One of the most exciting business prospects in Guyana is the tourism industry, which has a lot of space for expansion. The nation includes spectacular natural features including the Kaieteur Waterfall, virgin jungles, and lovely beaches (the largest single-drop waterfall in the world). Ecotourism in Guyana has a lot of potentials, which presents a fantastic investment opportunity for both domestic and international investors. The government of Guyana wants to expand financial support for the tourism industry.
How to establish a tourism business in Guyana
The following are the measures to think about while establishing a company in Guyana:
Create a plan for your company
You must first create a concise business strategy. You must have a clear vision for the company’s future and a grasp of its direction before you can set up the corporation. Take into consideration your unique selling proposition. Why would anyone register with your business? What distinguishes you from the competition and makes you great? Are there any changes you plan to make those tourists aware of? To draw in your target clients, think about the answers to these questions and boldly state them in your marketing materials.
Organize the specifics of the daily activities
It’s crucial to work out the specifics of how you will conduct yourself daily. Decide on topics like your operation schedule, the members of your staff, and the location of your office. Take into account your planned market entry strategy, as well as your asset and equipment needs.
Calculate your expenses
Naturally, you want your business to be successful so that you may support yourself by doing what you like. You must create a financial plan if you want to know where you will stand financially. Determine in detail what your company’s expenses will be. Remember that after your business is up and running, you may incur startup charges, ongoing operational costs, as well as expenditures for suppliers and vendors. You can figure out how much to charge customers for your service or product using this information. Check to see whether this is reasonable compared to what your rivals are charging and appropriate for the market you are aiming for.
Decide on a corporate structure
Sole proprietorships, partnerships, limited liability companies (LLC), and corporations are a few of the several legal company formations. Choose the best option depending on your anticipated yearly revenue, whether you are working alone or with a partner, and if you want to assume personal responsibility.
Decide on a firm name
Make sure there isn’t already a company in Guyana with the same name as the one you wish to use by checking the company registers there. You will have to come up with a new name for your business if there is a conflict.
Register the business with the Guyana registry of companies
The next step after deciding on a name is to register the firm with the Guyana Registry of Companies, which will announce the issuance of your company’s certificate of incorporation in the Guyana Official Gazette. This will contain details such as the company’s name, registration location, details on the directors and stock, and limitations on the business activity.
Make a tax identification number application
Once the company has been established, you must apply to the Guyana Revenue Services for a tax identification number (TIN), which will be used to identify your firm for all tax reasons and billing-related issues. You will need to submit a completed TIN application, the certificate of incorporation, and proof of the directors’ legitimacy to finish this procedure.
Enrol for VAT
You must register for value-added tax (VAT) with the appropriate Guyana Revenue Authority department within 15 days of the start of commercial activities. The department will provide a certificate within 10 business days if the application is complete and accurate.
Sign up for social security
Anyone working in an insurable job between the ages of 16 and 60 is covered by the Guyanese national insurance scheme. anyone older than that may elect to get a voluntary benefit, but only for industrial benefits, which self-employed individuals are not qualified to receive.
Following the Guyana tourism authority regulations of 2008, all tourist lodging businesses, tour operators, tourist guides, and interior lodges and resorts must have a license from the authority or risk being punished for breaking the related rules.
Establish a bank account
To keep your personal and corporate funds distinct, open a special business bank account.
Create your brand and marketing strategy
Building your brand image is crucial for your tourism company. It ought to speak to your audience and reflect who you are. In addition, you need a well-defined marketing plan to expand your clientele and establish your brand online. Prioritize, among other things, the following:
- Create a website.
- Join a supplier of a booking and payment platform.
- Create a corporate logo and start a blog online.
- Create accounts on social media.
- Claim your Google My Business profile.
- Create profiles on review platforms.
- Join OTAs, travel agents, or vendor partners.
- List on local directories.