Guyana is a republic within the British Commonwealth. Located on the northeastern coast of South America and washed by the Atlantic Ocean, Venezuela, Brazil, and Suriname. Its total area is approximately 215,000 square kilometers (83,000 sq mi). The country is divided into three districts: Essequibo, Demerara, and Berbice, and ten administrative districts with the capital located in Georgetown. 90% of the population lives in the coastal zone, while the Indians (the indigenous population of Guyana) mainly inhabit the savanna and forest areas.
The official language is English, and the population as of the 2012 census is approximately 747,884. The legal system is based primarily on English common law; however, remnants of the Roman-Dutch legal system remain, especially in the area of land tenure. The currency is the Guyanese dollar (GYD).
Recently, in Guyana, the government has modernized financial systems to attract more foreign investors. So if you are planning to register a company in South America, then this state may be a good option.
Agriculture allows Guyana to provide itself with sugar, rice, vegetables, fruits, meat, and poultry. Guyana is also the main exporter of sugar and rice. Although 80% of the area is forested, timber has only recently acquired some economic value (subject to internationally supported logging restrictions)
Bauxite mining is the main industry and accounts for a third of export earnings. The mining area also produces gold and diamonds, almost all of which are transported. Gold production has skyrocketed since the opening of a new mining complex in 1992. Imported oil meets most of the country’s energy needs, although Guyana and Suriname have started joint exploration projects
Since 1997, many former government assets and industries have been sold, and deregulation measures have been taken under this program. The main obstacle to Guyana’s future economic progress is the lack of trained personnel, especially in the areas of management and technical expertise; emigration remains high and only exacerbates this long-term problem.
Guyana has a particularly high GDP compared to other countries in Central and South America, at $ 3,583 per capita in 2012. Guyana is a founding member of the CARICOM regional trading bloc.
Types of companies that can be incorporated in Guyana
You must first select the best type of legal structure available in Guyana for their business needs.
- Individual enterprise (SP)
- Limited Liability Company (LL)
- Public company (PL)
Or you can create a dependent branch or representative office of an existing overseas parent company. While each has its advantages, the most popular among foreign investors is a limited liability company.
The tax system in Guyana
If you are interested in registering a company in Guyana, it is important to know that the corporate tax in this jurisdiction is 40%, and non-profit companies pay an income tax of 27.5%.
Personal income tax (PIT) rate: 40%
Value added tax (VAT) rate: 14%
Income tax rate: resident – 0%; non-residents: 20%
Capital Gains Tax (CGT) rate: 20%
Individual Capital Gains Tax Rate: 20%
Standards and requirements
When registering a Guyana Limited Liability Company (PLLC) please note that:
- the law requires at least one director and two shareholders;
- shareholders and directors can be non-residents;
- no compulsory capital (no minimum amount of authorized capital is required);
- financial statements must be submitted annually;
- a registered agent is required;
- mandatory audit (every year);
- presence of a local registered office and address is required;
- a general annual meeting of shareholders is required.
Documents required for company registration
To register a company in Guyana, the following documents must be submitted:
- order form (fully completed and signed). It includes data on:
- company name;
- the type of activity in which the company is engaged; and
- data on the beneficiary.
- a notarized copy of the foreign passport; and
- confirmation of the beneficiary’s address. Confirmation can be:
- bank statement;
- translation of the local passport, certified by a notary;
- any other document, certified in English, proving identity and registered address.
The name of the company
Before registering a PLLC in Guyana, you need to choose a name for the company. The business name must be 100% unique. The readability and memorability of your business name are also important.
For your business to be legal and to exist within the framework of the law, you must obtain a business license and a business permit in Guyana. Our company can provide legal support in the establishment of a company at all stages. To get more detailed information on this issue, contact us in any way convenient for you.