaner Writer

The Senate has approved an amendment to the Companies Act that is expected to improve the doing-business climate in Jamaica.

The Companies (Amendment) Act, 2013 will allow for the creation of a one-stop shop for the registration of new businesses.

This is expected to reduce the length of time it takes for persons in Jamaica to get a company started.

When the bill is implemented, the number of days it usually takes to establish a business is expected to be cut from six days to two days.

Justice Minister Mark Golding who piloted the bill said it is a step in the right direction.

In the 2013 World Bank’s annual Doing Business rankings, Jamaica was ranked 94, three places lower than last year’s ranking.

It also represented the ninth year of straight decline for Jamaica.

Meanwhile, while noting that opposition members support the bill, Senator Kavan Gayle called for a speeding up of the process to rationalise the public sector and the subsequent reduction in bureaucracy.

He said the Government must act urgently to implement the recommendations from the Public Sector Master Rationalisation Plan on modernising the public sector.

He noted that a United Nations Development Programme had projected savings of approximately $50 billion over a five-year period if all the recommendations were implemented.


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