KINGSTON, Jan. 2 -- Individuals in Jamaica will no longer need to visit multiple agencies to incorporate a company or register a business name, as the government officially begins to provide one-stop registration service on Thursday.

Under the new system, those incorporating companies or registering business names will make a single application for their Taxpayer Registration Numbers, General Consumption Tax, National Insurance Scheme, to register with the National Housing Trust, and complete required process of company registration.

Anthony Hylton, Minister of Industry, Investment and Commerce, said the new system will significantly reduce the time taken to get registered and make cost savings possible for each agency involved in the registration process.

By simplifying business registration procedures, the government expects Jamaica to move up in the rankings of the annual Doing Business Reports, published by the World Bank.

"We are seeking to position Jamaica at the forefront of the worldwide efforts to simplify and reduce the administrative burdens associated with procedures for business start-ups and operations," Hylton said.

"Ultimately, what we are seeking is the creation of new enterprises and the existence of a more dynamic business sector that can generate more new jobs and help to drive economic growth," he added.