Starting a business in Guyana

This may be done through the Commercial Registry as a:

• sale propietor,
• partnership, or
• incorporated company

Business Name Registration

The Business Names (Registration) Act and the Partnership Act are the legal basis for a sole proprietor or partnership registration.

Partnership:

• This can be done by way of contractual arrangement or under the Business Names Registration Act (as above).
• A fee of G$5,000 (approx. US$25) presently is required.

Incorporation

The Companies Act directs the incorporation of businesses.

The Act requires every association, partnership, society, body or other group consisting of more than twenty (20) persons to incorporate before it can carry on any business or trade for gain. All private companies must have at least one director and every company is required to appoint a company secretary.

An application for incorporation of a company must be in the prescribed form and must state:

• the proposed name of the company;
• that the registered office of the company is to be situated in Guyana;
• the classes and maximum number of shares that the company is authorised to issue;
• the minimum issue price in respect of shares or classes of shares;
• if the right to transfer shares is restricted, a statement to that effect and the nature of those restrictions;
• the minimum and maximum numbers of directors allowable;
• where, by arrangement before its incorporation, shares of the company are to be paid for by a consideration other than cash, the nature of the consideration, its value in monetary terms and the extent to which the shares to be issued will be credited as paid up. This must be verified by the report of a qualified accountant, valuer or surveyor stating that the consideration is worth the amount credited as paid up;
• any restrictions on the business that the company may carry on.
  On submission of this information and payment of the prescribed fee the Registrar of Companies issues a Certificate of Incorporation (generally within 7 business days) which serves as evidence of the existence of the company as of the date stated on the Certificate.

For more information visit https://dcra.gov.gy/

Fiscal Incentives

The Guyana Government offers to qualified businesses a range of fiscal incentives, including a flat business tax rate, tax holidays, waivers of customs duties, export tax allowances and unrestricted repatriation of profits as well as additional incentives in priority Regions and export sectors.

General Incentives for Businesses

• Tax Holidays – Pioneering Projects (new economic activity), etc.
• Incentives when the activity creates new employment in the following regions:
  • Region 1: Barima / Waini
  • Region 7: Cuyuni / Mazaruni
  • Region 8: Potaro / Siparuni
  • Region 9: Upper Takatu / Upper Essequibo
  • Region 10: Upper Demerara / Upper Berbice

Zero-rate on Customs Duty and VAT on:

• Most plant, machinery, and equipment
• Raw materials and packaging materials used in the production of goods by manufacturers
• Unlimited carryover of losses from previous years
• Accelerated depreciation on plant and equipment
• Full and unrestricted repatriation of capital, profits, and dividends
• Benefits of double taxation treaties with the UK, Canada, and CARICOM countries

Information required from applicant for Fiscal Incentives

• Cover Letter addressed to GO-Invest CEO making reference to an application for exemptions
• Completed Expression of Interest Form
• Business Proposal
• Business Registration or Incorporation Documents
• Tax Identification Number (TIN)
• GRA Compliance (if an existing enterprise)
• Evidence of ownership or tenancy of land/property where business will be located

The CGCC can recommend a service provider to help you apply for the following:

• Register for Tax Identification Number (TIN) with the Revenue Authority. A TIN is a unique computer-generated number allocated to each taxpayer. Taxes are the same for any overseas companies registering in Guyana and local companies.
• Register for Value Added Tax (VAT) certificate through GRA.
• Register with the National Insurance Scheme and obtain an NIS Employer Number.

Visas

A foreign national is required to have a visa and work permits.

List of countries whose nationals do not require visas to travel to Guyana. People planning long-term visits can apply for a five-years renewable visa. Short-term visitors can apply for a visitor’s visa which is valid for 30 days and can be extended for an additional two months. Companies can apply for work permits on behalf of their employees.