Transforming Jamaica into a Global Financial Services Center

Jamaica’s Prime Minister Andrew Holness chats with Jamaica Stock Exchange CEO Steve Whittingham. Photo by Yhomo Hutchinson for Jamaica GIS.

Government’s Progress

Jamaica’s Prime Minister Andrew Holness has reaffirmed his plan to transform Jamaica into a global financial services center. At the Jamaica Stock Exchange Investments & Capital Markets Conference in New Kingston on January 21, Dr. Holness highlighted the government’s progress on creating a modern legislative framework to boost the country’s financial sector.

Modernization Needed

Dr. Holness emphasized that while Jamaica has a strong financial system, further modernization is needed to meet global standards. He pointed out that key achievements include passing laws such as the Partnership General Act and the Trust and Corporate Services Providers Act. The Limited Liabilities Company Act is the final piece, designed to provide a business-friendly framework exceeding the Companies Act.

Attracting Businesses

Dr. Holness explained that these reforms aim to attract local and international businesses, positioning Jamaica as a major financial hub. He also mentioned raising the Junior Market share capital limit from $500 million to $750 million, a move expected to encourage further growth.

Implementation

The legislation for the new share capital limit has passed the lower house, is expected to pass in the Senate on January 24, and will soon become law. The Junior Market currently has 48 listed companies with a market value of $148.5 billion.

Conclusion

The Jamaican government’s efforts to transform the country into a global financial services center are progressing well. The modernization of the financial sector and the creation of a business-friendly framework will attract local and international businesses, positioning Jamaica as a major financial hub.

FAQs

Q: What is Jamaica’s plan to transform into a global financial services center?
A: The Jamaican government plans to create a modern legislative framework to boost the country’s financial sector.

Q: What are the key achievements so far?
A: Key achievements include passing laws such as the Partnership General Act and the Trust and Corporate Services Providers Act.

Q: What is the Limited Liabilities Company Act?
A: The Limited Liabilities Company Act is the final piece of legislation designed to provide a business-friendly framework exceeding the Companies Act.

Q: What is the new share capital limit?
A: The new share capital limit is expected to be raised from $500 million to $750 million.