Franchise opportunities in Jamaica
Popular franchise directions in Jamaica
Attractiveness of Jamaica for the development of franchise business
Jamaica is an island country in the West Indies washed by the Caribbean Sea. The country`s main assets are bauxite, agriculture and also tourism. The exports of Jamaica include refined petroleum, aluminum ore, hard liquor, and cassava.
The economy of the country is slowly but steadily developing. In 2016 Jamaica’s GDP increased by 1.4% and the poverty reduced to 20%, the average monthly net salary was $524. The government has implemented several reforms to improve the investment climate within the country. Therefore, Jamaica is becoming seductive for both foreign and local investors.
Kingston (666,041) gives the best opportunities for investments for some reasons; it is the most populated city with well-developed sea infrastructure and the most attractive place for tourists in the country.
2.8 mln tourists visit the country annually; most visitors arriving in Jamaica are from the USA, UK, Canada, and Germany.
One of the most successful economic industries of Jamaica is IT. The country has high achievements in mobile technologies development, which could be of interest for foreign investors.
Franchising is just beginning to gain traction in Jamaica, thus the market is available for new brands. From those franchise businesses operating in the country accounting, food, automobile sales and rental, and training services are worth mentioning. The average franchise fee is $35,000.
There are no specific laws, which control or constrain the growth of franchise business in the country. To get the rights to operate a franchise, the franchisee has to register a local company.
There are high investment business opportunities, as well as cheap franchises in Jamaica presented for review, the choice is yours.
Indicators of Jamaican Business Market
Currency: Jamaican dollar
Education Index (2013): 0.668
Official languages: English
Per capita GDP (PPP): $8,991
Quality-of-life index (0-10): out of list
Population: 2.651 mln
Total GDP (PPP): $25.437 billion
Ease of Doing Business Ranking, Rank: 70
Human Development Index (HDI): 0.719