Co-operative Societies

Minimum: 10 persons required

Purpose: Established to improve economic, social, and/or cultural needs.

Ownership/Control: Owned and controlled by the members.

Services: Customers are the primary members.

Surplus Distribution: Surpluses are returned to members as dividends or patronage refunds and allocated to reserves and other special funds for members' benefit.

Loss Sharing: Losses are shared among the members.

Membership: Typically sharing a common bond.

Taxation: Not subject to Income Tax and Stamp Duty.

Friendly Societies

Minimum: 21 persons required

Purpose: Established to provide specific benefits or assistance to members, their relatives, and dependents during sickness, old age, or upon becoming widowed or orphaned.

Ownership/Control: Owned and controlled by the members.

Services: Provide services to their members.

Surplus Distribution: Surpluses are shared among members.

Loss Sharing: Losses are shared among members.

Membership: Obtained through payment of dues or contributions and other specified services.

Taxation: Surpluses are not subject to income tax.

Benevolent Societies

Minimum: 21 persons required

Purpose: Established for benevolent or charitable purposes, often focusing on community development.

Control: Controlled by members.

Services: Provide services to the larger community.

Surplus Handling: Surpluses are absorbed into operations.

Loss Handling: Losses are absorbed into operations.

Membership: As per the society's rules.

Taxation: Not subject to income tax.

Specially Authorized Societies

Minimum: 21 persons required

Purpose: Established to conduct business activities.

Ownership/Control: Owned and controlled by members.

Services: Provide services to their members.

Surplus Distribution: Surpluses are shared among members.

Loss Sharing: Losses are shared among members.

Membership: Individuals become members through payment of dues and/or optional purchase of shares.

Taxation: Exempt from income tax.

Industrial and Provident Societies

Minimum: 7 persons required

Purpose: Established to conduct business activities for the mutual benefit of its members, often in areas such as agriculture, retail, or housing.

Ownership/Control: Owned and democratically controlled by its members

Services: Provides goods or services primarily to its members, but can also engage with the wider community.

Surplus Distribution: Surpluses are typically distributed among members based on their transactions with the society or reinvested into the society for development.

Loss Sharing: Losses are generally borne collectively by the members.

Membership: Open to individuals who meet the society's criteria and are willing to accept the responsibilities of membership.

Taxation: Subjected to taxation on profits and as such should make returns with regards to Income Tax and Asset Tax to Tax Office of Jamaica.

Agricultural Loan Societies

Minimum: 7 persons required

Purpose: Established to provide financial assistance and credit facilities to individuals and entities involved in agriculture.

Ownership/Control: Managed by a board elected by its members or appointed as per its governing rules.

Services: Offers loans and financial services to support agricultural activities, aiming to enhance productivity and sustainability in the sector.

Surplus Distribution: Any surplus generated is used to strengthen the society's capital base or may be distributed among members, depending on the society's policies.

Loss Sharing: Losses are absorbed by the society, potentially impacting its reserves and future lending capacity.

Membership: Typically comprises farmers, agricultural workers, and entities engaged in agricultural pursuits.

Taxation: May be exempt from certain taxes such as stamp duty and other fee, subject to the provisions of the Agricultural Loan Societies and Approved Organizations Act.

Approved Organization

Minimum: 7 persons required

Purpose: Designated to carry out specific activities that are recognized and approved under Jamaican law, often related to community development, education, or other social services.

Ownership/Control: Operated by members or appointed officials in accordance with its constitution or governing documents.

Services: Provides services aligned with its approved objectives, benefiting its members or the broader community.

Surplus Distribution: Surpluses are generally reinvested to further the organization's objectives rather than distributed to members.

Loss Sharing: Losses are managed through the organization's financial reserves or support from members and donors.

Membership: Defined by the organization's rules, which may include individuals or entities supportive of its aims.

Taxation: Often enjoys tax-exempt

Registered Charitable Organization

Minimum: 3 persons required

Purpose: Established exclusively for charitable purposes, such as poverty relief, education advancement, health promotion, or other activities beneficial to the community.

Control: Governed by a board of trustees or directors responsible for ensuring the organization adheres to its charitable objectives.

Services: Provides charitable services to the public or specific beneficiary groups without profit motive.

Surplus Handling: Any surplus is reinvested into the organization's charitable activities; distribution to members or private individuals is prohibited.

Loss Handling: Losses are covered through fundraising, donations, or reserves; members are not typically liable.

Membership: May have a membership structure, but benefits are directed towards the charitable mission rather than members.

Taxation: Exempt from income tax and may receive other tax benefits under the Charities Act of 2013, provided it maintains compliance with regulatory requirements.