Holness commits to positioning Jamaica as a Global Financial Hub

Jamaican Prime Minister Andrew Holness has reiterated his administration’s commitment to establishing Jamaica as a leading international financial services hub, emphasizing this goal as a cornerstone of the country’s broader economic growth strategy.

“Our objective is to finalize the legislative framework as we stand on the threshold of transforming Jamaica into a global financial services powerhouse,” he stated. The Prime Minister also called on all stakeholders within Jamaica’s financial sector to collaborate in achieving this ambitious vision.

Prime Minister Holness made these remarks earlier this week during the Jamaica Stock Exchange Investments & Capital Markets Conference in Kingston.

Acknowledging the strength of Jamaica’s financial sector, he emphasized the necessity of continued modernization to meet international standards. Notable progress has been achieved, including the passage of critical legislation such as the Partnership General Act and the Trust and Corporate Services Providers Act.

The final legislative component required is the Limited Liability Company (LLC) Act, which has been carefully developed to align with global benchmarks.

“This Act is designed to offer a more business-friendly framework compared to the Companies Act,” he explained, underscoring its role in fostering an environment conducive to business growth.

These legislative advancements, Holness noted, are part of a broader strategy to establish a modern, enabling business ecosystem that attracts both domestic and international investments.

“This comprehensive framework will pave the way for innovative business structures, drive new investments, and position Jamaica as a premier international business and financial hub,” he added.

The Prime Minister also highlighted recent legislative reforms aimed at strengthening the country’s financial ecosystem, including an increase in the participating share capital limit for Junior Market companies from $500 million to $750 million. This move, he said, underscores the his administration’s commitment to enhancing opportunities within the financial sector.

“The legislation has already been passed by the House of Representatives and will be presented to the Senate on Friday, January 24. I am confident it will secure approval and subsequently receive the Governor General’s assent, becoming law within days. This adjustment represents a significant milestone,” he noted.

Currently, the Junior Market comprises 48 listed companies with a total market capitalization of $148.5 billion.