Planning to operate a company or registered hustle in Jamaica? You’ll need a business bank account to handle payments, pay staff, and separate your personal and company finances. This 2025 guide breaks down the step-by-step process for opening a business bank account in Jamaica, including what documents you’ll need and how to choose the right bank.
Why You Need a Business Bank Account
A business account helps you:
- Receive payments under your registered business name
- Build credibility with clients, suppliers, and banks
- Apply for business loans and grants
- Track income and expenses for tax purposes
- Separate personal spending from business operations
Who Can Open a Business Bank Account?
You can open a business account in Jamaica if you operate as:
- A registered sole trader or partnership
- A limited liability company (LLC)
- An NGO, church, or other legal entity
Unregistered businesses are not eligible to open business accounts.
Step-by-Step: How to Open a Business Account
- Step 1: Register Your Business
You must first register with the Companies Office of Jamaica (COJ) and get a business TRN from the Tax Office. - Step 2: Choose a Bank
Popular banks in Jamaica include:- NCB (National Commercial Bank)
- Scotiabank Jamaica
- JMMB Bank
- First Global Bank
- Bank of Nova Scotia (BNS)
Compare fees, online banking, and customer service options.
- Step 3: Gather Your Documents
Here’s what most banks will ask for:- Business TRN
- Certificate of registration or incorporation
- Valid ID for all directors/signatories
- Proof of business address (e.g. lease or utility bill)
- Minutes of meeting (for companies)
- Bank reference letter (if requested)
- Step 4: Visit the Bank
Make an appointment and visit the branch in person. You may need to attend a short interview or submit a business plan for certain account types. - Step 5: Wait for Account Activation
Approval can take 3–7 business days depending on the bank. You’ll receive account details, cheque book (if requested), and online banking access.
Minimum Deposit Requirements
Each bank sets its own minimum opening balance, which can range from JMD $3,000 to $10,000. Ask the bank about monthly maintenance fees, online access charges, and ATM limits.
Tips Before You Apply
- Make sure your business name matches across all documents
- Have a clear description of your business activities
- If you have partners, decide who will be signatories
- Check if your bank offers startup packages or SME incentives
Can You Open a Business Account Online?
Some banks may allow you to start the application process online, but most still require in-person verification and document submission. This may change in the future as banks digitize their SME services.
Final Thoughts
Opening a business bank account in Jamaica is one of the smartest moves you can make to formalize and grow your hustle. With the right documents and preparation, you can get started in less than a week. Stay compliant, stay professional — and build your business the right way from the ground up.
Don’t have your TRN yet? Read: How to Apply for a TRN for a Business in Jamaica
