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Jamaica

The ISO code of Jamaica is JM according to the ISO 3166 standard. The local name of the country is the same as its English name. Jamaica capital city is Kingston. People in Jamaica speak the Jamaican English language. On 6 August 1962, Jamaica emerged as a sovereign political entity. In the year 08/06/1962, Jamaica emerged as a sovereign political entity. The largest city in Jamaica is Kingston.

Jamaica is located in the UTC -05:00 time zone, which is also called Eastern standard Time or EST. The internet country code top-level domain (ccTLD) for Jamaica is .jm. The International dialing code for Jamaica is 1876. People in Jamaica drive on the left side of the road. Total land area of Jamaica is 10,991 km² (approx. 4,244 mi²). Jamaica is not a landlocked country. It means that is is bordered by at least one major body of water.

A view in Jamaica

Jamaica is located in North America. Jamaica is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.

Currently Jamaica faces various issues, including heavy rates of deforestation, coastal waters polluted by industrial waste, sewage, and oil spills, damage to coral reefs, air pollution in Kingston results from vehicle emissions.

Doing business in Jamaica

We offer various corporate services in Jamaica jurisdiction. These services can serve both, people coming from Jamaica and foreigners. If you plan on doing business in Jamaica you might be interested in contacting us.

To find out about starting your business in Jamaica click on company formation in Jamaica.

To find out how to open a bank account in Jamaica and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Jamaica.

Choose preferred service below or continue reading to find out more about Jamaica.

Company formation Bank account (Corporate)Available banks Bank account (Private)

Demographics of Jamaica

The total population of Jamaica is 2,898,677 people. In Jamaica, the population density is 247 people per square kilometer (643 per square mile). Because of this statistic, this country is considered to be densely populated. The ethnic diversity is diverse according to a fractionalization scale which for Jamaica is 0.4129. Jamaica has approximately 23167 foreign immigrants. The median age is approximately 24.9 years. In Jamaica, 46.5 in every 100 people use internet. Jamaica has a Human Development Index (HDI) of 0.715.

The majority religion of Jamaica is Christianity, Jamaica is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Jamaica.

Culture of Jamaica

People in Jamaica speak the Jamaican English language. According to data on inbound tourists in Jamaica, 2,008,000 tourists arrive in the country each year. One of the most popular national dishes of Jamaica is ackee and saltfish. To read more click on culture of Jamaica.

Geography of Jamaica

Jamaica is considered to be a large nation because of its total area. Its total land area is 10,991 km² (approx. 4,244 mi²). Jamaica is located in North America. Its capital city is Kingston. Jamaica has no land borders.

The highest point of Jamaica is Blue Mountain Peak, with its official height being 2256 m (7,402 ft). Including land mass and EEZ, the total area of Jamaica is approximately 269,128 km² (~103,910 mi²). The most notable natural resources found in Jamaica are bauxite, gypsum, limestone.To read more click on geography of Jamaica.

Economy of Jamaica

The currency of the country is Jamaican dollar. The symbol used for this currency is $, and it is abbreviated as JMD. 12.1% of population in the country are unemployed. The total number of unemployed people in Jamaica is 350,740. Each year, Jamaica exports around $1.77 billion and imports roughly $5.56 billion. The Gini Index of the country is 45.5. Jamaica has a Human Development Index (HDI) of 0.715.The Global Peace Index (GPI) for Jamaica is 2.153. Jamaica has a government debt of 150% of the country's Gross Domestic Product (GDP), as assessed in 2013. Jamaica is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are tourism, bauxite/alumina, agricultural-processing, light manufactures, rum, cement, metal, paper, chemical products, telecommunications.

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Jamaica is $24,099 billion. Each year, consumers spend around $10,133 million. The ratio of consumer spending to GDP in Jamaica is 0%, and the ratio of consumer spending to the world consumer market is 0.0292. The corporate tax in Jamaica is set at 33.3%. Personal income tax ranges from 0% to 25%, depending on your specific situation and income level. VAT in Jamaica is 17.5%. In 2013, Jamaica received 21 million USD in foreign aid.In 2014, the foreign aid amounted to 40.2 USD.To read more click on economy of Jamaica.

Infrastructure of Jamaica

Infrastructure quality in Jamaica is rated to be at 2.84. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.

In Jamaica, 92.6% of the population has access to electricity. There are 3,906 internet hosts in Jamaica. Jamaica has 28 airports nationwide.

The logistics performance index of Jamaica is 2.84. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.

Tracking possibilities for shipments are rated at 2.72. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.

The number of road motor vehicles per 1000 inhabitants in Jamaica is 438. To read more click on infrastructure of Jamaica.

Politics of Jamaica

Jamaica, is a unitary parliamentary constitutional monarchy. With regard to political and civil freedoms, Jamaica is 1. Citizens in Jamaica experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is Elizabeth II.

According to the World Bank Group, the government effectiveness index of Jamaica is 0.14. This indicates that the government of Jamaica is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Jamaica before considering any business maneuvers.In Jamaica, the legislative power is vested in a Parliament. The Global Peace Index (GPI) for Jamaica is 2.153. The strength of legal rights index for Jamaica is 10. Overall, it is considered to be rather strong - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders quite well; credit information is abundant and easily accessible. In 2013, Jamaica received 21 million USD in foreign aid. In 2014, the foreign aid amounted to 40.2 USD. Jamaica is a member of the United Nations (UN). On 18 September 1962, it joined the UN as a full member state. Jamaica is a member of the World Bank. To read more click on politics of Jamaica.

Environment of Jamaica

Jamaica emits 2.9 metric tons per capita of CO2. 3308 km² of Jamaica's territory is covered in forests. and forest land comprises 30% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Jamaica is 438. To read more click on environment of Jamaica.

Company formation in Jamaica

The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Jamaica.

When establishing a company in Jamaica, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Jamaica that will affect the establishment and growth of one's business. Contact us or click on company formation in Jamaica to read additional information when setting up a business.

Bank account opening in Jamaica

With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Jamaica. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.

When considering opening a bank account in Jamaica, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Jamaica or contact us.