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Shaw emphasizes the need for businesses to become formal


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October 2019
 

Minister of Industry, Commerce, Agriculture and Fisheries, Hon Audley (left) cuts the ribbon at the official opening of Paramount Jamaica Trading Limited's lubricant plant with renowned lubricant manufacturer, Allegheny Petroleum Products Company at 39 ¼ Waltham Park Road on October 1, 2019. Looking on from left are Chief Executive Officer, Paramount Jamaica Trading Ltd., Hugh Graham; Leader of the Opposition, Dr. Peter Phillips and Chief Executive Officer, Allegheny Products Company (USA), Jim Kudis.

Above Body

 01 Oct 2019    communications   

Industry, Commerce, Agriculture and Fisheries Minister, Hon. Audley Shaw is again emphasising the need for informal businesses to become formal.
He noted that what he wants to see more than ever is for entrepreneurs being able to do better and for Jamaica to grow.
“We need to move from too high a level of informality in business and move towards more formality. We need to build out a situation where people don’t see registering a company, and having to pay some corporate taxes as something that is negative. I want businesses to understand, get formal and you are also going to have the privilege of accessing benefits including lower cost money in the middle range of single digits. Get formal, get transparent,” the Minister said.
Minister Shaw was speaking at Paramount Trading Jamaica Limited’s official launch of their Lubricant Plant with international world renowned lubricant manufacturer, Allegheny Petroleum Products Company (USA) at 39 ¼ Waltham Park Road, Kingston on Tuesday October 1, 2019.
Paramount broke ground for the plant, which represents an investment of approximately J$600 million two years go. Almost fully operational, the plant blends and supplies API certified lubricants to the Jamaican marketplace, with plans for expansion into the wider Caribbean market shortly.
Meanwhile the Minister informed that the Government is doing a number of things to make it easier to do business. This he said, includes the single registration form, called the Super Form, which is being administered by the Companies Office of Jamaica. He added that the streamlining of the business registration process involves the COJ, the National Insurance Scheme, the National Housing Trust , the Heart Trust/NTA and, Tax Administration Jamaica.
He added further that the launch of the Electronic Business Registration Form (eBRF) by the COJ in August 2019, will allow entrepreneurs to register their businesses at their own convenience from anywhere in the world, replacing the paper form and continuing the cross-functional operation with other Government agencies. This, he said, is part of the Government’s Public Sector Transformation and Modernization Programme aimed at making it easier to do business in Jamaica.
For his part, Paramount’s Chief Executive Officer, Hugh Graham noted that “we are excited about this opportunity and our association with Allegheny”. He added that the relationship between both companies has been strong since the beginning and is one that is built on mutual trust and continues to grow.
“We are excited to build the ALTRA brand and provide products and services to the Jamaican market that are made locally. We strongly believe in the mantra, Buy Jamaica, Grow Jamaica and Build Jamaica. I can confidently state that we are taking Paramount to new heights; we are more than capable of meeting the demands of our existing customers and, are also in the market for new customers. Our products and services are first-world quality standard,” Mr. Graham added.
The products that are being manufactured by the plant include engine, transmission, hydraulic and circulating oils. Oil analysis and technical/engineering services are also being offered at the facility.
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