Jamaica stands out as an appealing market for foreign investors due to its vibrant economy, strategic location, and supportive business environment. The country’s diverse sectors, combined with government initiatives promoting foreign investment offer lucrative opportunities for those seeking to expand their business in the Caribbean region.
Business owners need to understand how to open a corporate bank account in Jamaica. Doing this helps with financial stability but also makes international transactions easier in the company setup process.
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As an attractive destination for foreign investors, Jamaica has a selection of reputable banks. Read on to learn how to open a corporate bank account in Jamaica.
See also: Company formation in Jamaica
Can a non-resident open a bank account in Jamaica?
Several banks in Jamaica are open to foreign entities and customers, with English being the main language for communication and documentation, highlighting accessibility for international businesses.
What does it take to open a corporate bank account in Jamaica?
For non-residents seeking to open a bank account in Jamaica, the application process requires submitting the following documentation:
- Certificate of Incorporation
- Memorandum and Articles of Association (for companies not registered under the Companies Act, 2004)
- Articles of Incorporation (for companies registered under the Companies Act, 2004)
- Company Taxpayer Registration Number (TRN)
- Resolution of the Board of Directors (authorizing the establishment of the business relationship and relevant signing instructions on account)
- Tax Compliance Certification (TCC)
- Valid license for the operation of the business (where applicable)
- List of Authorized Signers/Directors and specimen signatures for each
- TRN-certified copies for all Authorized Signers and Directors
- Copy of Identification for all authorized signers, Directors, and Majority Shareholders
- Proof of Address for the Company, Authorized Signers, Directors, and Majority Shareholders. The Company Secretary may provide a letter, listing the names and addresses of all Directors, Authorized Signers, and Majority Shareholders confirming that they are Directors/Signing Officers/Majority Shareholders of the company and that the necessary paperwork has been filed with the Office of the Registrar of Companies. This letter must be accompanied by a certified copy of Form 23 from the Office of Registrar of Companies confirming the identity of the Company Secretary.
- For Corporate Accounts. Audited financial statement; description and place of the company’s principal line(s) of business; major suppliers; list and names of principal owners; directors; management officers; bankers; customers and bearers; must be submitted.
- Source of Funds Information. A description of the source of funds being used to open the account, as well as the source of future investments or deposits.
Partner with a local expert to simplify the process
Engaging with law firms or consultants is a great approach to start the bank opening procedure. While opening a corporate bank account in Jamaica can be relatively simple, certain aspects warrant consideration. Therefore, working with a local partner becomes crucial, ensuring comprehensive assistance throughout the process.
Frequently Asked Questions when Opening a Corporate Bank Account in Jamaica
Based on our extensive experience these are the common questions and doubts from our clients when looking to open a company bank account in Jamaica.
Yes, many Jamaican banks offer online services for opening corporate accounts. Specific procedures may vary, so check with the chosen bank for details.
Generally, you’ll need the Certificate of Incorporation, Articles of Association, TRN, valid IDs, proof of address, and business registration certificate. Requirements may vary, so contact the bank for exact details.
Authorized signatories designated during account opening, such as directors or appointed representatives, have access as outlined in the bank’s agreement.
Options include National Commercial Bank (NCB), Scotiabank, and First Global Bank. Research services, fees, and customer reviews to choose based on business needs.
Reasons include facilitating local transactions, compliance with regulations, accessing diverse financial services, and tapping into regional business opportunities in the Caribbean.
Match your business needs with the right Jamaican bank
Customized to suit your company’s needs, specific banks in Jamaica provide enhanced flexibility for activities like setting up investment accounts, accommodating adaptable payment methods, and executing international transfers. The selected bank must align seamlessly with your business requirements and criteria.
Below are five of the most reputable banks in Jamaica:
- National Commercial Bank Jamaica – NCB holds the position of Jamaica’s leading financial services provider, commanding a substantial 40.8% market share in the commercial banking sector as of September 2013. Extending its reach through 36 locations and over 170 ABMs across the island, NCB offers a comprehensive array of financial services.
- Scotiabank Jamaica – Scotiabank Jamaica, a private bank in Jamaica, provides a variety of banking products and services, catering to individuals and businesses. Their offerings include home loans, insurance, and investments. With a network comprising 38 banking and investment branches and 231 Automated Teller Machines (ATMs), Scotiabank Jamaica is an integral part of the Canadian financial group, Scotiabank.
- Jamaica National Bank (JN Bank) – One of Jamaica’s inaugural mutually-owned commercial banks, wholly owned by its savers and borrowers. Rooted in the values and principles of its forerunner, the Jamaica National Building Society, JN Bank draws strength from almost a century and a half of a robust history and legacy. As a member of The Jamaica National Group, it remains dedicated to being the foremost private mortgage provider in Jamaica.
- CIBC Jamaica – CIBC FirstCaribbean holds the position as the largest bank listed regionally in the English and Dutch-speaking Caribbean, catering to over 500,000 accounts across 17 markets. With a presence in 100 branches and offices, the bank provides a comprehensive range of financial services through its Corporate and Investment Banking, Retail and Business Banking, and Wealth Management portfolios.
- First Global Bank – First Global Bank Limited (FGB) stands as a commercial bank under the ownership of GraceKennedy. Throughout its evolution, FGB has earned a reputation for reshaping the banking experience by dedicating itself to delivering cutting-edge financial solutions coupled with the renowned high standard of customer service that characterizes the institution.
Biz Latin Hub can help you open a corporate bank account in Jamaica
At Biz Latin Hub, we provide integrated market entry and back-office services throughout Latin America and the Caribbean, with offices in major cities in the region.
We also have trusted partners in many other markets. Our unrivaled reach means we are ideally placed to support multi-jurisdiction market entries and cross-border operations.
As well as knowledge about how to open a corporate bank account in Jamaica, our portfolio of services includes hiring & PEO accounting & taxation, company formation, bank account opening, and corporate legal services.