By Astha Prendergast
Copyright jis
Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, is encouraging stakeholders—particularly those in the creative and entertainment industries—to formalise their operations by registering with the Companies Office of Jamaica (COJ).
Responding to a question during a recent press conference at the Ministry’s offices in New Kingston, Senator Hill also urged members of the creative and entertainment industries to register with the Jamaica Intellectual Property Office (JIPO) to safeguard their work.
“We see a lot of entrepreneurs from the MSMEs (micro, small and medium enterprises) registering. They make castor oil, they make hair oil, they make all kinds of products, and they are registering their companies because we are out there with them, and many of them, when we go on the road shows, they come right to the Companies Office (of Jamaica) and they register right there at the road show. We wish that we would have a lot more people from the entertainment business [also] coming in to register,” he said.
Meanwhile, Permanent Secretary in the Ministry, Sancia Bennett Templer, noted that individuals can unlock a range of opportunities once they formalise and register their businesses.
“There are a lot of benefits that come with formalisation of your company. That includes the fact that many of the NGOs (non-governmental organisations) that work and provide technical assistance, financial assistance, require you to be a registered company. Going to the bank to get a loan, dealing with any lending institution, invariably, they are going to require you to be a registered company. Getting the support from this Ministry, we have 76 services that we as a Ministry and our portfolio agencies provide for companies,” she said.
Mrs. Bennett Templer added that support services are available to assist individuals in formalising and registering their businesses.
“We do have a little bit of variation where, if you are not registered, we will see how we can help you to develop the business at JBDC (Jamaica Business Development Corporation) and get you registered. But it’s very important to register your company because, once you do that, many opportunities become available to you in terms of technical assistance and the ability to get financing,” she stated.
