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Entrepenuriship✩⡱ > Legal and Regulatory Framework 2 > Flashcards

Legal and Regulatory Framework 2 Flashcards

1
Q

The place you can get a Name search

A

The Registrar:
Companies Office Of Jamaica

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2
Q

What is a TRN

A

Tax Registration Number

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3
Q

Benifits of Registering a Business

A
  1. Needed for applying for credit cards for the business
  2. Clients and Investors will be attracted
  3. Enables continuity of the business
  4. Facilitates attractive agreements between the business and its suppliers
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4
Q

Random Permits

A

Food Permits
Environmental Permit
Liquor License
TCC [ Tax Complience Certificate]

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5
Q

Why are labour laws important

A

Businesses must know the Labour Laws that are applicable to them in the territory in which they are situated and understand how to appropriate them. Their adherence to the laws promotes professionalism and reveal their ethics.

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6
Q

What are some Labour Laws of Jamaica

A

Trade union act 1919= Steps of how to become a Trade Union member

Labour Relations and Indistrual Disputes= Outlines the rights of workers as members of a trade union when there is industrial action

Employee termination and reduandy act= Procedure for calculation of payments, Terms of Qualification for reduancy, Minimum standards of Payments

Holiday with Pay act= Conditions for sick leave and paid vacation

Minimum Wage act= A set wage for workers

Maternity Leave act= Geared towards women who are pregnant

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7
Q
A
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8
Q

Industrial Relations

A

Refers to the interactions and relationships between management and employees. The Trade Union and the government will play an important role in these interactions

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9
Q

Collective Barganing

A

When a worker’s representative & management negotiate in order to arrive at an agreement on the terms and conditions of employment

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10
Q

Settlements of Disputes

A

Management and the employees represenative should agree on the procedure for the settling of disputes, it must be in writing and state the level at which an issue must be raised first.

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11
Q

Human Resources

A

Human resources (HR) is a function that serves as a link between employees and managemen.Written rules and guidelines that direct the behaviour of employers. They are important for the smooth running of the business.

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12
Q

Examples of HR policies

A

Attendance Policy
Break and Lunch Periods
Safety and Health
Standards of Conduct
Dress
Leave
Discrimination and Harrasment

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13
Q

What are Taxes uses for?

A

Repay public Debt
Attract foreign investors
Improve Balance of Trade by reducing imports
Increase or reducse consumer spending
Financial welfare programms

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14
Q

Equity

A

Equity= Taxes should be levied according to a person’s ability to pay. The tax must be progressive. The rich must pay more than the poor

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15
Q

Simplicty

A

System of taxation must be simple to understand, it will encourage compliance.

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16
Q

Convienece

A

Locations of Tax collecting Offices must be convenient to tax payers. Also improves compliance

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17
Q

Effiency and Flexibility

A

Tax system must promote effiency to enocurage this, taxes must be used for their appointed purposes.

Flexibility the system must be so designed that it easily adjusts as the conditions of the economy changes

18
Q

Transparency & Economic

A

Taxpayers must be able to easily find information on the tax system and be able to view its various elements.

Economic= The cost of various facets of the tax system that is to be devised by the government should not be in excess of the amount of tax that is collected.

19
Q

Random tax facts :)

A

A tax Haven is a juridisction with very low or no taxes, Cayman Island and Bahamas are two of the best Tax Havens!

Many Multinationals avoid paying any or much tax by maintaining subsidaries in one or more Tax Havens.

Tax Dodgers (me fr) evade or avoid taxes. When there is Tax Avoidance persons pay less tax through means considered legal by the Tax Department of the country.

A Tax Holiday is an incentive that is used to attract foreign ivestments.

20
Q

Barbados, Jamaica and Guyana share:

A

Fuel tax, Stamp Duty, Value Added Tax

21
Q

What are Tax Incentive

A

A tax incentive is a government measure that is intended to encourage individuals and businesses to spend money or to save money by reducing the amount of tax that they have to pay.

22
Q

Productive Inputs Relief

A

Basically, goods in manufacturing and agricultural companies may receive GCT, Import duties, Stamp duties relief.

