Prime Minister Andrew Holness has reiterated his government’s resolve to establish Jamaica as a prominent International Financial Services Centre (IFSC), a goal first envisioned in 2009. Despite setbacks over the years, Holness emphasized that the administration remains dedicated to overcoming challenges and finalizing the legislative framework needed to transform this vision into reality.
Speaking at the Jamaica Stock Exchange (JSE) Regional Conference on Investments and Capital Markets, Holness acknowledged the delays but remained optimistic about the country’s future. “From my first time in Cabinet in 2007, we articulated the goal of positioning Jamaica as an IFSC by 2009. While we have not yet achieved this, we are determined to finalize the necessary legislation and make this a reality,” he said.
Holness outlined the legislative strides already made to support this goal, including the introduction of key acts such as the Partnership (General) Act, Partnership (Limited) Act, Trust Act, and the Segregated Accounts Companies Act. The final piece of the puzzle, the Limited Liability Companies (LLC) Act, is being refined to meet global standards, marking a crucial step forward in creating a more business-friendly environment.
“This new LLC Act will provide a framework more suited to modern business practices, positioning Jamaica as a competitive player in the global market,” Holness explained. The intention is for the act to serve both local and international businesses, facilitating smoother operations while adhering to international regulatory standards.
The Jamaica International Financial Services Authority (JIFSA), established in 2011, has been central to driving the effort to position Jamaica as an IFSC. JIFSA’s role includes crafting a competitive tax regime, fostering legislative development, and preparing domestic institutions for global financial engagement.
Despite the hurdles that have delayed the process, Holness remains confident that Jamaica’s well-educated workforce, solid financial infrastructure, and strategic location will help unlock significant opportunities. He highlighted that establishing the IFSC would create jobs, attract investment, drive real estate development, and help diversify the Jamaican economy.
Acknowledging the difficulties, Holness admitted that some delays were due to a combination of policy issues and external factors but assured that the government’s commitment to the vision is unwavering. “There have been challenges, but we are determined to press forward,” Holness added.
With a growing financial sector and a steady focus on international standards, Jamaica is positioning itself to be a key player in global finance in the coming years.
