Small Businesses Encouraged to Register with COJ to Access Benefits

Small businessowners whose operations are not yet registered with the Companies Office of Jamaica (COJ) are being encouraged to complete registration in order to access benefits provided by the Government.

This call comes from Small Business Association of Jamaica (SBAJ) Second Vice President, Dennise Williams, who also emphasises the need for a review of the regulatory compliance framework governing micro, small, and medium-sized enterprises (MSMEs) seeking to register.

She told JIS News that, due to a lack of compliance, many MSMEs miss out on grants and other forms of support often provided through the Ministry of Industry, Investment and Commerce.

Consequently, Ms. Williams proposed strategies designed to encourage small businesses to register and comply.

“I would like to see some tax relief for reinvestment. So, for small businesses, could they get relief for hiring… technology upgrades… or expansion?” she asked.

Ms. Williams also proposed providing working capital support for MSMEs and recommended that the Government link regulatory compliance to grant eligibility, thereby incentivising regularisation among small businesses.

Meanwhile, the SBAJ has called for a review of the regulatory compliance framework governing MSMEs seeking registration with the COJ.

Ms. Williams noted that the existing regime may act as a deterrent, preventing MSMEs from pursuing formal registration with the COJ, a long-standing objective of the Government.

“I don’t think a lot of people understand that compliance is a 90-day cycle. A lot of people think after they register at the Company’s Office, they are done. [So] when they go to banks and they go for funding or they go to apply for grants, they don’t qualify… and so that makes them feel like the system is against them,” she told JIS News.

Ms. Williams further noted that the compliance measures remain uniform across all registered companies, which often discourages smaller enterprises from adhering to them since many cannot afford the associated costs.

“Big companies have compliance departments… so there are accountants and lawyers, where, that’s all they do. A micro business doesn’t have that support. This is really one person trying to pay their light bill and rent… but they are held to the same standard as [big companies] every 90 days,” she explained.

Against this backdrop, Ms. Williams is urging the Government to revisit compliance requirements for MSMEs.

She emphasises that relaxing these would not only encourage more businesses to formally register but also expand the tax base, foster entrepreneurship, and ultimately strengthen the national economy.

“For companies earning under $15 million annually, this is a critical issue. Without simplified compliance… compliance simply doesn’t occur. As a result, businesses are blocked from accessing funding, hiring additional staff, or opening new locations. Growth is stifled,” Ms. Williams emphasised.

She suggested the Government adopt the Jamaica Stock Exchange’s Micro Market compliance regulations, which streamline the listing process for MSMEs.

The Micro Market enables smaller businesses earning between $10 million and $50 million annually to access the market and raise capital from public investors, rather than relying on high-interest loans.

Meanwhile, commenting on the provisions outlined in the Government’s 2026/27 Budget, which totals approximately $1.4 trillion, Ms. Williams praised the Administration’s commitment to fiscal discipline, highlighting measures aimed at reducing the debt-to-GDP ratio and sustaining investor confidence.