National Insurance Scheme for the self employed – Jamaican Business 101

NIS

 

Every Jamaican 18 years and older should have a NIS number. If not please apply for one http://www.mlss.gov.jm/download/Registration. The importance/benefits of this were explain in a previous post https://financialassistantja.com/2017/05/10/the-importance-of-national-insurance-scheme-nis-jamaica-business-101/ .

For the self employed  contribution will be paid a bit differently from those who are employed to an organization. While the organization is responsible for paying over the employees’ NIS deduction. You are responsible for paying your own.

How does it work?

You go into the NIS office located at 18 Ripon Road, Kingston 5. Advised them of your self employed status. They will then provide you with a booklet. You are then required to get stamps from the post office (one for each day of the month). When the booklet is filled you take it in, they update your account and provide you with a new book and the cycle continues.

I know this process is a hassle, but trust me it will be worth it if you ever get to the point where you need a tax compliance certificate (TCC).

If you are serious about growth for your business then never rule out a TCC.

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