Business in Guyana

A sole proprietorship operating under its own or another business name is registered with the Deeds and Commercial Registries Authority (DCRA). Applicants must be at least 18 years old; registration currently costs G$6,000 and takes approximately three working days. Renewal costs G$2,500, and a declaration of change costs G$2,000. Depending on the circumstances, business documents must state the actual name and nationality of the responsible person. This registration does not replace incorporation of a company. For a company, the DCRA procedure includes, among other things, name reservation, incorporation documents, beneficial ownership information and subsequent annual returns. Companies generally file their annual return each year and within 42 days after the annual meeting; exceptions under the Companies Act apply for the year of incorporation. Depending on the circumstances, financial statements, change notifications, late filings or procedures for dissolution and liquidation may also be required. The Guyana Revenue Authority (GRA) issues the tax identification number (TIN), also called Steueridentifikationsnummer (TIN). A company normally needs its certificate of incorporation and the identification documents of two directors; sole proprietors may use their personal TIN or submit additional documents such as business registration, an SBB certificate, business projections, proof of identity and proof of address. The first TIN certificate costs G$1,000. Value-added tax registration is generally required if taxable turnover was at least G$15,000,000 during the previous twelve months or is expected to exceed that amount within the next twelve months. Below this threshold, voluntary registration may be possible if there is an identifiable activity, sufficient records and taxable turnover. The VAT certificate must be displayed visibly; late registration may result in a charge equal to twice the output tax accruing from the due date. Depending on the activity and location, a Trade or Miscellaneous Licence through the GRA's Licence Revenue Office may also be required. There is no uniform nationwide fee or processing deadline for this. The Small Business Bureau (SBB) supports micro and small businesses through advice, training, marketing, business incubators, points of contact, grants and credit guarantees. A small business is generally defined there as an operation with no more than 25 employees, annual turnover of no more than G$60,000,000 and business assets of no more than G$20,000,000. However, support and funding are not automatic entitlements; documents commonly required include identification or a passport, NIS, TIN, current business registration, tax and NIS records, and a valid business licence. An SBB credit-guarantee offer currently specifies 6 percent interest and a maximum of G$30,000,000, but the programme and funding conditions must be checked before applying. The investment and export promotion agency (GO-Invest) supports local and foreign investment as well as exports, acts as an intermediary between authorities and provides information about incentives, permits, resources and land. This support does not replace DCRA incorporation, the TIN or sector-specific permits and does not constitute a general exemption. Self-employed persons may register with the National Insurance Scheme (NIS) and pay contributions of 12.5 percent of the stated income. For employees, employer and employee registration as well as contribution returns are required; employees are subject to a total contribution burden of 14 percent, with a current monthly contribution ceiling of G$280,000. The standards body (GNBS) may be relevant for standards, inspections, metrology, advice and certification. Product certification is generally voluntary, while goods, labelling and measurement requirements depend on the activity. During operations, businesses must keep records, file tax and, where applicable, VAT returns, pay fees and contributions, renew licences and comply with DCRA, NIS and sector-specific obligations. In a transfer or closure, tax, NIS, licensing, creditor and, where applicable, employee obligations remain in place. The DCRA determines the procedure according to the legal form and solvency; possible procedures include voluntary or court-ordered dissolution, liquidation, receivership, removal from the register and restoration. Non-residents generally need a Guyana-resident authorised person for their TIN. Immigration, land, sector and investment requirements must also be reviewed.