Guyana

Starting a Business in

Guyana

Below is a detailed summary of the bureaucratic and legal hurdles faced by entrepreneurs wishing to incorporate and register a new firm in Guyana. It examines the procedures, time and cost involved in launching a commercial or industrial firm with up to 50 employees and start-up capital of 10 times the economy's per-capita gross national income.

This information was collected as part of the Doing Business project, which measures and compares regulations relevant to the life cycle of a small- to medium-sized domestic business in 189 economies. The most recent round of data collection was completed in June 2013.

Compare Guyana to 188 other economies.

  • Standardized Company

  • Legal Form: Private Limited Liability Company
  • Paid in Minimum Capital Requirement: None
  • City: Georgetown
No. Procedure Time to Complete Associated Costs
1 Search for company name and reserve proposed name

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

The company incorporation process requires the filing of documents that require only simple signatures, with the exception of the declaration of compliance, which must be signed by an attorney. Attorneys or Accountants may be hired to prepare the documents.

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 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.

2 days GYD 15,000
3 Register company with Registrar of Companies

The Registrar of Companies announces the issuance of the certificate of incorporation in the Official Gazette, according to Section 29 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

Since January 2008 the TIN number replaces the PAYE number, corporate income tax number, VAT number and customs import number.
1 day no charge
5 Register for PAYE

Once the TIN number is obtained, the company registers for VAT.

The company is only required to register for VAT if turnover is expected to be more than G$ 10M. The company can opt for voluntary registration.
1 day no charge
* 6 Register for VAT

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.
5-7 days (simultaneous with previous procedure) no charge
* 7 Register employees for social security

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

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.
1-2 days (simultaneous with previous procedure) GYD 2000
* Takes place simultaneously with another procedure.

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