Who is a sole trader?
A sole trader is a person who sets up and owns their own business. They may decide to employ other people but they are the only owner. A sole trader has unlimited liability’ As a sole trader, your business is owned entirely by you, grown by you and ultimately succeeds or fails by you.
What are the benefits of registering as a sole trader business
Sole traders benefit from the following advantages:
- Control – Sole traders maintain full control of their business. Running it how they please without the interference of others.
- Profit retention – Sole traders retain all the profits of their business.
- Private data – Information about sole traders is kept private, unlike that of limited companies which are necessarily made public after registration with Companies House.
- Specialist – Often a small business, sole traders can offer a more personal service with local roots and ties. This can be more appealing to potential customers in the local community.
- Personal – Because there is no need to confer with other decision makers, sole traders can make decisions quickly and act on them swiftly, providing for the needs of their customers.
Where do I register a sole trader business?
Businesses are registered at the Companies office of Jamaica located at 1 Grenada Way (at the corner of Grenada Way and Grenada Crescent), Kingston 5. The telephone number is (876) 908-4419-26.
What do I need to take?
- The Business Registration Form (BRF 1) “Super Form”. for new applications ONLY https://www.orcjamaica.com/CompForms/Form%201%20BRF%20v10.5F8.pdf
- A document verifying the proprietor/s’ current place of address (verification can be made by way of a driver’s license, passport or utility bill)
- For all transactions, a TRN for the proprietor/s must be supplied.
- An original valid government issued identification of the Principal Proprietor.
- Professional Certification where applicable
- Work permit or Exemption letter, where applicable
- $2500.00 JMD for fee to register
What are the benefits of registering my business?
Registration offers a businesslike perception and legal status which makes the following easier:
- Accessing loans and grants
- Obtaining contracts
- Operating bank accounts in the business’ name
- Establishing ownership of the business’ name
- Inspiring customers’ confidence