Rules for Conducting Business

Within each business environment, whether local, regional or global, there are
rules for conducting business e.g.

Local

. Business which are incorporated must first register with the registrar of
companies which require

M.O.A

Articles of Association

Audited reports

Disclosure of shares

Name, location of business etc.

. Corporation tax must be paid

· Employees’ N.I.S and income tax must be paid

· Licenses and health certificates are needed for selling alcohol or food
respectively

· Professionals(lawyers, doctors, architects, engineers etc.) must register

with their professional bodies and must be controlled/governed by their •
 Regional

· How would CARICOM and CSME affect the operation of one’s business

· Some countries may have bi-lateral agreements which may affect the
business environment

Global

How will globalization affect the business environment

· Now that the world is being viewed as one large market, the traditional
ways/rules applying to business are now changing e.g.

1. no more preferential treatment

2. increase in requirements in areas such as labeling of goods

showing

3. ingredients, nutritional value and calories etc.

4. greater rules relating to environment protection

 Income tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of
the income or profits earned by them (commonly called taxable income). Income
tax generally is computed as the product of a tax rate times the taxable income.
Taxation rates may vary by type or characteristics of the taxpayer and the type of
income.

Education Tax
Education Tax is a tax chargeable on all companies registered at chargeable
profits as a contribution to the Education Tax Fund. This means that all registered
companies are required to pay a percentage of their assessable profit into an
Education Tax Fund.

The National Insurance Scheme (NIS) Tax

The National Insurance Scheme (NIS) is a compulsory contributory funded social

security scheme covering all employed persons in Jamaica. It is administered under
the National Insurance Act and offers some financial protection to the worker and
his or her family against loss of income arising from injury on the job, sickness,
retirement and/or death of the breadwinner.
The National Housing Trust (NHT) Tax

NHT contributions are made by employers to contribute on all taxable emoluments

received from employment in Jamaica. Self-employed persons also contribute to
earnings.

Licensing and Permits

We’ve focused on federal laws and government regulations on business so far, but
that doesn’t mean that there aren’t ample state regulations to consider for your
small business. Many state and local governments have their own requirements for
businesses, and they’re just as important to understand as their federal
counterparts.

You might be wondering, “do I need a business license?” Indeed, in many states
and localities, you do need a business license to operate. This can be particularly
important for businesses in heavily regulated industries, such as childcare or
health. Without the proper licenses, states can find your business or even revoke
your authority to operate.