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Ease of Doing Business in

Suriname

Suriname Download Profile (1750.6KB, pdf)
Region Latin America & Caribbean
Income Category Upper middle income
Population 542,975
GNI Per Capita (US$) 9,300
City covered Paramaribo

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 158 155 down
3
47.28 47.25 down
0.03
Starting a Business 185 184 down
1
47.82 47.90 down
0.08
Dealing with Construction Permits 112 109 down
3
66.43 66.44 down
0.01
Getting Electricity 84 93 up
9
71.51 68.44 up
3.07
Registering Property 176 177 up
1
37.52 37.11 up
0.41
Getting Credit 175 174 down
1
10.00 10.00
-
Protecting Minority Investors 165 166 up
1
35.00 35.00
-
Paying Taxes 103 102 down
1
69.44 69.44
-
Trading across Borders 78 75 down
3
75.02 78.03 down
3.01
Enforcing Contracts 187 187
-
25.94 25.94
-
Resolving Insolvency 129 128 down
1
34.14 34.21 down
0.07

DB 2017 Rank: 185

DB 2016 Rank: 184

Change in Rank: down1

DB 2017 DTF (% points): 47.82

DB 2016 DTF (% points): 47.90

Change in DTF (% points): down0.08

Standardized Company
Legal form: Private Limited Liability Company
Paid-in minimum capital requirement: SRD 100
City: Paramaribo
Indicator Suriname Latin America & Caribbean OECD high income
Procedure – Men (number) info_outline 13.0 8.3 4.8
Time – Men (days) info_outline 84.0 31.6 8.3
Cost – Men (% of income per capita) info_outline 101.4 31.5 3.1
Procedure – Women (number) info_outline 14.0 8.3 4.8
Time – Women (days) info_outline 85.0 31.6 8.3
Cost – Women (% of income per capita) info_outline 101.4 31.5 3.1
Paid-in min. capital (% of income per capita) info_outline 0.3 2.3 9.2
  • No. Procedure Time to Complete Associated Costs
    1

    Obtain husband's identification documents

    Agency: Domicile

    Married women are required to obtain their husband's identification documents including information on any companies he might own and his passport photo to present during company registration.
    1 day no charge
    2

    Open a bank account to deposit paid-in minimum capital

    Agency: Bank

    The company must open a corporate bank account in order to deposit the subscribed capital. The companies must deposit at least 10% of the subscribed capital in the account.
    1 day no charge
    3

    Verify the uniqueness of the company name

    Agency: Chamber of Commerce and Industry

    The company founders must request a name search at the Chamber of Commerce, where this is performed online by the Chamber staff. Alternatively, company notary may also perform the search for a unique company name online. The company founders do not currently have access to the online name search portal.
    1 day SRD 100
    4

    Obtain the extract and nationality declaration for each founder from the Civil Registry

    Agency: Civil Registry

    Each of the company founders must obtain an extract and nationality declaration from the Civil Registry. The cost for the documents is SRD 1 per set; so for 5 founders, the cost is SRD 5.
    1 day SRD 5 (SRD 1 per founder)
    5

    Pay the fee at the Accounting and Finance Department of the Ministry of Justice and Police

    Agency: Accountancy and Finance Department of the Ministry of Justice and Police

    The company must pay a stamp duty fee of SRD 500 at the Accountancy and Finance Department of the Ministry of Justice and Police. The cost of this procedure is included in Procedure 6, since the notaries typically file the paperwork and pay the government stamp fees.
    1 day included in procedure 6
    6

    Pay the fee at the District's Commissioner

    Agency: Districts Commissioner

    The company must pay a stamp duty fee of SRD 27 at District’s Commissioner. The cost of this procedure is included in Procedure 6, since the notaries typically file the paperwork and pay the government stamp fees.
    1 day included in procedure 6
    7

    Draft and notarize the articles of association

    Agency: Notary

    Limited liability companies must be founded through a notarized act, written in Dutch. The company must submit draft articles of association and a request to start the company so the notary can provide a declaration.

    Fee schedule for notarizing articles of association: SRD 2,100 for the first SRD 1,000 of nominal capital. For the outstanding amount of nominal capital, an extra SRD 85 is added for every SRD 1,000.

    In addition, the notaries collect SRD 500 stamp fee for Procedure 4 and the SRD 27 stamp fee for Procedure 5. In addition, a turnover tax of 8% of the total fee is paid for the notary’s service.
    4 days on average see procedure details
    8

    Apply for company registration at the Trade Register of the Chamber of Commerce

    Agency: Chamber of Commerce and Industry

    The founders may elect to register the company at the Trade Registry either before or after company incorporation. If the company is already incorporated then only a certified copy of the deed is submitted.
    If the company is not yet incorporated, then the following documents must be filed with the Trade Register to apply for company registration:
    • Draft of statutes
    • Letter from notary on founding of the limited liability company
    • Recent passport picture of each founder (one)
    • Passport or identity card of each founder (copy)
    • Extract from Civil Registry of each founder (one)

    The annual registration fee of a company is max. 100 SRD, and the administration fee of 50 SRD. The annual registration fee is also referred to as the contribution fee.
    1 day on average SRD 150
    9

    Obtain the approval of the act by the President

    Agency: Cabinet of the President

    The company act must be approved by the President of Suriname with a statement of no objection, published in the Official Gazette. Before a company is officially established, it becomes a limited liability company “in establishment.” While in establishment, the company can carry out activities, but the owners are fully liable.

    The following documents are submitted for the President’s approval of the company act:
    • Request to form a company (two copies)
    • Draft company statutes (three copies)
    • Extract of founders at the Civil Registry
    14 days no charge
    10

    Publish the statement of no objection in the Official Gazette

    Agency: Official Gazette

    The Official Gazette is published every Thursday and Friday, but the company can continue with the other formalities while waiting for the statement to be published. It is only after the publication that company founders cease to be personally liable.
    3 days on average SRD 1,500
    * 11

    Register a copy of the approved act with the Trade Register of the Chamber of Commerce and Industry

    Agency: Chamber of Commerce and Industry

    A copy of the approved act must be registered at the Trade Register of the Chamber of Commerce and Industry.
    1 day (simultaneous with previous procedure) no charge
    * 12

    Register for taxes at the tax office of the Ministry of Finance

    Agency: Ministry of Finance

    With the registration extract, the founder can obtain the tax number. The registration must be completed in person. Suriname has a self-assessment system for taxes. Limited liability companies pay a fixed tariff. Regardless of the taxable income, the tariff is 36% a year. Turnover tax on taxable services is 8%, and on taxable goods, 10%. The self-assessment forms must be filled out by the company and submitted to the Tax Office.
    2 days on average (simultaneous with previous procedure) no charge
    * 13

    Buy accident insurance

    Agency: Insurance company

    All companies must provide their employees with accident insurance.
    2 days on average (simultaneous with previous procedure) SRD 60 per person
    * 14

    Obtain the trade license

    Agency: Minister of Trade

    A one-stop shop in the Chamber of Commerce centralizes all the steps for the SRD 650 fee. Since March 2014, the trade license is obtained through an electronic system.
    2 months (simultaneous with previous procedure) SRD 650

    * Takes place simultaneously with previous procedure.

    Applies to women only.