STARTING AND OPERATING A BUSINESS IN GUYANA

Advantageous tax policies, government programs that support private enterprise, low production
and operational costs together with an easily trainable work force, the high level of productivity and
preferential access to world markets, are but some of the advantages of starting and operating a
business in Guyana. 

Remigrants have several options open to them in conducting business in Guyana. These include: 

- Sole proprietorship 
- Partnerships 
- Private companies limited by shares 
- Private companies limited by guarantees (with or without share capital) 
- Branches of foreign companies 

Most investors, whether remigrant, foreign or local, find it more appropriate and desirable to
establish companies with limited liability. 

Foreign investors sometimes elect to operate as a branch of an overseas parent company in which
case the name of the operation must be registered with the Registrar of Companies and a place of
business must be registered. 

ESTABLISHMENT ASSISTANCE

The Guyana Office for Investment (GO-INVEST) located at 190 Camp Street, Georgetown, is the
one-stop agency which assists investors to launch enterprises in Guyana. The agency articulates
Government's policies on investment and promotes Guyana as an attractive location for
investment. 

GO-INVEST explains incentives, assists with obtaining work permits, coordinates joint ventures and
helps with applications for land and factory space for business ventures, among other things. 

SHARE HOLDING

To form a private limited liability company, there must be at least two, and a maximum of twenty,
shareholders. There are no restrictions regarding the nationality of the subscribers. 

CAPITAL STRUCTURE

The Capital structure may comprise both common and preferred stock. With respect to preferred
shares, they are only redeemable by a Court Order. 

LEGAL DOCUMENTATION

Two documents must be prepared in order to complete incorporation of a company in Guyana - a

Memorandum of Association and the Articles of Association (Corporate By-Laws). 

Upon completion of the Memorandum and Articles of Association, they must be submitted to the
Registrar of Companies in Guyana. If these are in conformity with the law, a certificate of
Incorporation is issued. 

ANNUAL GENERAL MEETING

At least once every year a General Meeting of the shareholders must be held. 

ANNUAL LIST OF SHAREHOLDERS

On the fourteenth day following the Annual General Meeting, a list of shareholders must be
prepared, setting out names, addresses and occupation of every shareholder as well as the number
of shares held. 

EXCHANGE CONTROL

There are no restrictions on the movement of foreign currency either in or out of Guyana. 

ACCOUNTING SYSTEM

In the operation of a Company, it is necessary to maintain adequate accounts and records in

accordance with prescribed regulations. It is recommended that these be established properly at
the outset by a professionally qualified accountant. Accounting practice follows the
pronouncements of the International Federation of Accountants adopted by the Institute of
Chartered Accountants of Guyana. 

INCOME TAX

Companies are required to file with the Commissioner of Inland Revenue an audited Balance Sheet
and Profit and Loss Statement with an adjusted statement for tax purpose. After assessment the
Company has the right to file an objection with the Commissioner of Inland Revenue and eventually
to seek redress in the Courts. 

TAX PROFITS

(i) Corporation Tax

The following are the current rates of Corporation Tax: 

Non-Commercial
Commercial Companies Investment Companies
Companies
45% 35% Nil

A Commercial company is defined as a company with at least seventy-five percent of the gross
income which is derived from trading in goods not manufactured by it and includes any commission
agency, any telecommunication company, any body, corporate licensed or otherwise authorized by
law to carry on banking business in Guyana and any company carrying on in Guyana insurance
business, other than long-term insurance business as defined in section 2 of the Insurance Act. 

(ii) Withholding Tax

Where a payment arises to a person not resident or having no permanent establishment in Guyana,
the Income Tax Act makes it obligatory on the payer to deduct and pay over tax called withholding
tax. The rate of Withholding Tax on distributions and interest is 15% and on other payments is
10%. 

Withholding tax also applies in the case of residents on dividends paid by a non-resident company
and on interest. 

Dividends paid by a company resident in Guyana to a recipient who is also resident in Guyana are
exempt from withholding tax. 

INDIVIDUALS

The first GS12,000.00 of the total monthly emoluments paid to employees are exempt from the
payment of income tax. Thereafter, a flat rate of 33 1/3% is applicable to every dollar of the excess
above the exemption level of G$12,000.00. 

Employees pay taxes on a withholding basis: total taxes withheld by employers must be remitted to
the Commissioner of Inland Revenue on a monthly basis. 

LIQUIDATION OF A COMPANY

Any application to the Court for winding up of a Company must be by petition. This petition may be
presented by the Company and/or the creditors and/or the contributories of the Company. 

After any petition has been field for the winding up of a Company the Court may appoint a person
or persons to be the liquidator or liquidators of the particular Company. 

