Commerce Ministry Urges Jamaican Entrepreneurs to Formalise for Growth and Digital Access

The Ministry of Industry, Investment and Commerce has restated its push to bring more Jamaican enterprises into the formal economy.

State Minister Hon. Delano Seiveright, delivering the keynote on Friday (June 26) at the opening of the Jamaica International Beauty Expo at the National Arena in Kingston, said many people find starting a registered business daunting.

“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,” he said.

Mr. Seiveright argued that lasting expansion depends on clear structure, public trust, and reliable operating systems. Businesses that complete formal registration, he said, stand a stronger chance of securing loans and other funding from commercial banks, credit unions, and development finance bodies.

“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.

He also pointed out that registered firms are better placed to win supply deals with hotels, pharmacies, supermarkets, large retail chains, and corporate buyers.

On technology, the State Minister said digitisation now underpins operations at every scale, from small ventures to large companies. Modern shoppers, he added, want to browse online, pay by card, receive proper receipts, and get timely replies on social media.

“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.