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Doing Business in Guyana

Doing Business in Guyana

Starting a Business in Guyana: Your Comprehensive Guide

Guyana offers a range of opportunities for investors and entrepreneurs. This guide covers the key aspects of doing business in Guyana, including incorporation, taxation, labor laws, investment protection, and environmental regulations.

1. Business Structures

  • Incorporation: Register a new company with the Registrar by submitting articles of incorporation, a statutory declaration, and other necessary documents.
  • Foreign Companies: Register as an external company by providing detailed corporate information and appointing a local attorney.
  • Sole Proprietorships and Partnerships: Register under the Business Names (Registration) Act with a simple application process.

2. Taxation

  • Corporate Tax: 40% for commercial activities, 25% for other activities, with special rates for telephone companies and minimum tax provisions.
  • Income Tax: Taxable income includes employment compensation, with rates of 28% up to G$130,000 per month and 40% beyond that.
  • Other Taxes: Property tax, capital gains tax, stamp duty, customs duties, excise tax, and value-added tax (VAT) at 14%.

3. Labor Laws

  • Governed by multiple acts ensuring fair treatment of workers, regulated work hours, and safety standards.
  • Foreigners need work permits, except CARICOM nationals with CSME Skilled National Certificates.

4. Investment Protection

  • The Investment Act guarantees protection against expropriation, non-intervention in management, and rights to repatriate funds.
  • Investors can resolve disputes through arbitration, local courts, or the International Centre for Settlement of Investment Disputes (ICSID).

5. Environmental Protection

  • Projects impacting the environment require permits from the Environmental Protection Agency.

6. Currency and Financial Regulations

  • The Guyana Dollar is the official currency, freely convertible based on market conditions. Businesses can open accounts in both Guyana Dollars and foreign currencies.

7. Additional Considerations

  • Anti-money laundering regulations, stock exchange operations, and accounting standards are in place to ensure a stable business environment.