JAMAICA: Government completing legislative framework to establish Jamaica as an int’l financial hub

Press Release from: Jamaica International Financial Services Authority, Monday 17 February, 2025.

As the Government pivots to growth, Prime Minister Dr Andrew Holness has renewed his commitment to establish Jamaica as an international financial services centre.

“It is our intention to ensure that we complete the legislative framework… as we stand on the brink of transforming Jamaica into an international financial services powerhouse,” he said, calling on all stakeholders in Jamaica’s financial sector to collaborate in realising this vision.

The prime minister was speaking at the Jamaica Stock Exchange (JSE) Investments & Capital Markets Conference held at the Jamaica Pegasus Hotel in New Kingston on Tuesday (January 21).

He noted that while Jamaica already has a robust financial sector, further modernisation is essential to meet international standards. He said 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 aims to provide a more business-friendly framework than the Companies Act,” the prime minister explained.

Prime Minister Andrew Holness addressing the Jamaica Stock Exchange (JSE) 20th Regional Investments & Capital Markets Conference, held at the Jamaica Pegasus Hotel on Tuesday, January 21, 2025. (Photo: Facebook @jamaicastockexchange)
He stressed that these legislative measures are designed to create a modern business environment that supports both local and foreign enterprises.

“This legislative suite will offer new business structures, attract investments, and solidify Jamaica’s place as an international business hub,” he said.

Holness cited recent legislation raising the participating share capital limit for junior market-listed companies from J$500 million to J$750 million, as a strong demonstration of commitment to establish Jamaica as a financial and business centre.

“The legislation has been passed in the lower house and it goes to the Senate on Friday, January 24. I’m certain it will pass the Senate there, and then it goes to the governor-general for his assent and then it becomes law. So, within a matter of days, that will be the new share capital limit,” he noted.

Currently, the JSE Junior Market boasts 48 listed companies with a market capitalisation of J$148.5 billion.

30 January 2024

BVI Financial Services Firms Demonstrate Strength And Depth With A Strong Year For Transactions

Press Release from BVI Finance, Tuesday 30 January, 2024.  A series of significant complex cross-border transactions in 2023 has highlighted the strength and depth of expertise in the BVI across the

Read More
14 February 2024

FAMILY OFFICES: Family Offices to Allocate More to Alternatives in 2024

KKR, a leading global investment firm, released “Loud and Clear,” a new Insights piece by Henry McVey, CIO of KKR’s Balance Sheet and Head of Global Macro and Asset Allocation (GMAA). Based on

Read More
10 January 2025

CHINA: China cracks down on smuggling with over 5,700 cases investigated

Anti-smuggling departments of customs across China carried out a series of special campaigns targeting smuggling in 2024, investigating more than 5,700 cases, the Ministry of Public Security said. About

Read More
2 February 2024

HEDGE FUNDS: 86% of Hedge Funds Give Staff Access to Gen AI Tools

High adoption rate: 86% of hedge fund managers surveyed now grant their staff access to various Gen AI tools to bolster their work, representing a widespread embrace of this transformative technology.

Read More