The Jamaica Business Development Corporation (JBDC) successfully assisted 207 informal businesses in making the transition to the formal economy between April 2022 and March 2023, through the JBDC’s Business Incubator Programme aligning with the agency’s commitment to achieving key quality objectives for the fiscal year.

Melissa Barrett, manager of the Business Advisory Services Unit at the JBDC, emphasised the importance of business registration with the Companies Office of Jamaica (COJ) as a gateway to accessing various opportunities.

Under the Business Name Act of 1934 and the Companies (Amendment Act) of 2013, all businesses operating in Jamaica are mandated to be registered with COJ. While this registration ensures legal compliance, Barrett underscored the need for entrepreneurs to comprehend the ongoing formalisation process.

Speaking on the misconception that formalisation is a one-step process, Barrett said: “We emphasise business registration with the Companies Office of Jamaica (COJ) because that allows businesses to access opening bank accounts and other opportunities, but formalisation doesn’t stop at business registration.”

“For JBDC, formalisation means assisting entrepreneurs with meeting regulatory requirements both internationally and locally which allows them to access opportunities that supports their businesses from start-up right through to growth & expansion,” she continued.

The JBDC collaborates with government agencies and the private sector to create an enabling environment for micro, small, and medium-sized enterprises (MSMEs). As part of its ongoing efforts, JBDC is urging entrepreneurs to register for the Fundamentals of Business Workshop, the first training for 2024.

The four-module online course covers business formalisation & entrepreneurial mindset, value proposition & design thinking, marketing fundamentals, and start-up financing and costing. The four-day course, priced at J$4,000, aims to equip entrepreneurs with essential skills for business success.

The registration deadline for the workshop is January 22, 2023. Interested individuals can find more details on the JBDC website at www.jbdc.net or by contacting [email protected].