Company Formation in Guyana
If you want to start the process of company formation in Guyana you must know that this country's economy is mainly based on forestry, agriculture, mining in bauxite, diamonds and gold; also, over the past few years the financial and fiscal systems have been considerably modernized.
Thus, many foreign investors choose to open companies in Guyana. For further guidance in the process of establishing a business in this country, feel free to address to our company formation specialists.
Types of companies in Guyana
Foreign entrepreneurs should first decide on the best type of legal structure available in Guyana for their business needs.
Here are some of them: the sole proprietorship, the partnership, the limited liability company, the public liability company, or they can choose to create a dependent branch or representative office of an existing overseas parent company.
Although each of them has its advantages, the most popular amongst foreign investors is the limited liability company.
There are a few demands that need to be met when opening a limited liability company in Guyana:
- minimum two shareholders of any nationality (but not more than 20);
- no demands on capital share amount.
Registering a company in Guyana
The first step is to choose a name for your company and then reserve it. Make sure that the name has not already been used. This procedure can be completed in less than a day.
Then you must acquire a declaration of compliance from an attorney at law and get it signed by the said person. The declaration states that the company has complied with the rules of forming a company.
The third step in the company registration process in Guyana is to register the company with the Registrar of Companies. To find out what documents you need for this procedure and more information, our company registration agents can help you.
You also need to apply for a tax identification number at the Guyana Revenue Authority.
Then you have to register for VAT (Value Added Tax) and obtain a certificate within 10 days of your application. You also need to obtain the NIS employer number by registering with the National Insurance Scheme.
Last, you must make a seal for your company at the commercial manufacturer of seals.
Whether you need more information about the process of company formation in Guyana or you wish to establish a different type of business entity on its territory or perhaps in another country, do not hesitate to ask our specialists in company incorporation.
What are the necessary documents for company registration in Guyana?
- request for name search and name reservation;
- the articles of incorporation;
- a document specifying the name and personal details of the person who is appointed as a director (Notice of Director) and the Consent to Act as Director;
- a copy of the investor’s identity documents;
- a document attesting the legal entity has a registered address.
- a legal entity is incorporated in accordance with the regulations of the Companies Act Chapter 89:01;
- a company can be incorporated by a person who has an age of minimum 18 years old;
- a company certificate can be issued by the Deeds and Commercial Registries Authority (DCRA) in matter of 3 business days;
- during the process of opening a company in Guyana, you will pay 3 basic fees – the prescribed fee of GY $60,000, the notices of GY $3,200 and the mandatory copy GY $350;
- please mind that the institution will accept cash payments only for fees and other costs of up to GY $100,000 (for sums above this, cheque payments are necessary).
Why choose Guyana as business destination?
What are the reporting obligations of a company in Guyana?
Please mind that in the 1st year of business, you will have certain reporting obligations. The Guyana Revenue Authority, the institution handling all tax aspects of a legal entity, states that a newly founded business must report on its financial activity 4 times a year.
The reporting quarters are: 1st of April, 1st of July, 1st of October and 31st of December. You can learn more about other accounting and reporting obligations of a company if you contact our consultants in company formation in Guyana, who can also help you set up a legal entity.