Starting a Business in Guyana

This table summarizes the procedures and costs associated with setting up a business in Guyana.

View all indicator data and topic details for this economy.

Change Selection

Legal Form: Private Limited Liability Company
City: Georgetown

	Procedure	Time to complete:	Cost to complete:
1	Search for company name and reserve proposed name	3-7 days	GYD 175 (filing fees)
2	Obtain declaration of compliance	2 days	GYD 15000
3	Register company with Registrar of Companies	10 days	GYD 60,000 (fixed registration fee) + GYD 13,000 (fees for filing and certifying copies of notices and declaration of compliance)
4	File for tax identification number (TIN) with the Revenue Authority	2 days	no charge
5	Register for PAYE	1 day	no charge
*6	Register for VAT	7 days (simultaneous with previous procedure)	no charge
7	Register employees for social security	7 days	GYD 10000
*8	Make a seal	1-2 days (simultaneous with previous procedure)	GYD 2000

* Takes place simultaneously with another procedure.

Procedure 2.: Obtain declaration of compliance
Time to complete:: 2 days
Cost to complete:: GYD 15000
Name of Agency:
Comment:: The company incorporation process requires the filing of documents that require only a simple signature, with the exception of the declaration of compliance, which must be prepared by a lawyer. Lawyers and accounts are, however, sometimes hired for other documents as well. The declaration states that, to best of the declarant’s knowledge and belief, no signatory to the company’s articles of incorporation is a person described in Section 4(2) of the Companies Act 1991 (which states that persons under 18, of unsound mind, or with undischarged bankruptcies cannot form or join in the formation of a company) and that all the requirements of the Companies Act pertaining to the matters precedent to the registration of the company and incidental thereto have been complied with. Section 4(3) states that if such a declaration is filed, it shall be conclusive of the facts stated in it.

Procedure 3.: Register company with Registrar of Companies
Time to complete:: 10 days
Cost to complete:: GYD 60,000 (fixed registration fee) + GYD 13,000 (fees for filing and certifying copies of notices and declaration of compliance)
Name of Agency:
Comment:: The Registrar of Companies must announce the issuance of the certificate of incorporation in the Official Gazette, according to Article 29 of the Companies Act.
To register with the Registrar, the company must provide the following documents:
- Declaration of compliance.
- Articles of incorporation.
- Notice and consent of directors.
- Notice and consent of secretary.
- Notice of registered office.

Fees and other charges to register company with Registrar of Companies are as follows:
- Fee of 6% on stated capital of GYD 1.8 million: GYD 108,000.
- Duty (under Tax Act) of 0.5% on stated capital:GYD 9,000.
- Fee for certificate of incorporation:GYD 30,000.
- Fees for filing and certifying copies of notices (listed above) and declaration of compliance: GYD 13,000.

Procedure 4.: File for tax identification number (TIN) with the Revenue Authority
Time to complete:: 2 days
Cost to complete:: no charge
Name of Agency:
Comment:: Since January 2008 the TIN number replaces the PAYE number, corporate income tax number, VAT number and customs import number.

Procedure 5.: Register for PAYE
Time to complete:: 1 day
Cost to complete:: no charge
Name of Agency:
Comment:: Once the TIN number is obtained, the company must register for VAT

Procedure 6.: Register for VAT
Time to complete:: 7 days (simultaneous with previous procedure)
Cost to complete:: no charge
Name of Agency:
Comment:: Since January 1, 2007, the Value Added Tax (VAT) Act 2005 has been implemented in place of the Consumption Tax Act. Companies that have a taxable income of at least GYD 10 million a year are required to register under the VAT Act. A separate department of the Guyana Revenue Authority has been established to administer the Act. Applications should be made within 15 days of the start of operations, and a certificate should be issued within 10 days after the application.

Procedure 8.: Make a seal
Time to complete:: 1-2 days (simultaneous with previous procedure)
Cost to complete:: GYD 2000
Name of Agency:
Comment:: The fee to make a company seal depends on whether an embossed or rubber seal is selected. Most companies use a rubber stamp. Embossed seals are not made in Guyana and require additional delivery time.