Tourism and Health industry may also recieve this :)

23
Q

Special Economic Zones Relief

A

A SEZ is an area in which laws and regulations concerning business are different from those outside the zone. This attracts investors both local and foreign, and they will recieve Income tax, Property tax, Transfer tax and GCT tax relief and Customs duty relief

24
Q

Urban Renewal Tax Relief

A

This provides tax reliefs for persons undertaking development programs in areas that have been selected as special development areas.
They may get Renewal, Tax Exemption from stamp duty and Transfer tax, Tax relief on rental income, Relief on interest earned by investors in an Urban renewal bond

25
Q

Income tax regarding companies in junior stock market

A

A company on the junior stock may be elligeable for full exemption from Income Tax in the first five years and fifty percent for the following years

26
Q

Incentives for charitable organizations

A

Registered organizations can obtain Income tax, custom duty tax, GCT, Property tax, Stamp duty and transfer tax

27
Q

Financial Regulations

A

These are inteded to promote sound policy for supervision of the Financal Sector of economy

28
Q

What is the Financial services commision

A

Was created for the Financial Services Commision Act (2001) to oversee insurance, pension and securities industries. It has the power to supervise, investigate, and sanction the entities that fall under its juridisctions

29
Q

FSC juridistions!

A

Anti Money Laundering= Money laundering is when money made from illegal acitivies are made to pass through legitmate systems such as that of a commercial bank

Countering Fincancing of Terrorism= Refers to the act of accomadating/ financing anything directly or indirectly related to terrorists, terrorist activity and organizations

TPA / Terrorism prevention act= enacted June 6, 2005 the act Basically says if a person is found commiting a terorist act will recieve life imprisonment in the case of an individual and a fine in case of a corporate body.

IFRS(International FInancing report standards)= Basically, rules for financial reports/ statements.

30
Q

Types of contracts! :)

A

simple: May be oral or written
must have offer, acceptance and consideration

Speciality: Must be written, must also have offer and acceptance. Must be signed sealed and delivered eg: Employment contracts, Lease agreements, Property sale, Insurance, Transfer of ownerships

31
Q

Business Accrediation and Certification

A

BA: A process of checking if a business’ goods, services and processes are in accordance with the industry
BC: A process of making sure that the business is eligible for certain government contracts or other oppurtunities

THE JAMAICA NATIONAL AGENCY OF ACCREDIATION (JNACC)

32
Q

ISO

International Organization for Standardization

A

A standard setting organization, is the world’s largest developer of voluntary international standards. It began operations in 1947. Its headquarters is in Geneva, Switzerland

Aims of ISO: Fosters economic growth, Promotes fair trade, Promotes health and safety,

33
Q

What is the duty of care

A

Must be excersied by all enterprises in their business relations. It is upheld by law and negligence is punishable

OSHA (OCCUPATIONAL SAFETY AND HEALTH ADMINISTRATION) Falls under the department of labour in the US, aims for the creation of safe working environments

HACCP (HAZARD ANALYSIS AND CRITAL CONTROL POINTS) Basically makes sure the food is safe through analysis and control of biological, chemical and physical hazards

34
Q

Environmental Stewardship

A

Environmental Stewardship refers to the operation of systems by a business, group, or organization that involve socially responsible actions or conservation of reclycing, regeneration and restoration to protect the environment

35
Q

Factors that destory the environment

A

Air emmisions
Effluent (Sewage Water)
Improper disposal of hazardous material and solid waste
Noise
Harmful elements in pesticides

36
Q

Benifits of envinromental stewardship

A

Increased productivity
Sustained environment
Cost reduction
Commited stakeholdership
Qualifying for incentives

Role of the government in promoting environmental stewardship:
Implenting energy reduction devices
Can establish agencies that will partner with environmetal friendly business

37
Q

Intellectual Property Rights

A

Considered all intagible elements that are considered to be creations of the mind and owned by the firm

JIPO (Jamaica Intelluctual Property Office) is one of the organizations that handle all matters concerning IPR, it manages the:

copyrights and related rights
Trade marks
Patents
Layout designs

38
Q

Benifits of IPR

A

Local and Foreign investors will be attracted to a business that has protection
Prospective entrepreneurs will feel free to innovate once they know their creations are protected
Will be able to seek redress if work is stolen

39
Q

Methods of protection:

A

Branding: Brand mark/Name provides identity
Trademarks: Includes words, symbol, logo and slogan
Patent: Given to the inventor of a machine
Copyright: Relates to literacy, songs, art work
Trade Secrets: Consists of information surrounding a business’ operations, goods, or service eg: KFC’s recipie

40
Q

Open Innovation

A

A practice that uses both internal and external ideas to advance its technology.

IMPACT: New ideas in the market faster
Minimizes technical risks
Reduces the cost of research and development to determine feasibiliy
Higher customer participation

41
Q

Advantages and Disadvantages of open Innovation

A

Risk of innovating is reduced
Cost of conducting research is reduced
Customers are incorporated early in the process
It allows for the building of communities/networks

Disadvantages:
May lose competitive edge
Loss of control in the process
May lose competitive edge if their secret is exposed
Managing a collaborative process is challenge

Entrepenuriship✩⡱ (6 decks)

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