VOLUNTARY LIQUIDATION

A Company may be wound-up voluntarily on the basis of provision, if any, in the Articles of
Association or by extra-ordinary resolution that the Company cannot by reason of its liabilities
continue to operate the business. 

NOTICE OF CHANGE IN CAPITAL STRUCTURE

Any consolidation, division into a larger number of shares and conversion into stock, must be
registered with the Registrar of Companies in Guyana. 

PUBLICATION OF NAME

The Company is required to paint or otherwise affix its name on the outside of every office or place
in which the business of the Company is being carried on. 

DIRECTIONS
The Companies Act does not contain any provision with regard to the qualification of directors. 

EXPENSES

It is relatively inexpensive to organize a Company in Guyana. The legal costs, exclusive of

professional fees, are as follows: 

(i) Registration Fees

The fee for registering a Company ranges from a minimum of G$30.00 (for share capital not
exceeding G$50,000.00) to G$240.00 (for share capital over $G$50,000.00). 

(ii) Stamp Duty

Stamp duty is payable to the Commissioner of Inland Revenue at the rate of ¼% for authorizes
share capital under G$50,000.00 and ½% for authorized share capital over G$50,000.00. 

APPENDIX l

REMIGRATION INTERVIEW FORM

MINISTRY OF FOREIGN AFFAIRS

1.………………………………………………………………………………
|||(Family Name)||||||||(First Name)||||||||(Middle Name) 
2. Date of Birth………………………………….Sex: Male…….Female…….. 
3. Country and Place of Birth………………………………………………….. 
4. Present Nationality…………………………………………………………… 
5. Are you a Permanent Resident of the country from which you are remigrating?
|||Yes……. No……. If yes, which country…………………………………….
|||Date of Permanent Residence………………………………………………….. 
6. Category: Resettler…………………….Student………..Settler………………. 
7. Martial Status: Single……..Married……..Widow………..Widower…………
Separated……………..C/Law……………..Divorced……… 
8. Permanent Address in Guyana………………………………………………
|||Telephone Number…………………………………………………………. 
9. Address and District of country where you resided while overseas
||| …………………………………………………………………………………
10. Name of Spouse, if married……………………………………………………
11. Place of Birth of Spouse…………………………………………………………
12. Date and Place of Marriage………………………………………………………
13. Present Address of Spouse……………………………………………………….
14. Has any member of your family remigrated or will be remigrating to Guyana. 
||| If Yes Name of Member…………………………………………………………….
||| Date of remigration or intended date……………………………………………..
15. Number of Children……………………………………………………………… 
16. Number of Children above 18 years of age……………………………………… 
17. Name and address(es) of children over 18 years of age …………………… 
18. List any special skills or specialization……………………………………...
19. Did you work while overseas?………………………………………………
20. Description of your work, with Name and Address of Employer, if applicable
………………………………………………………………………………..
21. Do you own immovable property overseas? Yes……………No……………
||| If Yes, what do you plan to do with it?
22. Name and Address of Closest relative in Guyana
||| …………………………………………………..
23. Have you or any member of your family enjoyed duty free concession before?
||| Yes………….. No…………….. If yes, who?
24. If unmarried, is a claim being submitted by your common-law spouse?
|||………………………………………………………………………………….
||| Please give name of common-law spouse……………………………………..
25. How would you obtain your livelihood now that you are in Guyana?
||| …………………………………………………………………………………

DECLARATION

I hereby declare that all particulars given by me above are true and correct. 

………………………………. |||||||||| …………………………..
Signature |||||||||||||||||||||||| Date

APPENDIX ll

STATUTORY DECLARATION

FOR REMIGRANT STATUS

I…………………………………………………………………………………….
of……………………………………………………………………………………
do hereby declare as follows:
That I m a citizen of Guyana and holder of:
Passport No:……………………… Issued/Renewed by……………………………
on………………………………… and which expires on …………………………
with which I traveled to Guyana on…………………………………………………
that I have spent…………………………years as a Resident/Student of
……………………………………………………………………………………….
That I am returning to Guyana to reside.
That I am single/married/divorced/separated/widow/widower
That the name and address of my spouse is……………………………….
That I have been employed as……………………………………………..
That my spouse has remigrated/will be remigrating/will not be remigrating.
That I have never received duty free concession nor has my spouse or any other member of my
immediate family.
That I, as a remigrant will reside in Guyana for no less than three (3) years, failing which I agree
that all duty free concessions granted will become immediately payable. 

………………………………. |||||||||| …………………………..
Signature |||||||||||||||||||||||| Date

Witnesses:
…………………………………………….
…………………………………………….

Sworn before me on………………………………………………at the Ministry of Foreign Affairs, Protocol &

Consular Affairs Department.