Gov’t Completing Legislative Framework to Establish Jamaica as Int’l Financial Hub

• As the Government pivots to growth, Prime Minister, Dr. the Most Hon. Andrew Holness, has renewed his commitment to establishing Jamaica as an international financial services centre.
• The Prime Minister speaking at the Jamaica Stock Exchange Investments & Capital Markets Conference held at The Jamaica Pegasus Hotel in New Kingston last Tuesday (January 21) noted that while Jamaica already has a robust financial sector, further modernisation is essential to meet international standards.
• The Government has made substantial progress by passing several key laws, including the Partnership General Act and the Trust and Corporate Services Providers Act. The final legislation required is the Limited Liabilities Company Act, which has been refined to ensure it meets global expectations.
• This Act is designed to provide a more business-friendly framework than the Companies Act. The PM further emphasized that these legislative measures aim to create a modern business environment that supports both local and foreign enterprises. This suite of legislation is expected to introduce new business structures, attract investments, and strengthen Jamaica’s position as an international business hub.
• In addition, the recent legislation that raised the participating share capital limit for Junior Market companies from $500Mn to $750Mn, calling it a strong demonstration of Jamaica's commitment to becoming a leading financial and business hub.
• The Junior Market currently features 48 listed companies with a market capitalisation of $148.50Bn. Its growth could attract MSMEs and stimulate capital market activity in the country.

(Sources: JIS &NCBCM Research)