Navigating Jamaica's New Corporate Service Regime: AspireSec Limited's Milestone

The landscape of corporate law is dynamic, continuously morphing in response to economic demands, societal changes, and government and international policy. In light of this, we are eager to share a notable shift in the corporate service sector in Jamaica and an equally significant achievement by AspireSec Limited, the licensed corporate service affiliate of Ramsay & Partners.

Understanding the New Regulatory Framework

On April 25th, 2022, the Government of Jamaica introduced the Trust and Corporate Services Providers Act, 2017 (TCSP Act) and the accompanying Trust and Corporate Services Providers (Licensing and Operations) Regulations, 2022. The centerpiece of these regulations is the requirement for corporate service providers to obtain an official license from the Financial Services Commission (FSC) if they wish to operate within or from Jamaican shores. This new regulatory framework came into effect in April 2023. 

To clarify the scope of these regulations, the term 'corporate service' under the TCSP Act encompasses activities such as:

  • Assisting in the establishment, management, or administration of a company or firm.

  • Serving or facilitating roles like director, secretary, or alternate director for a company.

  • Providing registered or administrative addresses for various business entities.

  • Acting as a nominee shareholder or facilitating such a role.

  • Setting up legal entities not encapsulated by the above definitions.

Any corporate service providers found operating without this mandated license could face substantial fines, imprisonment, or a combination of the two.

AspireSec Limited's Achievement

With the enforcement of these new regulations, we are pleased to spotlight AspireSec Limited, our associated corporate services provider. They've successfully procured the necessary licensing, ensuring they operate within the confines of the law, and continue to provide unmatched corporate services to their clientele. AspireSec Limited currently serves several private companies in Jamaica, including 4 publicly traded companies on the Jamaica Stock Exchange (JSE). 

For clients partnered with AspireSec Limited, expect proactive engagements in the forthcoming weeks. This is to ascertain that all Service Agreements are in alignment with the new regulatory parameters and compliance requirements, notably in the AML/CFT domain.

Concluding Thoughts

The pursuit of excellence is a continuous journey. This new achievement by AspireSec Limited, our corporate service affiliate, is testament to the commitment to adapt, grow, and serve with integrity. Should any queries arise or further elucidation be needed regarding this new regime, we encourage readers to reach out to the team at secretary@aspiresec.com.

Marc Ramsay