The range of financial support available to nano businesses through to corporations is vast, especially those facilitated by the agencies of Jamaica’s Business Ministry.
The agencies primarily tasked with exploring and providing financing are:
- National Export-Import Bank of Jamaica (EXIM Bank);
- Jamaica International Financial Services Authority (JIFSA);
- and Office of the Supervisor of Insolvency (OSI).
EXIM
As the country’s ‘export credit agency’, EXIM Bank provides financing for the export and import of goods and services to encourage and support international trade.
CHECK to see how the agency addresses any market gaps that limit small and medium-sized enterprises operating in the export value chain.
The facilities are available in both Jamaican and US-Dollar denominated currencies to qualified borrowers such as:
- Farmers who provide fresh produce to agro-processors;
- Professionals such as Haulage Contractors, Mechanical and Electrical Engineers who support the bauxite industry;
- Tourism linkage companies such as operators of attractions, in-bond merchants and persons providing ground transportation services, as well as companies in the service industry.
JIFSA
Jamaica is creating the right atmosphere to increase opportunities by offering international financial services. The Authority encourages multinationals to establish entities in Jamaica and provide financial and business services to the export market and own assets in other jurisdictions.
Introducing this service into Jamaica diversifies economic activity, job creation, and generally boosts to Jamaica’s gross domestic product (GDP). JIFSA is fostering increased economic opportunities in the special economic zones (SEZs) as well as improving the ease of doing business in Jamaica.
OSI
What is insolvency?
Insolvency occurs when a business or individual can no longer pay its debts (credit card, student loans, medical bills, or mortgage), pay their employees, or continue operation.
The OSI is responsible for ensuring fairness in business and consumer empowerment and protection if insolvency happens. The Agency supervises the administration of all insolvent estates and matters, in specified circumstances, including estates administered by the Government Trustee as well as licenses insolvency practitioners (Trustees) as reputable and trustworthy.
The Ministry also provides financial relief to Manufacturers through the following incentives: The Suspension/Alteration of the Common External Tariff (CET) and the Manufacturing Status Fiscal Incentive under the Productive Input Relief (PIR), Fiscal Incentive Regime.
Productive Input Relief
Companies approved for Manufacturing status can benefit from the following incentives under the PIR:
- Duty free importation
- 50% discount on the customs administrative fees (CAF)
- GCT Deferral on imports (granted by the Tax Administration Jamaica)
Companies may also benefit from Employment Tax Credit and the revised Capital Allowance and Loss Carry Forward Schemes.
Manufacturing Status Fiscal Incentives are only applicable to five (5) categories:
- Raw materials
- Intermediate goods
- Consumables
- Packaging items
- Equipment/Machinery and Spare Parts (used in production or quality assurance or testing)
Apply Today! Contact the Industry Division at industry@miic.gov.jm or 876-968-7116 for more details.
CET Suspension
The Suspension/Alteration of the CET is an incentive for registered manufacturers to import raw materials and intermediate goods duty-free.
Request for the granting of Suspension/ Alteration of CET to Manufacturer
- Download the application form and related documents from the resource page [hyperlink required].
- Send the completed application to Trade@miic.gov.jm
- Complete and submit the following required documents:
- Suspension Application form.
- CARICOM Value form.
- Letter, with description of item(s), requesting Suspension.
