Commerce Ministry Reaffirms Commitment to Business Formalisation

The Ministry of Industry, Investment and Commerce has reaffirmed its commitment to advancing the formalisation of more Jamaican businesses.

“Forming a business can seem intimidating… the paperwork and the regulations turn people off. But I encourage you to see something very different… to see opportunity, because in every successful business, there comes a point where talent alone is no longer enough,” said State Minister, Hon. Delano Seiveright.

He delivered the keynote address during Friday’s (June 26) Jamaica International Beauty Expo opening ceremony at the National Arena in Kingston.

Mr. Seiveright emphasised that sustainable growth requires structure, credibility, and strong systems, noting that formalised businesses are better positioned to access financing from commercial banks, credit unions, and development financial institutions.

“Formal businesses can qualify for grants for business development, and they can get government support. Formal businesses can accept digital payments that today’s customers increasingly want. Formal businesses can sell consistently through e-commerce platforms to customers across Jamaica, the Caribbean, and the wider world,” he said.

The State Minister added that formalised businesses are well-positioned to supply goods and services to hotels, pharmacies, supermarkets, major retailers, and corporate clients.

Meanwhile, he noted that digitisation is a vital component of modern business operations, whether small, medium, or large.

Mr. Seiveright further stated that today’s customers expect the convenience of going online and making payments with a card.

“They expect receipts… they expect quick responses on social media. So formalisation and digitisation essentially go hand-in-hand… you open the door to financing, for digital payments, better bookkeeping, online commerce and exports. Formalisation will open the doors that often remain closed for small businesses,” he remarked.

Source: JIS