Do you want to register a company in Guyana quickly? Well, registering a company in Guyana is very easy if you know what you are doing. In this ultimate guide, we will show you exactly how to get your company incorporated quickly.
Let us get right to it.
Guyana Company’s Economic Growth Potential
Guyana, located in South America, has a vast amount of untapped natural resources for entrepreneurs looking to start a Guyana company. Many investors are profiting from incorporating and forming their companies in Guyana. All investors can benefit from the rich mineral deposits of gold, oil, bauxite, and diamonds.
Guyana offers a wide range of business opportunities, most of which are underutilized. This country has experienced rapid economic growth in recent years. With the discovery of oil, investors now have a better chance of profiting. Bank loans are also available for start-up businesses to begin business in Guyana.
To legally benefit from this fast-growing economy, you should register your company. Here we will outline the steps you can follow to form your company in Guyana.
Registering a company in Guyana
Some people in Guyana confuse the terms “company” and “business name.” This distinction should be made clear as we move forward to decide which is best for you. In Guyana, “business name” refers to an entity not separate from its owner. In this type of structure, the owner is personally liable for all business debts.
The term “company” refers to a legal entity distinct from its owner in Guyana. The company, not the owner, is liable (limited liability). This organization is incorporated under Chapter 89:01 of the Guyana Companies Act.
Three Steps to Incorporating Your Guyana Company
First Step: Fill out an application form
Second Step: Apply and pay the prescribed fee.
Third Step: Uplift the certificate in three business days.
It’s that simple. But note that before you begin the process of incorporating a Guyana company, there are a few things to consider.
Here are the things to consider:
Why register a company in Guyana?
You should incorporate a company in Guyana because:
- A corporation will be able to shield you from personal liability.
- You risk losing your business and personal property if you go bankrupt if you don’t have legal liability protection.
Am I eligible to rregister a company in Guyana?
Once an individual is over eighteen years of age, of sound mind, and is not bankrupt, that person is eligible to incorporate.
What are the fees for incorporating the company?
It is inexpensive to process your paperwork and have the documents available in three working days. The following are the fees for processing your document:
- $60,000 GY is the prescribed fee.
- $3,200 GY for the notices.
- $350 GY for a mandatory copy.
The Guyana Small Business Bureau only accepts cash payments of up to $100,000.00. If you’re making a payment of more than GY $100,000, you’ll need to use a manager’s cheque.
Types of Company Formations in Guyana
The types of legal business entities in Guyana are:
- Sole trader
- Partnership
- PLLC (Private Limited Liability Company)
- PLC (Public Liability Company)
Sole trader: the owner is fully liable for all debts.
Partnership: The named partners are jointly responsible for any debts incurred.
We recommend incorporating one of the following for limited liability protection:
The PLLC: This type of registration allows the owner to have limited liability. The PLLC can be foreign-owned or locally-owned, with 2 to 20 shareholders. This type of company is also easy to set up and only necessitates one director.
The PLC: The ownership is divided into shares and is traded publicly on a stock market exchange. Two directors, at a minimum, are required in this structure.
A general list of companies in Guyana
There are thousands of companies registered in Guyana. These companies operate in a variety of business sectors.
As of 2022, here are a few companies in Guyana that are still in operation:
- Exxon Mobil Corporation
- Centipede Offshore Guyana, Inc.
- Scotiabank in Guyana
- Republic Bank, Guyana Limited
- GBTI Bank
- Halliburton Guyana
- Gafoors Hardware Store
- Marriott International Hotel Company
Top Companies in Guyana by category:
– List of manufacturing companies in Guyana
- Barama Company, Ltd.
- Toolsie Persaud Ltd.
- Massy Gas Products Guyana Ltd.
- Fernandes Guyana Enterprise Inc.
- Fiber-Tech Industrial Plastics
– Shipping and Trading Companies in Guyana
- Laparkan organization
- King Solomon Logistics
- Demerara Shipping Company Ltd., Guyana
- C & V Caribbean Shipping Ltd.
- Williams Shipping Company
-Telecommunication and Internet Companies in Guyana
- Guyana Telephone and Telegraph Company,
- I-Net Communications, Inc.
- E-networks
- Digicel
- NextLink
Guyana Company: How to Setup a PLLC in Guyana Step-by-Step
Here are the documents that you will need to incorporate a Guyana company:
- Name Search and Reservation Request
- Notice of the Director
- Consent to act as the Secretary
- Notice of the Registered Office
- Declaration of Compliance
- Notice of the Secretary
- Articles of Incorporation
- Consent of an individual to act as the Director
- national identification card or passport.
Let’s therefore get right into the steps:
1. Choose your PLLC name
The first step in this process is to select a company name and verify its availability at the Guyana Company Registry. Your company name should be unique compared to other registered companies in Guyana. You can complete this entire process in one day.
2. Get the declaration of compliance
A locally registered attorney has to sign the declaration of compliance. The attorney will then indicate all the signatories’ eligibility as signatories to the company’s articles of incorporation. Within two working days, you should be good to move on to the next step.
3. Get registered at the Guyana Registry of Companies
At this stage, the issuance of the company’s new certificate of incorporation will be published. Within a week, you should submit all the information, such as registered address, shares, and directors. When this registration phase finishes, you will be ready to work with the Guyana Revenue Authority.
4. Get a tax identification number and value-added tax documents.
To obtain the TIN and VAT certificates, submit all the required documents to the Guyana Revenue Authority (GRA).
These documents include the certificate of incorporation, a copy of the directors’ national identification, and a fully completed TIN and VAT application form. This process will conclude in one day at the GRA main branch.
5. Get Social Security
The National Insurance Scheme will issue the company’s NIS document in about a week. People between the ages of 16 and 60 who are employed will now acquire NIS insurance benefits. Note that the law requires the company to deduct and pay its employees’ Social Security contributions.
6. Get a company seal
The company is now ready to create a rubber stamp or an embossed steel seal.
That’s it.
Your new PLLC is now ready to open a Guyana business bank account and begin earning money in Guyana.
Get help if you need a specialist.
FAQs
Should I register an external company in Guyana?
If your organization is outside of Guyana, the external company will not be capable of legally conducting any business in Guyana. A non-Guyana company must first register under Chapter 89:01 of the Guyana Companies Act.
How do I contact the Deeds and Commercial Registries Authority?
Here is a list of phone numbers to contact Deeds and Commercials of Guyana:
- Commercial Registry Department at (592) 225–4358
- Registrar of Commerce at (592) 225-4374
- Assistant Registrar at (592) 225-4322
