What should Free Zone Companies Do?
- Free zone companies must adhere to Customs Regulations, which have been reduced to a minimum in order to facilitate investors. The MBFZ has a customs officer in the zone to assist the companies.
Free Zone investors may operate foreign currency accounts at a commercial bank of their choice and have the unrestricted movement of foreign currency that has been brought into Jamaica by the company.
Wages, utility bills and general payment for goods and services, which are produced locally, are paid for in Jamaican dollars.
- Once approved, manufacturing companies must register with JAMPRO's Certification Division in order to secure approval for registration as an exporter from Jamaica.
- All persons employed by client companies in the MBFZ must abide by the security procedures developed by the MBFZ to ensure a secured working environment for all. In keeping with these procedures, all persons must be in possession of a valid identification card issued by the MBFZ's office for a nominal charge.
- All companies are required to, and are responsible for, the remittance of statutory payroll deductions. These include deductions for the National Insurance Scheme (NIS), Education Tax, HEART tax, National Housing Trust (NHT) and Income tax (PAYE). Details on these can be provided.
Companies with Free Zone status are not guaranteed access to the local market and only manufacturing companies may obtain approval from the Minister of Industry, Commerce and Technology for consignment to the local market.