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Ease of Doing Business in

Guyana

Guyana Download Profile (1727.3KB, pdf)
Region Latin America & Caribbean
Income Category Upper middle income
Population 767,085
GNI Per Capita (US$) 4,090
City covered Georgetown

190

1

DB 2017 Rank

1

100

DB 2017 DTF (% points)

  • local_library
  • group
Topics DB 2017 Rank DB 2016 Rank info_outline Change in Rank DB 2017 DTF (% points) info_outline DB 2016 DTF (% points) info_outline Change in DTF (% points) info_outline
Overall 124 140 up
16
56.26 51.38 down
4.88
Starting a Business 99 86 down
13
85.45 85.42 up
0.03
Dealing with Construction Permits 148 148
-
59.28 59.26 up
0.02
Getting Electricity 129 156 up
27
58.46 45.94 up
12.52
Registering Property 122 124 up
2
54.31 53.06 up
1.25
Getting Credit 82 168 up
86
50.00 15.00 up
35.00
Protecting Minority Investors 87 85 down
2
53.33 53.33
-
Paying Taxes 136 135 down
1
59.27 59.27
-
Trading across Borders 135 135
-
59.33 59.33
-
Enforcing Contracts 91 90 down
1
57.62 57.62
-
Resolving Insolvency 154 154
-
25.55 25.55
-

Positive=Doing Business reform making it easier to do business. Negative=Change making it more difficult to do business.

DB 2017 Rank: 99

DB 2016 Rank: 86

Change in Rank: down13

DB 2017 DTF (% points): 85.45

DB 2016 DTF (% points): 85.42

Change in DTF (% points): up0.03

Standardized Company
Legal form: Private Limited Liability Company
Paid-in minimum capital requirement: GYD 0
City: Georgetown
Indicator Guyana Latin America & Caribbean OECD high income
Procedure – Men (number) info_outline 7.0 8.3 4.8
Time – Men (days) info_outline 18.0 31.6 8.3
Cost – Men (% of income per capita) info_outline 10.7 31.5 3.1
Procedure – Women (number) info_outline 7.0 8.3 4.8
Time – Women (days) info_outline 18.0 31.6 8.3
Cost – Women (% of income per capita) info_outline 10.7 31.5 3.1
Paid-in min. capital (% of income per capita) info_outline 0.0 2.3 9.2
  • No. Procedure Time to Complete Associated Costs
    1

    Search for company name and reserve proposed name

    Agency: Companies Registry

    Searching and reserving the proposed company name can be done on the same day.
    1 day GYD 175 (name search) GYD 800 (reservation)
    2

    Obtain declaration of compliance

    Agency: Attorney at Law

    The exception of the declaration of compliance must be signed by an attorney.
    The declaration states that, to best of the declarer’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 (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.
    2 days GYD 15,000
    3

    Register company with Registrar of Companies

    Agency: Registrar of Companies

    The Registrar of Companies announces the issuance of the certificate of incorporation in the Official Gazette, according to Section 479 of the Companies Act (although this is not a precondition to registration).
    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.

    Since July 2008 fees and other charges to register company with Registrar of Companies are as follows:
    - Flat fee for certificate of incorporation: GYD 60,000.
    - Fees for filing and certifying copies of notices (listed above) and declaration of compliance: GYD 13,000.
    If the company chooses to file it with a practitioner, attorneys will charge approx. GYD$150,000 plus VAT for handling a company incorporation in addition to the registration fee.
    7 days GYD 60,000 (fixed registration fee) + GYD 13,000 (fees for filing and certifying copies of documents)
    4

    File for tax identification number (TIN) with the Revenue Authority

    Agency: Guyana Revenue Authority

    Since January 2008 the TIN has replaced the PAYE number, corporate income tax number, VAT number and customs import number.
    1 day no charge
    * 5

    Register for VAT

    Agency: Guyana Revenue Authority

    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.
    7 days on average (simultaneous with previous procedure) no charge
    * 6

    Register for the social security

    Agency: National Insurance Scheme

    Register with the social security office and obtain NIS employer number.
    7 days (simultaneous with previous procedure) no charge
    * 7

    Make a seal

    Agency: Commercial manufacturer of seals

    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.
    2 days on average (simultaneous with previous procedure) GYD 2,000

    * Takes place simultaneously with previous procedure.